Southborough, MA and Dublin, Ireland -- March 17, 2009 - Most global
companies spend millions of dollars each year on multiple, disconnected
recognition programs that simply do not deliver - either to employee
satisfaction or to the bottom line. Moreover, these unfocused programs
are typically not tracked, so management has no idea how much is being
spent and whether or not those dollars actually impact the
organization. A recent survey conducted by recognition strategist Globoforce
revealed that nearly 40 percent of HR leaders have no tool at all to
measure the performance of their recognition programs, leaving their
CEOs completely in the dark.
In today's economy in which every dollar must be tracked and
measured against delivering a valuable outcome, companies simply cannot
afford this type of waste. At the same time, companies cannot pay the
exorbitant 'price tag' of not recognizing employees - who are in dire
need of motivation - to lift them out of psychological ruts caused by
the financial crisis. As Michael Kesner of Deloitte put it, "The last
thing companies need now is for employees to throw in the towel and
say, 'I'm not going to work so hard.'"
Companies that figure out how to crack this critical piece of the
recessionary code will be among the few with energized and productive
workforces that ultimately drive company performance - not only now,
but also when the market turns.
So how do companies reign in this form of corporate waste and find
new, cost-effective ways to reward and re-energize employees?
Globoforce advises global companies to consolidate their costly
disparate programs with their buried and widely distributed budgets
into one streamlined, global strategic recognition program
designed to touch 80+ percent of their workforce. When administrated
properly, these programs can enable companies to save a full 50 to 70
percent of their recognition dollars - all of which can be tracked and
measured so executives can see the precise value the program delivers.
(Read the entire release on PRWeb.)
Tags: economy, economic crisis, business strategy, employee recognition
Categories: The Economy