Recognize This! – The frequency, timeliness and specificity of spot recognition delivers much greater benefit than delayed annual awards.
In my most recent post on Compensation Cafe, I look at recent survey results from a a WorldatWork, Deloitte Consulting and Vivient Consulting report, showing employee incentive plans (as they term them) in various forms are alive and well (click through for the full report).
I go on to discuss why and how companies can derive much greater value from reversing the investment levels in annual incentive plans and spot awards. Go to Compensation Cafe to see the details.
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.