“Changing Face of Reward”, a study conducted by the Hay Group, is an excellent tool for senior executives as they try and navigate the choppy waters in this struggling economy. This is the first in-depth study of its kind this decade, according to Consultant-News.com.
In order for businesses to smoothly move forward out of the recession, key employee retention after recruitment is more easily attained when these employees stay motivated and engaged in their work. When focus is placed on the top performers who are rewarded for their outstanding efforts, it sets the bar high for other employees to follow suit.
While still having to closely watch their budgets, and in light of ever-changing regulatory conditions, executives are having to perform a balancing act to offer reward programs.
The study reveals that there are point-based reward programs that not only create employee loyalty, but also can be cost-effective.
Business owners and executives are beginning to realize now more than ever, that consulting with professionals in the incentive industry to create their own recognition programs will certainly lead to smoother sailing ahead.