Monday, January 12, 2009

Recognition Directly Impacts Reward Value

Many companies spend an inordinate amount of time trying to get better “reward value.”

I find it sad that so many companies don’t realize how recognition directly impacts the value of their reward programs.

Say you have a $100 reward and the recognition experience surrounding it is poor. Chances are the recipient will put little or no value on the reward regardless of the price the company paid for it. Simply put, the reward value has been almost immediately depreciated!

On the other hand, a great recognition experience can “appreciate” a reward far beyond its cost price.

Remember, the easiest way of getting “better reward value” is to improve the recognition experience.