Employee Recognition Is Up in Down Economy

A recent CareerBuilderSurvey found that while companies are cutting down on perks, benefits, travel and incentives, employee recognition is actually up!

It seems that the benefits of sound recognition programs are understood in most organizations. They know that the returns of good recognition far outweigh the costs.

Want to reap some of those returns? Forget about expensive appreciation events and awards for now. Focus on recognition between individuals.

Manager-driven programs produce the best results so teach managers how to build meaningful recognition into their overburdened schedules without causing additional hardship.

Second to manager-driven recognition is peer-driven recognition. Set up simple peer awards with little or no monetary component so that they don’t require a lot of oversight.

Create programs that drive your most important business initiatives. This helps morale and produces the results you really need right now.

Have some ideas you would like to share? I want to hear them!


2 Responses to “Employee Recognition Is Up in Down Economy”

  1. 1 Derek Irvine, Globoforce February 26, 2009 at 10:20 am

    Great post, Cindy. We’ve found the same trend and are tracking it through our recognition index.

    For example, during the week of Nov. 17, while panic was spreading and economic indicators were plummeting, there were record levels of peer-to-peer employee awards issued in FORTUNE 500 companies. This was the highest week ever for peer-to-peer recognition this year among companies we track through our system.

    Why is this happening? Eric Mosley, our CEO, says it best: “While no one can control this highly volatile global economy, many found a way to reach out and support their fellow co-workers within their own smaller worlds. Caring and concerned people turned to their company’s peer-to-peer recognition program as a way to make a connection and appreciate someone around them for their efforts. It’s an example of human nature at its best – recognizing and rewarding the good in others and creating powerful and personally meaningful thank-you moments while the world around them seems to be caving in. In fact, it’s a pattern we’ve seen before: during times of crises and uncertainty, recognition, appreciation and support for friends and colleagues increases dramatically and unlocks something inside us that wants to give and be thankful for each other.”

    We’ll be compiling an updated index next week and post on my own blog. The last index can be viewed here: http://globoforce.blogspot.com/2008/12/employee-recognition-sores-as-dow-jones.html

  2. 2 Cindy Ventrice February 26, 2009 at 2:14 pm

    Thanks Derek. I will keep an eye on your posts for the new index.

Comments are currently closed.

My name is Cindy Ventrice. I am the author of the best-selling book Make Their Day! Employee Recognition That Works and the companion guide Recognition Strategies That Work.

My work has been quoted in The New York Times, Alaska Airlines Magazine, Workforce Magazine, and Tim Sanders' book The Likeability Factor.

Visit my website www.maketheirday.com today!

Subscribe to feed

Subscribe to receive as Email



%d bloggers like this: