Employee recognition programs can increase staff performance by as much as 35 percent.
Businesses trying to increase employee production should be aware that one of the simplest solutions can also be the most effective.
Employee recognition programs can have a strong effect on a company's overall production. When combined with a strong culture that enables staff to pursue new opportunities, these initiatives can increase performance by as much as 35 percent, according to a study by the Hay Group. An organization with $10 billion in sales could see an output increase of $350 million by creating an effective recognition program to raise employee engagement.
In creating an incentive program, there are a number of options. Partners like Xceleration can help businesses create fully customizable programs that fit within their long-term objectives. By letting Xceleration provide hosting capabilities for the platforms, executives can focus on using the tools to build a culture that engages and supports employees.
This type of initiative can provide clear links between performance and rewards, but without a supportive environment, staff may not feel motivated to create additional value. Increased production that is coupled with initiative and innovation could allow companies to derive strong returns from their recognition programs.