A winning business case for employee recognition demonstrates that the program has the potential to yield a high rate of return and that it is in line with the strategic goals of the firm, said Mike Ryan.
New York, New York (PRWEB) December 14, 2012
As HR Managers work to obtain approval on their employee recognition budgets, Madison Performance Group, a global web-based workforce recognition and employee incentives solution provider, has published a new Performance Perspective titled “Building a Better Business Case for Recognition: Practical Dos and Don’ts.”
“In today’s business environment, executives expect project champions to explain how proposed budgets will not only help them hit their goals, but how they intend to help others hit theirs as well,” said Mike Ryan, Madison Performance Group’s senior vice president of marketing and client strategy. “A winning business case for employee recognition demonstrates that the program has the potential to yield a high rate of return and that it is in line with the strategic goals of the firm.”
To develop an employee recognition plan that will resonate with executives of other departments, Madison recommends that HR managers:
- Incorporate non-cash incentives into the compensation mix – Recent research shows that recognition from immediate managers can be more impactful than cash bonuses, increases in base pay and stock options.
- Highlight the statistical comparison between recognition, engagement and business success – Employees who are consistently acknowledged are more productive, more profitable and more committed to the well being of the enterprise.
- Seek the involvement of market and operations executives in shaping their business case – Recognition helps employees adapt to change, adopt best practices and improve customer service, which reduces turnover and bolsters brand integrity.
“Companies with engaged employees simply perform better,” added Ryan. “A properly prepared business case demonstrates how flexible recognition programs can help motivate more people for less, which can help the company do more across a wider range of business outcomes.”
With a 38-year history and established reputation for delivering market-leading recognition tools to the Global 2000 marketplace, Madison Performance Group helps organizations use strategic recognition to increase employee engagement, retain talent, foster innovation and create brand ambassadors. Madison’s scalable and configurable platform allows large organizations to integrate multiple workforce recognition programs and tailor segmented communications, goals and rewards programs through its simple rules-based modules.
The Performance Perspective can be downloaded at http://www.madisonpg.com/insights/performance-perspectives.
About Madison Performance Group
Madison Performance Group is a global web-based workforce recognition and incentive solutions provider. With a 38-year history and established reputation for delivering market-leading recognition tools, Madison is trusted by Global 2000 organizations for its proven, scalable and configurable technology platform. The company helps organizations use strategic recognition to increase employee engagement, retain talent, foster innovation and create brand ambassadors. Madison is headquartered in New York City with five locations worldwide and offers the largest rewards fulfillment network that can be offered globally and implemented locally. For more information, visit MadisonPG.com.