How To Get Your CEO To Take Reward And Recognition Seriously

Reward and recognition programs have become essential in today’s business landscape, offering numerous benefits such as improving morale, reinforcing positive behaviour, and boosting employee motivation. Despite these benefits, CEOs and top management may have concerns regarding the cost, timeframe, and ROI. However, with proper planning and a compelling business case supported by data, HR professionals and managers can address these concerns and convince senior leaders to invest in reward and recognition programs. 

Showcase the benefits of Reward and Recognition Programs 

It’s important that you can showcase the fantastic benefits of reward and recognition programs. In general, reward and recognition programs are essential for employee motivation and engagement for several reasons: 

• Reinforcement of positive behaviour: Reward and recognition programs are brilliant ways to acknowledge employee effort. They celebrate achievements and encourage positive behaviour and performance. This kind of acknowledgement can motivate employees to keep up the good work and continue to perform at a high level. 
• Increased job satisfaction: When employees feel like their boss actually cares about them and appreciates their hard work, they're way more likely to be happy with their job. This can lead to them being more invested in their work and less likely to quit, which is a win-win for everyone. 
• Improved morale: When employers recognise and reward employees, it can bring a feeling of empowerment to the individual or team and create a more positive work environment. This can lead to better teamwork and more collaboration among employees, which is awesome for the whole team. 
• Sense of belonging: When employees feel like they're a valued part of the team, they're more likely to feel like they belong in the organisation. This can make them happier with their job and career progression and more motivated to do well. 
• Sense of purpose: When bosses reward and recognise employees, it helps them understand how their work fits into the big picture of the organisation. This can give employees a sense of purpose and fulfilment, knowing that they're contributing to something bigger than themselves. 

Always back these up with relevant stats and research findings from credible sources that support the positive impact reward and recognition has on employee satisfaction, productivity, and retention. Some credible sources are: 

• Gallup: Gallup is a well-known research organisation that conducts extensive studies on employee engagement and motivation. Their research has shown that recognition and praise from managers is one of the top factors that contribute to employee engagement. 
• WorldatWork: WorldatWork is a non-profit professional association that focuses on human resources, rewards, and employee engagement. They offer research, surveys, and resources on employee recognition and rewards. 
• Society for Human Resource Management (SHRM): SHRM is a leading professional association for HR professionals. They conduct research and provide resources on employee recognition and rewards, including their annual Employee Benefits Survey, which includes data on employee recognition programs. 
• Harvard Business Review: Harvard Business Review is a respected publication that features articles and research on various business topics, including employee motivation and recognition. Their research has shown that recognition is a critical driver of employee motivation and engagement. 
• Bersin by Deloitte: Bersin by Deloitte is a research-based membership organisation that offers resources and insights on HR, talent management, and leadership development. They offer research and insights on employee recognition and engagement, including their High-Impact Talent Management research series. 

If you use legit sources to back up your business use-case, it can make your reasoning even stronger. Plus, it shows that you're not just making stuff up - you've got the receipts to prove it! 

Sharing stories about companies that have put in place awesome reward and recognition programs can be super convincing. A couple of well-known ones are: 

• Cisco: Cisco, a global technology company, implemented a peer-to-peer recognition program called Connected Recognition. Visible to the entire organisation, the program allows employees to recognise their peers for their contributions. Since implementing the program, employee engagement scores have increased by 6%. 
• Salesforce: Salesforce, a global software company, implemented a recognition program called "Success Anywhere." The program allows managers to recognise employees for their contributions, and they can earn points that can be redeemed for rewards such as gift cards and company swag. Since implementing the program, Salesforce has seen a 31% increase in employee engagement. 

As an event agency specialising in incentive travel and reward and recognition, we also have our own success stories that you can share with your boss. Click here to have a read. 

Address CEO concerns 

When you bring up the idea of a reward and recognition program to your boss, they might have some questions or concerns. That's totally normal! Here are some common ones we've heard, and some answers you can use to convince them that this is a good idea: 

Cost: Implementing a reward and recognition program can be costly, and some CEOs may view it as an unnecessary expense. 

Solution: It's true that putting in place a reward and recognition program can be pricey. But trust us, the benefits will be totally worth it! Companies that have kickass reward and recognition programs have happier employees, lower turnover rates, and increased productivity. Plus, not investing in this stuff can cost you more in the long run, because unhappy and uninvolved employees can hurt your company's bottom line. Recruitment and training will cost more than a successful rewards programme. 

Lack of understanding: Some CEOs may not fully understand the benefits of reward and recognition programs, or they may not believe that they are effective in driving employee engagement. 

Solution: Sometimes CEOs just don't get how awesome reward and recognition programs can be. So, HR folks and managers need to come prepared with some data and success stories to show them the good stuff. They can share facts and figures about how these programs boost employee engagement, keep people around longer, and make everyone work better. It's also important to keep the boss up to date on the latest research and trends in this area. The more they know, the more likely they are to see the value in it all. 

Time: Implementing a reward and recognition program can take time, and some CEOs may not want to invest the time required to develop and implement a program. 

Solution: Setting up a reward and recognition program can be a bit of a process, but it's worth it in the long run. Those in HR can make things easier by creating a solid plan for getting things up and running, and maybe even bringing in some outside help to make things smoother. We’ve heard the guys here at Penguins Events are fantastic. It might take a bit of time to get everything sorted, but once the program is in place, the benefits will last a lot longer. 

Resistance to change: Some CEOs may be resistant to change, and they may prefer to stick with traditional methods of managing and motivating employees. 

Solution: Sometimes CEOs may not be open to trying new things, but HR professionals and managers can make a convincing argument for the positive impacts of reward and recognition programs. Sharing stories of other companies who have successfully implemented these programs can help make the case. It may take some time and effort to get everyone on board, but the potential benefits are well worth it. 

Limited resources: Some companies may have limited resources to invest in a reward and recognition program, and CEOs may need to prioritise other initiatives over employee recognition. 

Solution: Even if a company has limited resources, there are still many cost-effective solutions for implementing a reward and recognition program. For example, peer-to-peer recognition programs can be an effective way to boost employee engagement without breaking the bank. HR professionals and managers can research low-cost options and present them to senior leadership as part of a comprehensive business case for implementing a program. 

Lack of metrics: Some CEOs may not believe that it is possible to measure the impact of a reward and recognition program, and they may be hesitant to invest in something that they cannot see a clear return on investment for. 

Solution: While measuring the impact of a reward and recognition program can be challenging, there are many tools and techniques available for tracking employee engagement, retention, and productivity. You can work to develop a measurement strategy that aligns with the goals of the reward and recognition program and provides senior leadership with the data they need to see a clear return on investment. 

Conclusion: 

To summarise, reward and recognition programs can really help to motivate and retain employees, leading to greater productivity, a positive company culture, and happier employees. However, some CEOs may have doubts about the costs, employee attitudes, and concrete benefits of such programs. By presenting a clear argument and sharing data that proves the value of these programs, HR professionals and managers can help their senior leaders see the potential ROI. To maintain the success of reward and recognition programs, it's important to regularly measure and adjust the program as needed. Overall, implementing these programs is a wise investment that can lead to better employee satisfaction, talent retention, and business success in the long run.