What are the potential impacts of poor rewards programs on compan

Poor rewards programs can have a significant negative impact on company loyalty. They can lead to decreased employee satisfaction and engagement, which in turn can result in lower productivity and higher turnover rates. Employees may feel undervalued and unappreciated, which can damage their commitment to the company and their motivation to perform at their best. This can also affect the company's ability to attract and retain top talent, as prospective employees may be deterred by the lack of competitive rewards and existing employees may be tempted to leave for companies with better rewards programs.

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Deloitte research indicates that the overwhelming majority of companies – 91% of those surveyed – still follow the conventional practice of conducting salary reviews only once a year or less. Even worse, organizations rate their rewards programs with a Net Promoter Score of -15 and only 21% say they would recommend their program to others. Business and HR leaders are aware of the problem, but only 6% of respondents to a Deloitte survey indicate their organizations are good at attracting talent, and only 8% say they are good at retaining it.

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Team Rewards & Recognition

How can you make your team feel valued and stay motivated? Wrap up the year on a high note and recognize and reward the high achievers on your team. U...

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