RewardsSummary

RewardsSummary - Reward & Recognition Program Profiles...

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©2008 The Ascent Group, Inc. Reward & Recognition Program Profiles & Best Practices 2008 Engaging the Frontline Companies in all industries are recognizing the strategic importance of customer satisfaction and how the quality of frontline customer service employees can make or break a company. A recent survey conducted by Maritz found that 43 percent of customers who stopped doing business with a company made their decision based on poor customer service. Engaged employees are the key to excellent customer service. Engaged employees are employees that feel as though they are truly valued at work; that their efforts directly contribute towards the mission and success of the company. Engaged employees are more productive and less likely to look outside of the company for employment. A recent study by Harvard Business School found that every 1% increase in staff loyalty resulted in a ½ % increase in customer loyalty. Additionally, Gallop’s 2006 research to better understand the linkage between employee satisfaction and return on investment (ROI) found that companies with higher levels of employee engagement enjoyed higher ROI. It is becoming more and more difficult to find and engage the right employees. Tight labor markets are making companies think twice about compensation packages, benefits, and incentives. Turnover and competition are pushing companies to focus on ways to keep qualified employees happy and motivated. Customer service management’s top priority is attracting and engaging top-performing customer service employees. Reward and recognition programs factor greatly in this challenge. A recent Maritz poll found that 55 percent of employees agree or agree strongly that the quality of their company’s recognition efforts impacts their job performance. At the same time, only 43 percent of employees felt they were consistently recognized for their performance in ways that were meaningful to them. Recognition is like anything else, it requires time, attention, and a consistent approach. Management must have a process in place so that managers and supervisors are actively looking at employees to identify those opportunities to recognize and reward good performance. If you’re not looking, or you don’t have the time, you’ll never notice or praise, and employees will feel neglected. It’s a simple matter of showing respect. The key to a well-designed, effective reward and recognition program is employee involvement. At a minimum, management should ask employees, via surveys, focus groups, group meetings, or team involvement, what they value most, in terms of recognition, rewards. The best organizations use a combination of these approaches when designing or refining their programs. This will form a baseline of employee expectations and value. Management can then align
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RewardsSummary - Reward & Recognition Program Profiles...

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