Do you have a recognition program in your company? In May of 2011, World At Work-the Total Rewards Association, reported that 86% of companies have recognition programs in place. The average percent of payroll budgeted for recognition is at 2%, down from 2.7% in 2008, but still significant. Recognition programs for these companies boost employee satisfaction (71%), motivation (66%) and engagement (64%). Awards for length of service are still the most prevalent, but more and more we are seeing companies using awards for “above and beyond” performance recognition (79%). The survey indicates that companies are opting in for programs that can have a more direct impact on their bottom line. That includes consideration of such things as engagement which leads to commitment and loyalty.
Trends in the awards industry show a tendency to continue or strengthen annual or quarterly award programs. There is a tendency toward centralization of awards purchases as buying decisions are increasingly made by the corporate office rather than individual departments. Demand for awards is increasing according to those in the industry. More companies are working on custom awards, something unique to the marketplace, which only their company will have. Corporations seem to be ordering more than they have in the past. They want to make sure their employees are recognized. Raises and promotions may not be as prevalent-or even possible. There is a tendency to try to motivate people to do more. When the economy isn’t all that great and sales may be down, recognition tends to be an economical way to boost sales activity.
Another interesting trend is a movement away from plaques and toward glass and crystal awards. As companies look for something new and exciting to present, they are looking for awards that will be cubicle friendly. Corporate customers are looking for awards that look really classy, are personal in nature, and many cases, let the inscription or etching design carry the award. This allows the artistry of the award designer to become more valuable than the award itself.
For more information, see RCB Awards.
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