Culture is the soul of your organization. According to Gallup, “Up to 84% of the value of an S&P 500 company rests in the talents, skills, knowledge, work ethic, and even the health of employees.” But as people remain stressed in the face of economic uncertainty, how do you foster a strong company culture that reinforces values and inspires engagement?
Tom McMullen, senior client partner and total rewards expertise leader at Korn Ferry (a Workhuman® customer), says reward and recognition is one of the most important cultural reinforcement tools. Without it, “the organization and its employees are likely to have a skeptical view of the relevance and urgency” of change management initiatives, such as innovation, agility, and inclusion. Further, when employees strongly agree that recognition is an important part of their organization’s culture, they are 3.8x as likely to strongly agree they feel connected to that culture.
That makes recognition the rock-solid foundation of a winning company culture – and good financial sense, too.
Here are some tools and insights you can use to make informed, data-driven decisions about the business rationale for a strategic investment in recognition as a flexible and potent tool to shape and reinforce workplace culture, including real customer stories and a sample formula for building the business case.
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