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The challenge for organizations in the current economy is how to turn adversity into a defining moment. A just-released white paper from the TharpeRobbins Company Inc. entitled, “Why Recognition is Essential in a Challenging Economy” concludes it’s all about people – specifically building a great work force.
“One of the key defining traits of any successful organization is in how it recognizes and rewards people,” says Anthony Luciano, senior vice president of sales and marketing for TharpeRobbins, a global leader in the managed recognition and rewards industry. “The top ranked companies continue to reinvent employee recognition. Our white paper demonstrates the importance of consistent recognition when it comes to retaining your best employees.”
The first reaction for many companies when faced with budget concerns is to cut back, freeze salaries and scrutinize benefits. But, TharpeRobbins has found that a number of clients who initially cut back on their employee recognition programs quickly realized there is internal bad press when recognition is scaled back.
“We’ve had companies come back to us with even greater recognition plans than they previously had in place.” He cautions, “While the need to balance budgets is real, be careful that you don’t lose sight of your reason for being in business. Be sure that cost-cutting decisions don’t impact the quality of the goods or services you provide. If employee moral suffers, productivity and quality will most surely follow suit.”
The white paper encourages companies to use the current recession to create a defining moment:
· Motivate top performers and be sure to maintain morale.
· Take advantage of IRS tax benefits for recognizing employees. These deductions can range from $400 to $1,600 annually depending on whether the company offers a qualified or non-qualified plan.
· Multiply the impact of the presentation. Managers and supervisors have the power to use that recognition moment to give employees a feeling of belief in themselves and their potential.
· Leverage employee recognition and take it to the next level. Many companies add integrated recognition and reward strategies specifically to engage employees, enhance the employee experience and drive shared responsibility for reaching corporate goals throughout the organization.
· Employee satisfaction directly affects customer satisfaction by increasing sales and impacting the bottom line.
· Companies can easily measure the effectiveness of their employee recognition programs. TharpeRobbins uses technology to help companies move to new levels of employee recognition by customizing each program.
· TharpeRobbins ‘walks the talk’ when it comes to employee recognition. The company credits its consistently low employee turnover rate of less than seven percent annually to a culture that includes job sharing, telecommuting, a competitive benefits package and several family events held throughout the year.
Studies show that four out of 10 employees feel disconnected from their employers, and a quarter shows up at work just for the paycheck. One of the biggest threats is that employee disengagement will result in a largely unproductive workforce.
“Particularly in these challenging times, companies need to operate at their very best to achieve cost savings throughout the organization, retain current customers and secure new business,” Luciano says. “Employees need to be motivated to not only survive but thrive now more than ever.”
The privately-held TharpeRobbins was created through the February 2007 merger of The Robbins Company, founded in 1892, and The Tharpe Company Inc., founded in 1981. Customized programs include products ranging from personalized jewelry to fine art, electronics, sports equipment and outdoor merchandise. The company also offers rewards through local and national services, entertainment and recreation.
The company headquarters are located on a 25-acre campus in Statesville, N.C. and include an extensive showroom and state-of-the-art distribution facility. The Attleboro, Mass., operations include creative services, software development and jewelry manufacturing. The company is ISO certified.
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