Professional Documents
Culture Documents
37 Conclusion
Introduction
Hi there, a focus is on reward, not recognition. talent. In this eBook, we’ll outline seven
Not only that, but most of a company’s must-haves for a winning recognition and
Employee reward and recognition (or, as
reward budget goes to token gifts to reward solution, designed to support you to
we like to say, recognition and reward) has
thank people for their tenure, which drive positive cultural change, based on our
received a lot of attention in the last decade.
may be rewarding stayers rather than experiences with more than 2,000 clients.
Companies around the world are spending
employees who are your ambassadors
a collective $46 billion on recognition As you narrow down the search for
and driving your mission forward.
and reward programs. But despite this your ultimate R&R solution, we hope
increase in attention and spend over the It’s become clear that reward this will act as a guide for you.
last few decades, so many businesses programs – as many of us know and
Here’s to better recognition (and reward!),
are yet to experience an ROI from their experience them – may not be aligned
R&R programs. But where are those to today’s workforce expectations.
dollars going, and why isn’t it working?
As the saying goes, the devil is in the details. Kylie Green
Bersin & Deloitte’s global study of And knowing which details to pay attention Global SVP of Consultancy
recognition and reward found one of to will ensure success in your quest for a kylie.green@rewardgateway.com
the main issues with the way companies winning recognition and reward solution
have traditionally approached this is with to help attract, engage and retain your top
3 | Introduction
The Importance
of Recognition
and Reward
“Traditional” recognition and reward focuses That’s why one of the first things
on “service” or ‘“tenure” recognition or I recommend is exploring what
annual awards. While service awards can your ideal reward and recognition
be well received, the issue with these program design or framework could
alone is it gives little to no opportunity for look like and selecting a solution that
people to be recognized in the moment. provides the tools to execute this.
And the average tenure of an employee is
A great place to start is with what we
less than four years — how many stay long
call the Recognition Pyramid, where
enough to get that shiny, gold watch?
there are different layers depending
What we’ve found is that most people on the size of your business and
want to be recognized in more than one your business’s unique goals.
way. That means a balance, not only
“Failing to embrace continuous recognition, where you • How will you gain high levels of adoption
recognize in the moment, means you miss the opportunity for your recognition solution and engage all
elements of your entire workforce
to motivate your employees and provide visibility (in-office, remote, frontline or hybrid?)
of and reinforce good behavior.”
Through Reward Gateway, you’ll have one annual technology fee, with rewards provided at full face value — no processing,
admin or other fees — and no minimum spend.
Top-to-bottom customization
Recognition and reward shouldn’t be Create guidelines and suggestions, and educate
considered an “add on” to your work managers about how and when to use these specific
life − it should be part of how your awards. Don’t worry about overuse unless it actually
people operate. becomes an issue!
The team and I are always here to help you on your journey. If you’re interested in learning
more about any of Reward
Gateway’s engagement products
to help connect, recognize
Kylie Green
and support your people, we’d
Global SVP of Consultancy
kylie.green@rewardgateway.com love to help you get started.
Get in touch:
E: engage-us@rewardgateway.com
37 | Conclusion