From the course: Recognizing and Rewarding Your Workers
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Measuring the impact of recognition and rewards
From the course: Recognizing and Rewarding Your Workers
Measuring the impact of recognition and rewards
- Do you recognize and reward your talent? You do, right? Yet, study after study reveal the same things. The number one reason workers quit is a lack of recognition from their manager. And high turnover kills performance. Where's the disconnect? That's what you'll see when you measure the impact of recognition and rewards on your workers' performance. Rewards, things like gift certificates, plaques, or extra vacation days often have a monetary value attached. One way to see what's working and what's not is to calculate your average reward cost, and map it to the performance you want to measure. That's what Sarah did. As a director at an apparel company, she wanted to understand how her reward spending correlated with two key performance indicators, sales and the number of good ideas contributed by her team. She had a discretionary budget for rewards, and regularly asked her team about their preferences. They clearly…
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