Company: Recognize Services Inc., Oakland, CA USA
Nomination Category: Total Rewards Solution Provider of the Year
Solution Provider Essay
Recognize is a global employee recognition and rewards platform. It allows companies to implement an easy-to-use solution to increase employee engagement, retention, and satisfaction. Recognize’s goal is to follow human-centric design principles in order to optimize companies’ engagement strategies.
Aligned with this goal, Recognize executed a series of market research surveys within the scope of employee recognition and rewards. The research included employee recognition and rewards trends, year-end bonuses and holiday parties, work anniversaries, and burnout in the healthcare industry. Using this research, Recognize released key findings and articles within the employee recognition and rewards vertical.
In the Recognize market research study on employee recognition and rewards preferences, over 1000 people were surveyed to discover employee reward preferences and how staff want to be recognized for their work. The results showed that while cash is still the reward of choice, 76% of people were not interested in micro-bonuses. Furthermore, merchandise, a very popular reward offered by companies in the past, is one of the least preferred rewards, behind a parking spot and donating to charity. Lastly, to underscore just how important employee recognition is, we found that half of those surveyed had quit a job in the past for not being recognized.
In November of 2018, Recognize surveyed managers and employees on company holiday parties and end of year bonuses. We found that bonuses were reaffirmed as key motivators for employee performance, especially around the holidays, and that most employees were expecting some type of end of year bonus. Furthermore, a failure to recognize employees for their achievements at the end of the year can hurt employee retention. Lastly, US-based employees still love holiday parties, with over 75% of those surveyed reporting that they were looking forward to the gathering.
These findings led Recognize to release an article on the future trends of employee recognition and rewards. Released end of 2018, the article gathered over 700 shares on social media. The article goes into detail how HR is integrating with IT to deliver faster and better R&R programs for staff.
Recognize’s most recent study on burnout among healthcare workers has received high praise from healthcare professionals. They concurred with the findings that 91% of those surveyed had experienced burnout at some point in their careers. Furthermore, 50% stated they were experiencing burnout in this very moment. With a national nurse shortage in the US and an employee turnover rate over double the national average, healthcare organizations need multifaceted solutions to the burnout epidemic. Luckily, the research found that recognizing nurses regularly for their contributions, offering them rewards like paid time off, and encouraging physical and mental wellness reduces burnout among healthcare workers. Consistent with past surveys, medical professionals crave paid time off and cash as rewards. The Recognize team hopes this research raises awareness of burnout within the healthcare profession.
Solution Provider Summary
-Recognize seeks objective data to optimize employee recognition and reward programs.
-In 2018 and 2019, Recognize conducted multiple research studies around nurse burnout, employee recognition trends, employee rewards, work anniversary programs, and end of year holiday celebrations and bonuses.
-Recognize found paid time off and cash bonuses are the most desired rewards.
-Recognize found merchandise, experiences, and charity are the least sought after rewards.
-Recognize found that employee recognition and rewards could help to reduce burnout in the healthcare industry.
-75% of employees say bonuses affect retention, and 75% of US-based employees and managers look forward to attending their company’s annual holiday party