Recognize This! – Properly implemented strategic, social recognition yields solid, measurable ROI quickly.
Possibly the question I am asked most is: “What’s the ROI I can expect on our employee recognition program?”
The honest answer is: “It depends on how you implement it.”
If you simply put into place a typical Employee of the Month or a standard Years of Service program, you can expect very little return on that (for reasons I explained in this post and this one). But if you follow the principles of strategic, social recognition, you can expect a very solid ROI, indeed, in a very short amount of time.
That ROI usually takes the form of reduced employee turnover, increased productivity from improved employee engagement, and overall improved performance. But you don’t have to take my word for it.
About Derek Irvine
The VP of Client Strategy and Consulting at Globoforce, Derek Irvine is one of the world’s foremost experts on employee recognition and engagement, helping business leaders set a higher vision and ambition for their organizations. As a renowned speaker and co-author of "The Power of Thanks" and "Winning with a Culture of Recognition," he teaches companies how to use recognition to proactively manage company culture. Derek holds a B.Comm and Masters of Business Studies from the Smurfit Graduate Business School at University College Dublin.