TalentCulture #WorkTrends Investing in Recognition: Budgeting and Pitching an Employee Recognition Platform
4 snips
Oct 13, 2023 Karim Punja, COO at Kudos, shares his wealth of knowledge on the financial aspects of employee recognition. He dives into how to effectively budget for recognition programs and pitch their value to senior leadership. The conversation explores the link between recognition and talent retention, emphasizing data-driven decisions to cultivate workplace engagement. Karim also discusses the vital roles of managers and stakeholders in successful recognition implementation, creating a lasting impact on organizational culture.
AI Snips
Chapters
Transcript
Episode notes
Recognition Types Impact Engagement
- Recognition is more than just saying thank you; it includes top-down and peer-to-peer recognition that impact employee engagement significantly.
- Frequent recognition greatly reduces disengagement and increases employees' likelihood to stay with the organization.
Budget Recognition Platforms Wisely
- Budget 1-3% of payroll for recognition platforms, adjusting for company size and workforce types.
- Consider consolidating other budgeted recognition activities, like birthdays and spot bonuses, into one platform.
Engage Managers to Boost Adoption
- Assign a dedicated administrator for the recognition platform but ensure collective responsibility across the organization.
- Engage managers early as their active participation boosts platform adoption and usage significantly.