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Employee recognition scheme pays dividends

Feb 19, 2015 Finance

This leading financial services provider needed to empower their 5,000 employees to recognise all their good work

Situation

As a leader in providing financial services, this company was an expert in working with institutional investors. When it came to employee satisfaction however, they needed the expertise of BI WORLDWIDE to help put in place ways for employees to congratulate and recognise each other for the great work they accomplished.

Challenge

Develop processes for managers and employees to recognise each other to increase employee satisfaction.

Solution

BI WORLDWIDE devised a recognition initiative that empowers all 5,000 employees to recognise each other. At the same time, the initiative helps highlight the key qualities that are in-step with the company’s goals and objectives, such as providing outstanding work, promoting teamwork and supporting business transformation.

Each month, nominators and receivers of recognition are entered into a draw for awards, with the ability for managers to also award employees for exemplifying the qualities that make the company standout.

Results

In the first year, managers gave out 8,750 awards to their people, with employees sending 1,001 peer-to-peer recognitions.

In the second year, manager interaction increased by 54%, giving out 13,650 awards.

Peer-to-peer acknowledgement was also inspiring, with the sending of 1,430 recognitions, a 43% growth over the first year.

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