Where you spend is as important as how much

Getting the most out of valuable recognition dollars
By Michelle Smith
|CHRR, Report on Total Rewards|Last Updated: 01/31/2006

Long-time service awards. Peer recognition. Thanks for a job well done. You’ve got money for a recognition program, but where and how are you going to spend it?

It’s an important decision, because there is no doubt about the value of recognition and the significant impact it can have on employee performance. There are a wide variety of programs out there to choose from, which is good since each company is different and each solution is unique.

The most important step is to determine exactly what the organization wants to accomplish with its recognition program. The marketplace is full of data heralding challenging times ahead for HR. The looming mass exodus of baby boomers from the workforce and the labour shortage to follow, falling productivity and an increasingly disengaged workforce are just a few. Whichever issue is keeping the executives up at night is the answer for the “where to spend” question.