Last night listened to a great teleseminar about how recognition drives engagement and how important non reward incentives are to drive up performance. Basically, because today we often communicate remotely, because we employ more Gen Y who expect feedback and recognition and because we are in difficult times, it is now even more critical to take time to recognise good performance. One statistic which was interesting was that non cash incentives are TWICE as effective at raising individual performance than cash. You have to spend on average 8% of an employee’s annual salary to impact performance but with non cash you only need to spend about 4% to get the same result – bargain!
Good rewards are those that are personally meaningful, symbolic, lasting and differentiated.
When launching a programme you need to communicate about 10-12 times in lots of different ways to get the message across. Apparently an individual needs to hear a message 11.3 times on average for it to stick.
Read M Byam, ‘Wow Workplace’ for more…….