May 17, 2011

Research Shows That Recognition Can Boost Revenue and Profits

In today’s economic environment, employees are often stressed out because they’re doing the jobs of several laid-off coworkers – or they’re worrying about their own futures. One way to relieve the stress is with an appropriate – and affordable – recognition and rewards program. A new white paper released by the Recognition Council of the Incentive Marketing Association shows companies using recognition and incentive programs are often rewarded with improved revenue, higher profits, or even survival, when competitors are closing their doors.

“The Time for Recognition and Rewards Programs Is Now” examines current research and demonstrates why employers should keep programs that recognize workers despite temptations to eliminate such programs as a way to reduce strained budgets. “Today’s buyouts, bailouts and bankruptcies have undermined the workforce stability already shaken by changing demographics, making employee engagement a critical factor not only for success, but also for a company’s very survival,” says Karen Renk, executive director of the Incentive Marketing Association.

According to Renk, the paper provides evidence that:
• Companies with recognition and reward programs outperform their competition;
• Recognition and reward programs are compatible with Return on Investment (ROI);
• Customer satisfaction, employee loyalty and profitability are all tied to recognition.

The white paper concludes that today’s economic realities are churning the business environment and talent pool in ways heretofore unanticipated and that “recognized employees become the engaged employees who are measurably more productive.”

For information on awards and incentives for your employees, call The Icebox at 404-522-COOL or visit www.iceboxonline.com