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Is employee recognition part of your retention strategy?

Deloitte/Bersin estimates that the recognition market is over $45 billion in size and is mostly focused on rewarding tenure. According to that research, 87% of companies have some type of tenure-based reward program, meaning that what employees are really being rewarded for is just "sticking around."   Yet, we know that people are looking for meaning and recognition at work.  A 2014 survey from the Boston Consulting Group of 200,000 people in 189 countries found that “appreciation for your work” was the top driver of happiness on the job across the globe.

On our most recent podcast, my guest Peter Hart discusses his belief that there is a better and more effective way to provide people with meaningful appreciation for their work. Peter is the President and Chief Executive Officer of Rideau, a Canadian-based company that is pioneering a new, data-driven approach to rewards and recognition.

Since he became President of Rideau in 1978, Peter has shepherded the company through global expansion and a significant transformation from manufacturing awards to helping organizations rethink the way they recognize and reward their employees.  In my conversation with Peter, we talk about how recognition is an underutilized tool in many companies.  Peter has lots of great insights about how employee recognition can and should be used to drive better results.  You can listen in on our conversation about the following topics by clicking the player at the bottom of this post.

  1. What are employers doing wrong when they only tie recognition to tenure - what are they missing?
  2. What role can recognition play in engagement and in driving better results?
  3. What's the difference between tangible and intangible recognition - and how do you balance the two for optimal results?
  4. How can recognition data help predict future performance?
  5. When people think of formal recognition programs, they envision a large corporation.  How can these same principles can be applied to small employers as well?

Listen to our conversation below:

By the way, if you are wondering about my choice for artwork in this post, I have chosen a painting created by Peter Hart.  You can see more of his exuberant artwork at his gallery in Montreal or online here.



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