Globoforce survey reveals 92 percent of companies plan to maintain or increase recognition spending in 2010; Offers seven tips for how to re-ignite a workforce.
Southborough, Mass. and Dublin, Ireland (Vocus/PRWEB ) June 3, 2010 -- The economic downturn in 2008 and 2009 forced many businesses to adjust their human capital strategies and budgets. While this resulted in many companies pulling back or eliminating monetary recognition programs, it also demonstrated their importance. In fact, according to a recent study by Globoforce®, the leading worldwide provider of global, strategic, employee recognition solutions, 92 percent of business and HR leaders plan to maintain or increase recognition spending in 2010.
Today, in the midst of an economic recovery, businesses are faced with what to do next to re-ignite and re-engage their workforce. However, like many strategic HR programs, recognition budgets were impacted by the economy. According to the Globoforce study, “Restarting Recognition during the Recovery," 46 percent of survey respondents said they had cut recognition budgets during the economic downturn while just 12 percent increased spending on recognition. The impact of the budget cuts were evident, as 42 percent of organizations that had cut spending during downturn plan to increase recognition spending in 2010. Additionally, companies who had increased their employee recognition budget expressed they will continue the investment in 2010.
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