The white paper found that the annual cost per employee fell in the range of $15 to $65, for most recognition programs.
New Brunswick, NJ (PRWEB) September 18, 2013
Dittman Incentive Marketing announced today that it has published its newest white paper -- How Much Should You Invest in an Employee Recognition Program? -- that enables companies, large and small, to create rough pricing estimates of employee recognition programs. The white paper combines data from Dittman’s proprietary database, with additional rules of thumb that have been developed over the company’s 37-year history, to arrive at the guidelines.
“A common question we hear from companies considering an employee recognition program is ‘how much should we budget for it?’,” says Dave Dittman, Executive Vice President at Dittman Incentive Marketing. “Typically, these companies have done some initial research, and are interested in ballpark numbers to do a cost-benefit analysis. But because there are so many variables when estimating a program, it can be difficult to determine cost without a detailed RFP process. Therefore, we created these guidelines to enable a fast way to generate estimates."
The white paper shows average per-employee costs for Milestone (Years of Service) programs, including a chart that shows typical amounts that companies paid out to employees for their years-of-service (such as 5, 10, 15, 20 and more).
The white paper also shows per-employee costs for other widely used recognition programs, including Manager Spot Awards (managers reward employees), Peer Recognition (employees recognize each other), and Living the Values (companies recognize employees).
After evaluating a range of clients across various industries who implemented these programs, the study found that the majority of clients fell in the range of $15 to $65 per employee annually, depending on the level of the program. Further details are given in the white paper.
By using these guidelines, companies can quickly scope out the potential cost of implementing an employee engagement program.
To see more examples, guidelines, and charts, download the Dittman white paper.
About Dittman Incentive Marketing
For more than 35 years, Dittman Incentive Marketing has been an award-winning, quality leader in providing incentives, recognition, and rewards programs to help companies realize immediate ROI in motivating sales people, employees, channel partners, customers, and consumers. Dittman’s signature products and services include: TotalPRO® (Performance Recognition Online) – an incentive, recognition and rewards web-based platform, and Deluxe Group Incentive Travel. For more information, visit http://www.dittmanincentives.com.