Building a successful recognition program

Gain buy-in, set tangible goals, budget effectively — and launch with a splash
By Razor Suleman
|Canadian HR Reporter|Last Updated: 10/01/2010

Every company wants to retain top performers. After all, they’re the ones responsible for the majority of growth and revenue within an organization. And as the economy improves, voluntary turnover is a growing concern for employers — employees no longer feel lucky to have a job and a paycheque is not an adequate thank you.

Companies can retain top performers, whose flight would pose a serious risk to an organization’s operations and future growth, through a successful employee rewards and recognition program that increases engagement and helps recruit, retain and inspire great people.

But what are the traits of a successful program, how much does it cost and what are the necessary steps to achieve program goals?