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 …show more content…
A leader who uses an achievement-oriented style sets goals and rewards performance (Aamodt, 2014). The Employees are awarded for the behaviors that they demonstrate in their achievements. It program benefits and allows for the following:
• Immediate availability of rewards coupled with recognition that creates participation in the program at all …show more content…
This relates back to the equity theory that employees want to feel that are treated and rewarded equally (Amondt, 2014). Employees want to ensure that their input is recognized via outputs such as pay and benefits, which could be from the reward and recognition program. By allowing employees to be a voice within the process and program, the perception or the feeling that rewards are not equitable, can be avoided. The program allows all levels to submit nominations through a SharePoint where all rewards and recognitions are tracked and reviewed. Each week all nominations are reviewed by the reward and recognition committee, in which a guideline will be used in order to ensure each submission meets the pre-determined criteria. The program will be organizational justice as employees will feel they are being respected and rewarded equally (Amondt, 2014). Equitably rewarding and recognizing employees will bring job satisfaction, affirmative commitment, and reduce turnover for our
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 …show more content…
A leader who uses an achievement-oriented style sets goals and rewards performance (Aamodt, 2014). The Employees are awarded for the behaviors that they demonstrate in their achievements. It program benefits and allows for the following:
• Immediate availability of rewards coupled with recognition that creates participation in the program at all …show more content…
This relates back to the equity theory that employees want to feel that are treated and rewarded equally (Amondt, 2014). Employees want to ensure that their input is recognized via outputs such as pay and benefits, which could be from the reward and recognition program. By allowing employees to be a voice within the process and program, the perception or the feeling that rewards are not equitable, can be avoided. The program allows all levels to submit nominations through a SharePoint where all rewards and recognitions are tracked and reviewed. Each week all nominations are reviewed by the reward and recognition committee, in which a guideline will be used in order to ensure each submission meets the pre-determined criteria. The program will be organizational justice as employees will feel they are being respected and rewarded equally (Amondt, 2014). Equitably rewarding and recognizing employees will bring job satisfaction, affirmative commitment, and reduce turnover for our