Do you experience challenges with reward and recognition for your employees?
Does employee reward still resemble marketing – where instinctively, we all know we have to spend money on it, but none of us quite knows which bit of the spend actually works?
If you’re answering yes to this, then you are certainly not alone. Research by Sodexo finds 87% of HR managers experience challenges with reward and recognition, with confusion over how hard rewards work being top amongst their concerns.
But help is at hand. If you want to understand how to make your employee reward open new levels of engagement and productivity gains, our ‘Unlocking the Power of Employee Reward’ session at this year’s Reward Live could be just what you’re looking for.
Jamie Mackenzie, director, Sodexo Benefits and Rewards Services will guide you through the salient questions all his clients typically want to know – from having a better understanding what the right mix of perks is; whether adding more (or even taking some away) has any engagement/retention/attraction impact; what perks might impact the behavioural changes you want to create (and whether this is achievable), or whether particular perks have more impact than others.
It’s often said that better communication of the rewards you have on offer is the real secret to unlocking the potential of your reward – this certainly explains the huge growth in total reward statements: documents which actually spell this out to staff. So Mackenzie will also steer delegates through this too. Given more than half of employees routinely underestimate the value of their total compensation (salary plus benefits) – failure to communicate reward effectively could be a major source of unnecessary disengagement – but one that can be solved relatively easily.
What Mackenzie will certainly reveal is that in most companies there is some level of disconnect between employers, employees and their benefits. (According to ADP, 40% of employees don’t understand the benefits they have, while a study by Corporate Synergies shows 84% of HRDs say they don’t know how their spend on benefits related back to staff behaviours). This is not to say you’re doing things wrong, but perhaps you could be doing things better.
The good news is that Mackenzie will argue is this doesn’t have to be so, and that by simply being more aware of how benefits influence different people (and different age groups), you can truly unlock their potential. Don’t miss this important session, which will also schedule time to answer you own, specific questions too.
When: 13th May
Where: Reward Live, Edgbaston, Birmingham
What time: 12.10pm
For the rest of the two-day Reward Live conference programme, CLICK HERE