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Rewards and Recognition"Rewards" typically refers to the "total rewards" an employee receives at work. This includes compensation, benefits, bonus, incentives, and other financial gains.
"Recognition" refers to expressed appreciation by one person to another for that individual's behavior, activities, or impact. Recognition may or may not be accompanied by a physical or financial reward.
Our research shows that the two are very different. "Total Rewards" contributes to a person's sense of "safety" and "well being" at work. In most roles compensation is what we call a "hygeine" factor - not enough compensation has negative effects, but more and more compensation often has no impact on performance.
Recognition, on the other hand, operates differently. Recognition (or "thanks") satisfies people's higher level need to feel valued, appreciated, and part of a team. Recognition done well is frequent, specific, and peer-based. Our research shows that companies with high recognition cultures have as much as 30% lower voluntary attrition rates.
Related Research
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The Performance Management Maturity Model: A Roadmap to Exceptional Results
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The WhatWorks® Awards 2013: Lessons from the Best
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Leaders Teaching Leaders Program Guidelines
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The HR Management Systems Primer 2013
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Big Data in HR Building a Competitive Talent Analytics Function – The Four Stages of Maturity
HR & Talent Analytics | 03/14/2013 | In this webinar, Josh will introduce the audience to the concepts of Big Data and Talent Analytics, and discuss the company’s groundbreaking research on Big Data in HR.
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Corporate Talent, Leadership, and HR: Predictions for 2013
Talent Strategy | 02/27/2013 | This year’s 2013 predictions webinar will highlight 15 key trends which we will see in 2013 which will define the “New HR Organization.”
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The UK Learning Factbook 2013
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Predictions for 2013: Corporate Talent, Leadership and HR—Nexus of Global Forces Drives New Models for Talent
Talent Strategy | 01/08/2013 | This year our predictions fall into three broad areas—business leadership and talent; HR technology, tools and markets; and, HR organization, strategy and leadership.
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Distributed Workforces: What They Are, Why They Are, and How to Build Them
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Employee Development Planning: The Four Critical Elements
Performance Management | 12/14/2012 | This report covers the most common development planning elements, the four differentiated plan elements used by organizations with better employee and talent management results, and examples of organizations using these elements effectively.
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