Are you interested in implementing a centralized recognition and reward program, but not sure where to begin? Do you have questions around which features to look for in a social recognition provider, and how recognition programs play into continuous performance management and crowdsourced feedback?
The new Gartner report, “Recognition and Rewards Software: What You Need to Know,” is a must read if you want to modernize your organization’s approach to recognition and rewards (R&R). Here are the top 10 key takeaways from the report.
- Ensuring compliance. A modern R&R program gives you visibility and control into recognition spend, which reduces risk of tax infringements. Without this visibility, companies have little oversight when it comes to ad hoc spend at departmental or line manager level.
- “In the moment” recognition. As opposed to waiting for an annual review, new R&R technology allows you to recognize and reward behaviors as they happen, which is more effective in motivating employees.
- Integration with performance management. Back in 2010, companies were implementing R&R programs to recognize years of service or special achievements. Today, recognition is also used to enhance performance conversations and feed into a continuous performance management process.
- Reward choice. Make sure your R&R vendor offers a variety of options when it comes to reward choice, so employees can choose rewards that are individualized and meaningful to them.
- Not just for large companies. While larger companies of 5,000 or more employees benefit greatly from centralized R&R, small- to medium-sized businesses are also implementing these programs as a key component of a broader total rewards strategy.
- Reinforcing culture. Often employees and teams are distributed across different locations. A centralized, values-based R&R program helps promote a common culture and way of working toward shared goals.
- Post-implementation support. In order for your program to be successful, it’s important to find a R&R provider that is truly your partner and interested in your program’s success long after implementation.
- Integration capabilities. Before you choose a R&R provider, be sure look into their integration capabilities with your HR system of record.
- Gaming risk. As with any new technology you introduce, you may be concerned about the risk of employees gaming the system and rewarding each other in a quid pro quo fashion. Your R&R partner should offer a solution that alerts you and prevents program fraud.
- Unsung heroes. A properly invested R&R solution will allow everyone in your organization to recognize their colleagues who are the solid performers – the ones who produce consistent work and perform the crucial passes before the winning goal.
Be sure to download the full Gartner report here. Do you have other questions about modernizing your company’s employee recognition and rewards? Drop us a note in the comments – we’d love to hear from you.
10 Tips for Modernizing Employee Recognition and Rewards
Click To Tweet