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Tight Budgets Now? Plan Recognition For The Future

April 7, 2010

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With a tighter economy, more companies are having to cut different parts of their budget and really tighten up on their expenses.

This is not news.

Along with marketing budgets, another area that takes a hit with many organizations are employee recognition programs. After all, in the eyes of many managers, these programs aren’t near as vital to the company’s bottom line. When you have to trim the fat every which way you can, something’s gotta give. What happens when the economy recovers, as it has begun to do now?

Will your recognition plans for tomorrow keep the employees you have today?

According to many studies (and many of our previous posts) employee engagement is even more vital to your workforce in a recession. The more you focus on employee engagement, the more motivated your employees are and the higher productivity levels you will experience. That higher productivity will help an organization better weather the current economic storm. What if you don’t have the budget to implement employee recognition programs now?

Make plans for later.

The economy will improve and the job market will tighten up. How will you be able to retain your talent when that day comes? Generating ideas for a recognition program now will help that program better succeed tomorrow in the improved market. In an Incentive Magazine article in July of 2009, Peter Hart had this to say:

“Forward-looking companies are using this time to review their recognition strategies and policies. They might not haev the money to implement their ideas today but they are laying the groundwork for the day when their budgets do loosen up.”

How are you planning for tomorrow?

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