Employee recognition programs aren’t quite as popular as they once were, but the 86% of businesses that use them find that rewards and incentives can still spur sales, improve retention and employee loyalty, and raise productivity during an era of slim pay raises and uncertain bonuses.
In fact, the Incentive Research Foundation (IRF) reports that incentives of all stripes can attract and retain good employees, boost team performance by as much as 44% and increase individual productivity by an average of 22%.
A 3% dip in the number of companies using the programs since 2008—as reported in a 2011 WorldatWork survey—doesn’t suggest a permanent decline, says Alison Avalos, research manager for the trade group. Instead, she notes, “The data suggests that, even with a recession, recognition programs remain an important component of employee rewards.”
The top recognition programs, the WorldatWork survey found, were:
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