Recession inspires effective reward strategies

by: Nichole Gunn June 4, 2010

The economic downfall has undoubtedly put an outrageous load of pressure on industries; however, the talent management world has seen some positive changes.

HR magazine states that many of the employee programs introduced during the recession, while less costly, have proven to be advantageous.

The article argues that these programs have inspired organizations to offer employees a more satisfying and customized work experience.

“And because these initiatives have often proven to result in improved engagement, productivity and performance at work - and ultimately, bottom line business results - they are here to stay.”- States the new book, written by Susan Cantrell and David Smith, Workforce of One: Revolutionizing Talent Management through Customization, which discusses even more positive impacts the downturn has had on businesses.

One such positive change, for example, is the kickoff of new approaches to learning. According to HR magazine, “Instead of having a centralized training department, create and roll out a costly but generic course. Many organizations have turned to a less expensive alternative, enabling employees to create learning content and dynamically pull and push it to one another on an as-needed, highly customized and collaborative basis.” The article uses Microsoft as a valid example to support their reasoning behind this “plus-side” by explaining that Microsoft provides its employees with the proper tools necessary, intended to help employees create, capture, and share their own learning content with one another.

This recent book published earlier this month by Harvard Business Publishing provides valid research pertaining to employees views on what would enhance their performance. The book also addresses what other companies are finally beginning to realize--that customized reward programs and other personal opportunities can be extremely beneficial.

About Nichole Gunn