Recent findings from a comprehensive study reveals that a large majority (94%) of today’s organizations have a recognition program, with 91% conducting a rewards program. Despite widespread adoption, the study reveals a concerning statistic: only 31% of organizations rate their rewards and recognition (R&R) programs as highly effective.
The newly published research report, HR.com's State of Rewards and Recognition Programs and Tools 2024, provides the complete report with insights and actionable recommendations, and is now available for free download.HR.com's Research Institute conducted the study of HR professionals to better understand the current R&R benefits, issues, drivers, and best practices to help HR professionals and managers improve their initiatives.
Further analysis reveals the biggest challenges HR teams are facing with employee rewards and recognition efforts.
These challenges include:
- Cost 48%
- Inconsistent application of R&R 48%
- Loss of engagement for those not being recognized 42%
- Lack of leadership involvement38%
- Lack of manager training on best practices 36%
Modern and cost effective rewards and recognition programs, combined with leadership training and support, are pivotal to ensure boosting employee engagement and productivity.
“Today's HR challenges demand adaptive strategies,” stated Debbie McGrath, Chief Instigator and CEO of HR.com. “Modern and cost-effective rewards and recognition programs, combined with leadership training and support, are pivotal to ensure boosting employee engagement and productivity.“
The recording of the research presentation, Adapt Your Rewards and Recognition Practices to a New Era, is also available for viewing 24/7 on demand.
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Among the most productive and respected HR research institutes globally, the HRRI publishes dozens of high-quality reports every year across a wide array of HR topics. HR.com’s free membership offers many benefits, including access to over 250 exclusive primary research, state-of-the-industry reports, and infographics. These resources are published based on surveys developed with the assistance of a panel of thought leaders and industry experts on the advisory boards. Visit hr.com/hrresearchinstitute to maximize your HR potential. #hrresearchinstitute
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