Rewards and Recognition: Driving Engagement and Organizational Performance
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Rewards and recognition technology solutions play a significant role in how organizations manage their workforce. Viewed as a way to engage employees, enhance the organizational culture, and improve organizational performance, these solutions are being used by more than half (56%) of all the organizations surveyed, but predominantly by high-performing (68%) and enterprise (72%) organizations (10,000+ employees). An average of 7% of an organization’s talent management/HR budget is dedicated to rewards and recognition, and nearly 32% of organizations expect that budget to increase.
Our research shows that a substantial percentage of organizations have already seen an improvement in their key performance indicators since implementation of their rewards and recognition solution. Current users of a rewards and recognition technology solution have seen an increase in: employee engagement (75%), productivity (61%), employee retention (46%), and revenue (33%). Only 1% indicate a decrease in those metrics. While the solution may not be the only reason engagement and productivity have increased, it greatly contributes to those metrics.
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