The purpose of this document is to explain the success of employee engagement and recognition programs and the increased motivation, loyalty and productivity they have on an organization. The implementation of a company-wide, reward and recognition program at XYZ, Inc. would improve engagement of staff with the goal to improve the high turnover XYZ, Inc. is experiencing. I propose XYZ, Inc. establish a recognition plan, which would be rolled out across the organization to help solve turnover and increase staff engagement.
Current Situation As previously explained in a recent memo to the CEO, after analysis of the last six months of XYZ, Inc. exit interviews show the organizations turnover rate is extremely high at 35%. The high employee turnover …show more content…
Over the decades, reward and recognition systems have been adopted by numerous organizations – private or public and are numerous ways by which employee 's can be appreciated. The correlation, (Mayhew, R. n.b.) between intangible employee recognition and tangible measures related to employee turnover are astonishing. Employers who use relatively simple measures for recognizing their employee 's can actually reduce high turnover rates. A reward and recognition program, (Nelson, 2012) to help reduce turnover is an opportunity we should consider taking steps to implement. The program is based on two simple principles. Recognition is the positive consequences provided to a person for a desired behavior or result. Reward is an item or experience with monetary value, but not necessarily money, that is provided for the desired behavior or performance often with accompanying recognition. Recognition is the most effective when given on a regular basis and in different ways. It is important that recognition activities be aligned with the culture of the organization. It is important that all managers are aware of their responsibility to provide positive and effective feedback to their employees. To cultivate a successful Reward and Recognition Program, managers …show more content…
I have been in Human Resources for over 20 years and with XYZ, Inc. for the last seven. In addition to my previous employer; I have worked closely with XZY, Inc. employees in all areas of the organization and have an understanding of what type or rewards and recognition would be most meaningful to them. I have coached and mentored many leaders at XYZ, Inc. and the plan I have outlined will give those leaders an opportunity for growth and to become better leaders as they learn to provide recognition to their staff. Budget For XYZ, Inc. being a non for profit that relies heavily on grants and donations the cost of running a Reward and Recognition Program is important. Research shows that not all employees need monetary rewards and that small tokens of appreciation can be effective. To be cost conscious and be able to make this program meaningful and successful, I have determined the following annual budget based on the aforementioned reward incentives
Current Situation As previously explained in a recent memo to the CEO, after analysis of the last six months of XYZ, Inc. exit interviews show the organizations turnover rate is extremely high at 35%. The high employee turnover …show more content…
Over the decades, reward and recognition systems have been adopted by numerous organizations – private or public and are numerous ways by which employee 's can be appreciated. The correlation, (Mayhew, R. n.b.) between intangible employee recognition and tangible measures related to employee turnover are astonishing. Employers who use relatively simple measures for recognizing their employee 's can actually reduce high turnover rates. A reward and recognition program, (Nelson, 2012) to help reduce turnover is an opportunity we should consider taking steps to implement. The program is based on two simple principles. Recognition is the positive consequences provided to a person for a desired behavior or result. Reward is an item or experience with monetary value, but not necessarily money, that is provided for the desired behavior or performance often with accompanying recognition. Recognition is the most effective when given on a regular basis and in different ways. It is important that recognition activities be aligned with the culture of the organization. It is important that all managers are aware of their responsibility to provide positive and effective feedback to their employees. To cultivate a successful Reward and Recognition Program, managers …show more content…
I have been in Human Resources for over 20 years and with XYZ, Inc. for the last seven. In addition to my previous employer; I have worked closely with XZY, Inc. employees in all areas of the organization and have an understanding of what type or rewards and recognition would be most meaningful to them. I have coached and mentored many leaders at XYZ, Inc. and the plan I have outlined will give those leaders an opportunity for growth and to become better leaders as they learn to provide recognition to their staff. Budget For XYZ, Inc. being a non for profit that relies heavily on grants and donations the cost of running a Reward and Recognition Program is important. Research shows that not all employees need monetary rewards and that small tokens of appreciation can be effective. To be cost conscious and be able to make this program meaningful and successful, I have determined the following annual budget based on the aforementioned reward incentives