RECOGNITION WORKS!

We give an award to the top sales guy, to the person with 25 years of service, to the truck driver with 1 million miles without a chargeable accident. We believe in the power of recognition. The why we do it may seem obvious, but it is a lot more than that.

We use recognition to:

Create a culture within the company that affects every attitude.

Say thanks and applaud success.

Teach others what we as an organization want to achieve.

Increase retention of employees.

Support Mission and Values.

Engage employees.

Encourage loyalty.

Increase customer satisfaction.

In summation, we believe in using recognition everyday to improve the bottom line. If that's important to you, then we're speaking the same language. Come with us on this journey.

Take a look at the topics we have and see if we can help you with your recognition programs.

Need ideas for wording on an awards? See the Thesaurus.

Want to implement a sales award program but need to present the concept to management? Check out Sales Awards: An Overview.

Want to know the inside scoop on the Lombardi Trophy or the Oscars? Take a look at our ongoing series on Famous Awards.

Talk to us. We are here to help you.

Monday, May 7, 2012

Posted by Curt Denevan:

Awards Capture Attention Over “CASH” Recognition

Companies unsatisfied with performance and that rely on cash alone to reward and incentivize their staff may be interested in a study conducted by Shaffer and Arkes (2009), that found that when people make a hypothetical choice between cash and non-cash incentives, cash is indeed preferred by many employees. However, and here’s the hook, when it’s no longer hypothetical, meaning when an award is identified, employees actually performed better in pursuit of it, even when the award was of equal value to the cash alternative. As organizations look to do more with less, the argument can be effectively made that introducing a non-cash component to a pay-for-performance scheme may make it more effective and therefor, more efficient than one with an all cash payout.

Today over 83% of firms have some sort of performance based pay in place. While they have bought into the concept, may are still asking if they are getting the rate of return that they anticipated. The satisfaction gap opens a window for award providers to suggest/position non-cash recognition as an alternative incentive.

A study this year by Jeffrey & Adomdza (2011), found that non-cash awards capture employee attention. The authors concluded that employees think more frequently about these awards, even when they are in equal value to cash, and that the increased interest leads to higher performance.

A comparative study published in The Journal of Personal Selling and Sales Management compared cash versus non-cash rewards among 45 insurance agents. The study revealed that travel and entertainment outperformed cash as incentives for agents to acquire new customers.

The conclusion that cash is always more effective simply doesn’t hold up with study after study refuting this notion. These recent studies show that awards, merchandise and non-cash incentives offer more influence over people and can be more powerful-and more profitable-than cash alternatives.

For more information, contact RCB Awards at www.rcbaward.com.