Incentives and recognition a 'cost-effective tool'

Date: 07/10/2009

A recent insight provided by the Incentive Research Foundation has highlighted the need for incentives and recognition in the office.

The new report, entitled the Value and ROI in Employee Recognition: Linking Recognition to Improved Job Performance and Increased Business Value - The Current State and Future Needs, uncovered a significant amount of information about the state of workplace recognition.

It discovered that businesses can use both formal and informal recognition to build a culture of incentives and recognition in the office, while emphasising the importance of quality of performance as a key motivator for reward.

Rodger D Stotz, the chief research officer of the Incentive Research Foundation, explained that the new research highlights the "critical importance" and measurable impact of employee incentives and recognition, particularly in making improvements to the bottom line.

He continued: "Yet there is still continued work to be done to fully explore and understand these links, and to be able to quantify recognition programs' business value to organisational leadership."

Last week, it was revealed by Peter Sissons that the BBC is severely lacking incentives and recognition, impacting heavily on morale.

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