Retain talent – reduce recruitment and induction costs
One of the largest challenges facing most businesses is both the attraction and retention of the right employees in the right roles. Most organisations will only excel if they have great people. Often overlooked, the power of Recognition can be harnessed within the organisation, not only to improve retention rates, but to attract the best by ensuring that good work and great work gets appropriately recognised. Inspire Recognition is a simple and highly effective way to drive a culture of Recognition through your organisation in a way that reinforces your company values. It is also fair, consistent and transparent. The retention of just one good employee can more than offset the annual costs of running the programme when you consider the true replacement cost to the business.
Attract top talent
It is more and more common these days for job-seekers to research candidate companies by looking into their values, what they stand for as a business and how they interact internally. Inspire Recognition will help you attract the best candidates by showing that your organisation cares about its employees and makes it easy for the Recognition of good work to take place. Please read our white paper “Why Recognise” for analytics and more detail on this subject.
Reinforce culture / company values consistently
Do you live your values as an organisation? Do you have relevant and tangible values? Are they just a “plaque on the wall” or do your employees understand them and live them daily? Wherever you are on your current journey, your employees need to know what your business stands for and what they are expected to live up to, demonstrate and emulate. Generation Y attach even more importance to an organisation’s values than their older peers. Inspire Recognition aligns great work to Company Values thereby ensuring that Recognition only takes place when the work is clearly part of the strategic direction manifested by alignment with Values. Good insight is a by-product of the service, allowing you to monitor which of your Values are driving behaviours.
Formalise local initiatives
Most organisations already have examples of Recognition taking place. One manager may buy a team member a bottle of Champagne to thank them, another might take the team out for a meal. Another may do nothing at all. But a one-size fits all approach can be inappropriate (if say an employee does not drink alcohol) so providing a choice is usually better. Inspire Recognition is designed for you to take the best local initiatives and make them applicable consistently company-wide, and in alignment with Company Values. Additionally, you can rest assured that any taxes that are due as a result of any rewards will be budgeted for and handled correctly in line with local legislation.
Improve business outcomes
Plenty of evidence is available to show that a more engaged workforce will produce better business outcomes. The simplest way to measure this is to look at operating profits in businesses with high levels of engagement and compare with businesses with low levels of engagement. This is what Tower Perrins looked at in a global survey of 664,000 employees. Results showed that higher engagement results in 19.2% growth in operating profit. Low levels show a 32.7% reduction. One of the best ways to enhance engagement is to have a great Recognition programme in place. Please see our white paper “Why Recognise” for more details on this.
Enhancing levels of employee engagement
As shown in the previous paragraph, better levels of employee engagement can drive significant bottom line results. There are few better, simpler ways of creating a culture that drives engagement than to recognise staff in line with your Company Values. Peer to peer recognition, manager to peer recognition and annual Chairperson’s awards will all drive engagement if correctly implemented. Your annual staff survey will measure the results directly and your increased profitability will be an indirect output.
Habitually thank staff
The evidence shows convincingly that an organisation with a good culture of Recognition will be more profitable. Research shows that employees are more likely to leave as a result of lack of Recognition than because of poor pay. Common sense says that saying Thank You will ensure your business remains a place where employees will strive to do more good work, in line with your preferred behaviours. Because people like to be thanked. They like to be recognised and to recognise others. Inspire Recognition provides the framework for you to do this effortlessly and habitually, day in, day out, across your organisation.
Encourage and reward people for “going the extra mile”
It’s all about recognising people who go the extra mile. Not just for anything, but to support your organisation and to do so in line with your strategy, your values, your objectives. Be clear that your employees are paid to do a job, but when they do it so well, or clearly do more than that, you need to have a simple, effective way to show them that you recognise and you value their contribution. Inspire Recognition not only makes it easy to do this, but it encourages the whole organisation to behave this way. Going the extra mile becomes something ordinary. But Inspire helps you treat it as something special.
Turning Initiative into Innovation
In addition to Recognition, Inspire can provide you with a simple “Good Ideas” programme. Gone is the old box from the eighties in which employees were invited to drop their ideas in anonymously and wait to see what happened (if anything). Now Inspire provides you with an Ideas Wall where any employee can make a suggestion that’s instantly visible to their colleagues. That idea can be commented on and rated by anyone else. What starts off as a good idea may end up as a great idea after a round of social interactions. Encouraging new ideas from all levels of the organisation is an essential part of enhancing what you have and innovating to ensure you stay ahead, and most likely your own employees are going to be in the best place to do this. And of course, you can recognise those good ideas at the touch of a button!
Integrate businesses during M&A activity
During rapid growth or when a business goes through a merger or an acquisition, it is usually a challenge to retain the culture of the organisation or to blend together the different cultures in the best way for the future. Inspire Recognition is an ideal way to underpin the transformation and ensure clarity around Company Values going forward alongside a drive to recognise appropriate behaviours and actions. This can be the best time to introduce Recognition and Innovation programmes, riding on the crest of the change.
Personalised for your business in looks and function
The only limit to the look and feel of your Recognition website is either your imagination or your Corporate Identity standards. There are no restrictions on what goes where or on how creative you want to get. We can do the creative work for you or you get it done internally or use your usual agency. The functionality is all there straight Out Of the Box, but there is very little you can’t have changed, enhanced, added in or created especially! We will sit down with you and make sure we have captured and agreed your requirements at the earliest stage possible. Our quarterly upgrades often contain new functionality that you can have added in to keep your Recognition programme up-to-date, fresh and exciting.
Rewards structured around your business needs
Inspire Recognition has an integrated Shop with thousands of rewards to chose from. Take the entire catalogue or select specific categories or add your own products or services. The most popular option is the huge variety of high street and internet retailer vouchers issued by most major retailers in the UK and other countries as appropriate. Some organisations will prefer not to use the Shop and stay with recognition, in which case there are various ways ways you can drive the value of the recognition, in some cases making it more valuable and memorable to the recipient than a tangible reward. We will be happy to discuss and advise on these options with you.
In the cloud
Inspire Recognition is a cloud based service running off Amazon Web Services. We currently utilise infrastructure based in both the EU and China serving our audiences around the World. Digital Fibre was an early adopter of the cloud model with nearly 10 years’ experience operating this way to provide our clients with the highest levels of security, scalability and uptime at the most attractive prices. The cloud model also offers enhancements to upgrades and accessibility.
Bringing transparency, simplicity and fairness across your organisation
Most organisations offer informal and formal types of Recognition, often without really knowing what is going on. From the well-meaning manager who rewards a member of the team with a bottle of champagne, through the HR departments that drive Long Service Awards, reminding the manager to take appropriate action, to the annual Chairperson’s awards for greatest contribution, there are few organisations that do nothing. Inspire Recognition can transform these efforts into a transparent and fair way of recognising and rewarding consistently across your business. Inspire Recognition works behind the scenes to advise managers what they need to do when, it nags them if they have forgotten and it provides all the tools to make recognising colleagues a simple, quick and natural thing to do as part of the normal working week.
Measurable performance insights (crowd-sourced appraisals)
Inspire Recognition provides your business with a vast array of data that you can use to the extent that best matches your business. At the touch of a button you also have a beautiful set of visual reports that show you key data in real-time. Simple stuff like how many people are using it, who is using it and when; more sophisticated reports that show you which e-cards are being sent, who is being recognised most frequently, who are your most prolific social commentators and so on. And once your programme has been running for a while, you may wish to start to analyse the interactions between departments. Get clever and download the recognition data (with comments, frequencies, spread of recognition across company values, recognition type, etc.) and you could even have a crowd-sourced appraisal for an individual!