Team Performance- Effective Reward and Recognition Programs
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Enterprise Resource Planning (ERP) Archives
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January 11, 2012 5:45 AM
Leaders across all industries are realizing that product and service quality along with innovation are only as strong as the people and the processes behind it…But, what are the critical components of an effective employee reward and recognition program?…Is there a framework that companies can use to enhance and promote the effectiveness of their current business environment, to drive increased business performance and profitability?
Best practice companies establish clear and understandable processes that result in measuring key metrics for tracking and understanding the impact of reward and recognition programs. Done right, this process assists the company in quickly and efficiently locating current or potential gaps in employee retention, engagement, training, and customer service. Uncovering these gaps helps the company to redirect its efforts and resources immediately towards unlocking the biggest opportunities for performance improvement. It also becomes the solid foundation for an employee rewards and recognition program that a company can build upon.
An important aspect that is often overlooked when designing and building reward and recognition programs, is the voice of the employee and the customer. Learning and understanding who your employees and customers really are, and what they want, provides important insight in developing programs that engage employees to focus not just on what the business needs, but more importantly what the customer needs. This may involve looking at both employee and customer satisfaction surveys or holding focus groups, putting the results next to each other…. side by side. After reviewing the voice of the customer and the voice of the employee, often management will immediately recognize clear and immediate patterns that reflect big gaps and differences in perceptions, and how well things are actually going.
Its important that reward and recognition programs are collaboratively designed, built, measured, and structured for review regularly to ensure they are meeting the needs of the both employees and management, and that they are focused on the best interests of the customer. If done well, these programs can inspire and motivate individuals and teams to higher levels of performance, enhancing employee engagement and retention, increasing customer satisfaction and ultimately improving business performance and profitability.
Originally posted on Team Performance Solutions Blog
| Blogger Profile: Russ Nachbar | |
| Russ Nachbar is a Business Performance Specialist focused on profitability. With over twenty years of extensive experience in business and people development, Russ founded Team Performance Solutions to "offer businesses the access to tools and an easy to use proven system that enhances performance in business, ultimately making businesses more profitable." |  |
