Rewards And Recognition Program Programs Essay

1403 Words Feb 28th, 2016 null Page
Rewards and Recognition Program
It is estimated that the turnover rate for an organization is roughly 16.8% yearly on average, which does fluctuate from year to year (Aamodt, 2014). At OppenheimerFunds a financial institution, we strive to keep our turnover rate under 10%, and we feel one contributing factor is that we continually reward and recognize our employees. However, past reward programs have not proven to be sustainable. This was validated through the results received from our 2015 annual employee survey. Some collective themes listed of past programs, were that the drivers of the programs were all statistics based, repeat associates recognized, no personalization, recognition was not timely, lack of enthusiasm/commitment, and programs were all management driven (Bagley, 2015). Maintaining good morale and implementing a reward and recognition program could help increase team morale and reduce turnover. Organization need to take ownership of maintaining their turnover ratio, therefore, maintaining their key performers (Aruna & Anitha, 2015). In the past, incentive programs have been inconsistent in terms of timeliness and rewards not being equitable. For organizations, to not only retain key performers and maintain a high morale, it is encouraged that organizations implement a strategic plan for a competitive reward and recognition program, which will ensure equitable recognition, boost employee morale, increase productivity, ensure timeliness, and aid in an…

Related Documents