As Incentive magazine reported on the study:
“In the United States, 39 percent of respondents made no changes to their recognition programs, while 28 percent increased them. … On average, about 24 percent of respondents cut those programs. International companies showed even more support for retaining or growing recognition, incentive, and training programs, with just 15 percent and 19 percent cutting recognition and incentive compensation programs, while about 75 percent maintained or grew them.”
This is well in line with similar findings from our own market research “Restarting Recognition: Tap into the Power of Recognition during the Recovery,” which includes results of research on how companies changed their employee recognition approach in response to the recession and how they are now adapting their recognition programs during the economic recovery. The paper also offers seven recommendations to properly calibrate your program for the recovery.
Another interesting finding is that 54% of US companies and 35% of global organizations that reduced staff plan to rebuild their workforces to pre-recession levels. This is great news, but as I’ve said before, companies must first resolve any lingering negativity and reinvigorate their current workforce or they’re bringing new hires into a very tough situation.
Are you planning on rehiring? What are you doing to restore trust and loyalty in your current employees?