Study Reveals Widespread Adoption but Low Effectiveness of Employee Recognition Programs
TL;DR
94% of organizations have recognition programs - gain advantage by ensuring yours is highly effective.
HR.com's State of Rewards and Recognition Programs and Tools 2024 report provides insights and actionable recommendations.
Improving rewards and recognition programs is pivotal to boosting employee engagement and productivity, making tomorrow better than today.
HR.com's research reveals the challenges HR teams face with employee rewards and recognition efforts, including cost and lack of leadership involvement.
Found this article helpful?
Share it with your network and spread the knowledge!
The newly published research report, HR.com's State of Rewards and Recognition Programs and Tools 2024, reveals that a large majority (94%) of today's organizations have a recognition program, with 91% conducting a rewards program. Despite widespread adoption, the study reveals a concerning statistic: only 31% of organizations rate their rewards and recognition (R&R) programs as highly effective.
HR.com's Research Institute conducted the study of HR professionals to better understand the current R&R benefits, issues, drivers, and best practices to help HR professionals and managers improve their initiatives. Further analysis reveals the biggest challenges HR teams are facing with employee rewards and recognition efforts. These challenges include: Cost 48%, Inconsistent application of R&R 48%, Loss of engagement for those not being recognized 42%, Lack of leadership involvement 38%, and Lack of manager training on best practices 36%.
Debbie McGrath, Chief Instigator and CEO of HR.com, stated that today's HR challenges demand adaptive strategies. Modern and cost-effective rewards and recognition programs, combined with leadership training and support, are pivotal to ensure boosting employee engagement and productivity. The recording of the research presentation, Adapt Your Rewards and Recognition Practices to a New Era, is also available for viewing 24/7 on demand. The complete report with insights and actionable recommendations is now available for free download.
Curated from Newsworthy.ai
