Engagement and retention: Essentials of rewards and recognition

Abstract

Well-designed recognition programs respond and deliver on the key motivational drivers of human beings; they support a lively feedback culture and employee engagement. While the financial value of recognition programs is rather limited, the key value driver of recognition programs is delivered on the motivational and cultural side.Particular for global or multinational operating companies, a company-wide recognition program can provide all employees with a kind of “cultural glue” and allows anyone to reach out and express recognition to any other employee or team around the globe. These programs will support a culture of feedback and collaboration beyond regional and/or organizational boundaries.This chapter covers the various perspectives on recognition to be considered from an organizational and corporate HR point of view and provides recent statistics and market insides.