When it comes to recognizing excellent performance, one might instantly think about financial rewards. After all, it's the most common method to appreciate employees' dedication and hard work.

However, the significance of monetary rewards often tends to fade quickly. Research indicates that financial bonuses for star performers only truly resonate about 50% of the time.

In today's workplace, employees are seeking more tailored, non-monetary rewards from their employers. The era when cash bonuses were the sole way to keep and motivate employees is fading into the past.

According to a study by the Incentive Research Federation for the Incentive Marketing Association, 65% of employees prefer non-monetary incentives instead of monetary rewards.

Non-monetary compensation acts as an intrinsic motivator that helps retain employees in the long run. Non-monetary incentives leave a more emotional impression on employees, and they feel more recognized and engaged.

Staff recognition by the numbers:

Understanding Non-monetary Recognition: Simplicity is Key

As put by Christopher Littlefield, an international and TEDx speaker specialized in employee appreciation and the founder of Beyond Thank You, many exemplary managers wish to recognize their team's efforts. However, the hurdle - exacerbated in the hybrid work environment - lies in pinpointing significant elements for such recognition.

Typically, our praise is constrained by what we can observe, learn from others, or witness firsthand. Consequently, our recognition primarily hinges on aspects we value, which may not necessarily align with what others seek acknowledgment for.

Numerous employees desire recognition for unseen efforts – the extensive hours, handling challenging customer interactions, resolving intricate technical problems, meeting tight deadlines, and balancing all these with personal lives outside work.

Adopting Progressive Techniques for Non-monetary Recognition

Given these obstacles, it becomes crucial for managers to infuse fresh tactics into their leadership strategy. One such method could be an inquiry-based approach, inviting employees to contemplate and express their achievements and their reasons for pride.

Furthermore, it's vital to make recognition programs stimulating and appealing for the team. When inventive techniques are employed consistently to craft an effective recognition model, it significantly aids in maintaining engagement levels of all employees, especially Gen-Z and Millennials. This, in turn, encourages enthusiastic participation towards personal and organizational objectives.

Concentrix Way of Recognition -Beyond Financial Reward

Relentless focus on new ways to create value for our employees and thereby our customers and the organization is always at the core of our People strategy. Certain organization level recognition initiatives continue to be our pillars of strength. At the same time, there are customized initiatives at regional, zonal as well as unit & function levels. Here is a glimpse:

1. Annual President’s Club– The highest honor for an employee working with Concentrix. This award recognizes employees who demonstrate and live our values, guide our business philosophy, and enhance customer experience for both our clients and their customers. This is a peer nominated recognition program, with a business case and the final nominations are selected by a jury comprising the senior leadership team.

2. Monthly Unsung Heroes– Acknowledging our frontline champions, the intent of Unsung Heroes is to recognize staff who demonstrate our Culture and Values in each region each month.

3. iCNXL– Quarterly global innovation award which is over and above the local innovation recognition initiatives across countries. It elevates recognition to a global level, showcasing amazing innovators whose ideas made a real difference for our people and the brands we serve.   

4. Global Campaigns

5. Thank you, Campaign- Campaign encouraging staff to recognize their peers by saying “thank you” in the form of a badge on the organization’s common people solutions platform – Workday, on recognition walls placed in common areas, on our social media channels as well as through Thank You cards.

6. Kindness Counts Campaign- Celebrate random acts of kindness and ask staff to use the new badge on Workday.

7. Concentrix One Kudos & CNX Rewards platform – dedicated space on ouronline and app-based platforms for all employees to appreciate work done by others with a special recognition note. 

8. Long Association Awards – special recognition for employees who complete pre-defined milestones such as 5, 10 & 20 years with the organization.

9. Customer Service Week / Brand Ambassador Day- Purpose is to celebrate, motivate, and recognize staff who go above and beyond to provide our clients the best customer service

10. Customized Recognition - Unit/function specific initiatives 

11. Wellness & DEI Champions– to recognize the contribution from employees who voluntarily work on promoting wellness and DEI at various levels in the organization.

12. L&D Ambassadors– acknowledging & appreciating the efforts of employees who act as the learning & development ambassadors within their respective work units.

13. VOC Exemplifiers– recognition for employees and units that achieve exemplary levels of customer satisfaction.

14. IJP Superstars– to applaud the hard work and efforts of employees who get promoted within the organization.

15. Monthly & Quarterly performance recognition events– customized to zones and units from time to time.

Enhancing the Four Pillars of Organizational Infrastructure

To build a strong organization, leaders must prioritize four key elements: effective strategy execution, talent management, process improvement, and customer management, as outlined in Franklin Covey's model.

At Concentrix, we staunchly advocate that while a sturdy recognition mechanism directly correlates with the Talent Management System, it reverberates effects on the remaining three systems as well. More precisely, the Execution System is enhanced when employees are recognized for their efficient completion of tasks, which in turn encourages them to perform even better in the future.

Recognition can also significantly improve Core Work Processes by acknowledging and reinforcing best practices and behaviors, which ultimately leads to more streamlined and effective operations.

Similarly, when it comes to the Customer Management System, recognizing employees who have provided excellent customer service or who have successfully resolved complex customer issues, instills a greater sense of responsibility and drive towards customer satisfaction.

In sum, meaningful recognition serves as the driving force that maintains the smooth functioning of these interconnected systems over time. It acts as the indispensable fuel that keeps the engine of these interlinked systems operating effectively and efficiently. This ultimately creates a healthier and more productive work environment, leading to an overall more successful organization.