Summing Up the Benefits of Recognition November 19, 2008 Custom Design Marketing launches Employee Recognition Calculator
By Jeanie Casison
Realizing a return on investment is a top priority for most organizations. Custom Design Marketing, an incentive company in Kirkland, Wash., takes the mystery out of measurement with its new Employee Recognition Calculator. HR professionals and others responsible for implementing employee recognition programs can better assess the impact of initiatives on the bottom line with this easy to use tool that provides a gauge on financial risks and rewards. By using this calculator, they are able to project employee recognition ROI before beginning a program, as well as track results after implementation.
"HR professionals are passionate about employee recognition, and they understand the value of these programs. However, they have a real problem when it comes to asking for funding. Employee recognition is often viewed as a soft benefit to the company. CEOs and other executives may tout the value of having engaged employees to the press and stakeholders, but they sing a different tune when the budget meetings are held," says Bob Dawson, vice president of Custom Design Marketing. "Other areas that are measured for financial risk and return are put ahead of employee recognition. This Employee Recognition Calculator provides a great starting point for demonstrating that these programs can in fact show ROI."
The Employee Recognition Calculator helps users to establish a simple performance based measure of ROI for recognition. They can determine a baseline performance rating for the workers that they wish to measure, using a scale of one to five. The calculator goes further to pinpoint the value of what the employees are being measured on. After a value is established, employees can be rated at the completion of the recognition program.
Since its launch, the Employee Recognition Calculator has been used by several retailers to create weekly scorecards which allow employees to accumulate points based on the scores they achieve weekly.
"Utilizing this calculator, companies can establish short-term objectives that demonstrate ROI. This keeps their budgets at acceptable levels while building a culture of recognition in the organization," Dawson says.
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