Confero Winter 2015: Issue 9 | Page 27

A Focus on Non-Monetar y Benefits established communication plan is also essential for the use of the wellness program; it is a waste of resources if no one knows about it. Finally, wellness programs can foster a sense of community within your workforce. Non-financial incentives can make an employee feel like a valued player and companies can embrace these incentives to retain their top talent and affirm vital relationships with employees.” Non-financial incentives: Recognition Programs Globoforce Limited recently did a study on recognition programs and their effect on the workplace. Employees want recognition: 81 percent of participants said recognition made them more satisfied with their work. Recognition programs are typically inexpensive—or free—to the employer; making it a win-win situation for both parties. Despite this, 41 percent of respondents said they had not been recognized in six months or longer. This is a huge opportunity for companies to improve performance metrics, lower their attrition rate, and hopefully attract new prospective employees. Globoforce’s study demonstrates the positive impact of recognition to employees. 76 percent of consistently recognized employees love their jobs, compared to 37 percent of those who were not recognized within the last six months. Appreciation has been proven to drive performance and improve worker happiness. 78 percent of workers indicated they would work harder if their efforts were better recognized and appreciated. One could call it the “warm and fuzzy” effect. Employee turnover, and their associated costs, can be reduced significantly through Recognition programs. Employees who don’t feel appreciated are 40 percent more likely to look for a different job. As Globoforce’s study states: “Employee engagement is linked again and again in studies to motivation, productivity, and increased earnings and profits for companies.” Non-Financial Incentives: Career Development Employee training and developme