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Joe Salantino

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Submitted By rolandomiranda
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The Time for Employee Recognition and Rewards Programs Is Now
Thesis: Employee Recognition and Rewards Programs Can Generate Significant Revenue and Profits
Introduction
In today’s economy, many companies are dealing with a workforce that has been – or very soon will be – reduced to core essentials. The competitive marketplace, on the other hand, cannot be put on hold until the economy improves. Attracting and retaining the very best talent is a key element to stability at any time, but it is especially so during a recession. Successful companies know that they must have the entire team fully engaged in the success of “their” company during challenging times. This is important to success not only during the recovery, but also well beyond. A lack of engagement, according to recent research, can lead to an overall reduction of 10 percent in our GNP, not to mention its effects on the corporate bottom line. Creating a climate of appreciation, where efforts are recognized and potentially rewarded, can go a long way toward strengthening the process of engagement and improving the outlook for the company as a whole. Further complicating the recession economy is the shrinking talent pool. As baby boomers retire (or hope to soon), so-called baby busters and millennials are taking over leadership roles throughout corporate America. A shortage of talented workers worldwide is inevitable in the coming years. Global recruitment will see an increase in diversity – in age, experience, language, culture and values – thus challenging companies

to consider multiple strategies and tactics to drive performance and employee engagement. Developing recognition and reward programs to encourage an engaged, diverse and talented team is an important tool for thriving in the best times and surviving during economic downturns. Even though the environment in which companies are operating

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