Tip of the Week: Employee Reward Programs

• Author: Melody Orth
• Posted: April 7, 2008
• Category: Employee Retention
• Tags: No Tags
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Every year Fortune Magazine puts out the list of America’s Most Admired Companies. 100% of these companies have successful Employee Reward Programs. So how do they do it? Do they know something that you don’t know?

The answer is no. They simply have “best in class” HR practices and procedures in place, have a cultural understanding of their landscape, and recognize the value that quality employees bring to the organization. It’s called the ripple effect. When quality candidates are hired and are the perfect fit for the role (not just a warm body in a position), you have better morale, happier and more productive employees, much better retention, and less attrition. A win-win for any organization.

According to the Hay Group (the organization that compiles the America’s Most Admired Companies list), the following holds true for these organizations when it comes to best in class Employee Reward Programs:

• 79% regularly provide employees with total reward statements
• 82% regularly reinforce the company’s reward philosophy in communications with employees
• 74% state that their employees understand and appreciate rewards
• 41% say that line managers in their organization create a positive work climate
• 28% state that line managers use financial and non-financial recognition programs
• 41% believe that their reward program is internally fair
• 48% report that their reward programs support efforts to retain their best talent
• 45% say that their reward program allows them to attract the talent they need

RCI Recruitment Solutions is poised and ready to help you and your organization reach the top by partnering with you to teach and implement processes and programs that will get you there! Are you ready to take that step in helping to make your organization one of America’s Most Admired?

Call us today! (561) 277-1259 or visit our Employee Retention section to learn more about our broad range of custom solutions.