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Unformatted text preview: Joe Salantino The Time for Employee Recognition and Rewards Programs Is Now Thesis: Employee Recognition and Rewards Programs Can Generate Significant Revenue and Profits Introduction In todays economy, many companies are dealing with a workforce that has been or very soon will be reduced to core essentials. The competitive marketplace, on the other hand, cannot be put on hold until the economy improves. Attracting and retaining the very best talent is a key element to stability at any time, but it is especially so during a recession. Successful companies know that they must have the entire team fully engaged in the success of their company during challenging times. This is important to success not only during the recovery, but also well beyond. A lack of engagement, according to recent research, can lead to an overall reduction of 10 percent in our GNP, not to mention its effects on the corporate bottom line. Creating a climate of appreciation, where efforts are recognized and potentially rewarded, can go a long way toward strengthening the process of engagement and improving the outlook for the company as a whole. Further complicating the recession economy is the shrinking talent pool. As baby boomers retire (or hope to soon), so-called baby busters and millennials are taking over leadership roles throughout corporate America. A shortage of talented workers worldwide is inevitable in the coming years. Global recruitment will see an increase in diversity in age, experience, language, culture and values thus challenging companies to consider multiple strategies and tactics to drive performance and employee engagement. Developing recognition and reward programs to encourage an engaged, diverse and talented team is an important tool for thriving in the best times and surviving during economic downturns. Even though the environment in which companies are operating may appear complex, recognition programs can be designed to be very effective and easy to administer. continues unabated regardless of the current downturn in the U.S. economy. Rapidly advancing technology continues to fortify the growth of a truly global economy, making it easier for companies of all sizes to readily conduct business across the globe with as little as a simple mouse click. Organizations worldwide are [not only] scrambling to find effective ways to attract and keep the best talent, but also to elevate their performance, productivity and service levels to new heights. Embodied in this quest is the ability to align individual behaviors with strategic corporate objectives and to motivate and reward those who meet or exceed those objectives. In todays economy, organizations must achieve maximum ROI in their people to boost corporate performance and gain competitive advantage. (Recognition ROINow More than Ever! Michelle M. Smith, CPIM, CRP, The Power of Incentives 2008. p. 87) Having the right talent has never been more importanteven during a recession. It is p....
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