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BENCHMARKING REWARD AND RECOGNITION PROGRAMS
Trends and Practices in Designing, Implementing, and Managing Reward and Recognition Programs
B ENCHMARKING R EWARD AND R ECOGNITION P ROGRAMS
K EY FINDINGS
As competition for critical talent increases, organizations look to diversify their employee engagement and retention strategies. Many organizations realize that an effective reward and recognition (R&R) program is part of a compelling total rewards offering that engages employees and drives business outcomes. Despite awareness of the importance of R&R, many organizations struggle to create and implement a successful program. To support members in their efforts to create a more effective program, this report provides the Roundtable’s key findings on R&R drawn from a membership survey.
D EFINITIONS AND S COPE OF R ESEARCH
Data collection for this report occurred through a survey of 27* member organizations with R&R programs. Pages 6–8 also contain data from the Roundtable’s 2007 survey on compensation plan design. The table below provides relevant definitions and outlines the scope of the analysis : Definitions Reward Recognition Refers to cash, trips, and other gifts given Refers to acknowledgement via an e-mail, public ceremony, thank you card, plaque, or other means Refers to situations in which a formal process is used to reward/recognize, including some level of approval by leadership (manager and above) Refers to occasions when an approval process is not needed to reward/recognize
Formal R&R Informal R&R
Scope of Analysis
R&R for Performance § § § § § § § § § § § § § § Individual Team...