… an employee recognition program
Which, when tied to organizational values, outperforms other initiatives, according to a new survey of HR leaders.
The survey found organizations that dedicate 1 percent or more of payroll to values-based recognition programs are more likely to perceive a healthy return on investment, instill corporate values and maintain a strong employer brand.
They’re also nearly three times more likely to rate their employee recognition program as excellent, compared to companies that spend less than 1 percent, and are 3.5 times more likely to say their recognition program helps HR professionals attract new job candidates.
Recruitment and retention remain a concern for many organizations. Forty-six percent say employee retention is a top management challenge; more than one-third (36 percent) see employee engagement as another HR challenge that closely relates to turnover.
At the same time, traditional performance management practices don’t seem to be properly measuring employees’ work at many companies. Forty percent of HR leaders say they don’t think performance reviews are an accurate gauge; another 19 percent aren’t sure if their reviews are accurate.
Find out more employee recognition program discoveries and HR challenges from social recognition solutions provider Globoforce and the Society for Human Resource Management.