One of the many challenges in managing a recognition and rewards program is figuring out how to steer the course of your programs to maximum impact.
And one repeated concern I see is when program owners inherit a program, they call recognition, but it’s been almost a total rewards program. Getting rid of the rewards mindset that triggers entitlement, expectations, and “more please”, is hard to unlearn.
Providers, compensation and benefits associations, and non-profit business research organizations give good estimates on how much money to spend. They draw upon a percentage of your payroll budget or the average dollar spent per full-time equivalent (FTE) of employees.
But what’s missing is how much to spend on the different programs. Is there a perfect balance between recognition specific programs and reward type program? How do you advocate budgets based on how people use the different types of programs?(more…)