{"id":464,"date":"2021-12-21T08:00:30","date_gmt":"2021-12-21T08:00:30","guid":{"rendered":"https:\/\/www.biworldwide.com\/en-au\/?p=464"},"modified":"2025-04-03T14:51:25","modified_gmt":"2025-04-03T03:51:25","slug":"3-ways-to-leverage-your-employee-recognition-spend","status":"publish","type":"post","link":"https:\/\/www.biworldwide.com\/en-au\/our-work\/blog\/3-ways-to-leverage-your-employee-recognition-spend\/","title":{"rendered":"3 ways to leverage your employee recognition spend"},"content":{"rendered":"
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\n\t\t\t\t3 ways to leverage your employee recognition spend\t\t\t<\/h1>\n\t\t\t\t\t\t\t\t\t\t
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We believe the best and most impactful way to utilise your recognition budget is to implement a strategy that encompasses base recognition, strategic recognition and performance-based recognition. Learn how to leverage each to maximise your employee recognition budget<\/p>\n\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tJohn O’Brien\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t, Vice President, Employee Performance Group<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\tMore about the author<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

We\u2019ve all heard the line, \u201cA company\u2019s greatest asset is its people.\u201d We\u2019ve probably all said it at one time or another too. But the truth is, companies can have vastly different strategies when it comes to actually responding to it.<\/h3>\n\n\n\n

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If you view employees as your company\u2019s greatest asset, your relationship with them must be handled carefully. That care can come in the form of many things from fair pay, an inclusive work culture and equitable career opportunities, as well as employee recognition and rewards. How you recognize and reward your workforce is the essence of your company\u2019s employee value proposition or EVP; it\u2019s what you offer employees in exchange for their time, talent and commitment.<\/p>\n\n\n\n

Commitment can be quantified in a measure called eNPS, or employee net promoter score. eNPS is derived from the question, \u201cHow likely are you to recommend this company (or program or initiative) to others?\u201d to provide a basic understanding of an employee\u2019s level of satisfaction and engagement. It\u2019s the first step toward knowing if you\u2019re providing the right employee experience \u2013 one they value and find motivating.<\/p>\n\n\n\n

While you are likely already investing time and resources in employee engagement and recognition, how do you know if you\u2019re investing wisely?<\/p>\n\n\n\n

At BI WORLDWIDE, we believe the best and most impactful way to utilise your recognition budget is to implement a three-dimensional strategy that encompasses base recognition, strategic recognition and performance-based recognition. Each of these levels has its own distinct focus, features and programs.<\/p>\n\n\n\n

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This three-dimensional, integrated recognition strategy has been implemented by multiple BIW clients and has led to significant reductions in voluntary turnover and major financial benefits as evidenced below.<\/p>\n\n\n\n

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As you evaluate your current employee recognition spend, ask yourself these questions:<\/p>\n\n\n\n