Career Money Life is excited to announce that we’ve been awarded HRD (Human Resource Director)’s prestigious silver medal in their annual service provider awards.
The medal, which was awarded to us in the ‘Rewards and Recognition’ category, recognises our pioneering work in delivering employees everywhere with unique, personalised and fulfilling career experiences through our all-in-one employee career management platform.
We’re particularly proud to have won this award, given that rewards and recognition are increasingly being seen as more important than ever in the workplace and are essential to attracting and retaining talent.
Despite this, 49% of employers have no formal rewards and recognition (R&R) program in place. The consequences of not having such a program can be far reaching, and include, but are not limited to, poor employee engagement, high absenteeism, low staff retention and overalllower productivity and profitability.
Our founder, Sandy Hutchison, says that she believes that many companies don’t adopt rewards and recognition programs because they’re not sure they’ll get adequate return on their investment:
‘In my experience, many companies (especially small-to-medium sized ones) don’t introduce R&R programs because they simply think they’re too expensive and they’re unclear on the link between the money they spend and what they get as a result.’
‘But the link in crystal clear. What if I told you that for every dollar you spent on an R&R program, you get back $2 in productivity (or more?). If you invest in a good program, that’s the type of return you’re looking at.’
Yet despite the clear gains, Sandy says that not all R&R programs are created equal:
‘R&R can be a huge game-changer for your business, but only if done correctly. What we’ve found [through our research] is that your people don’t want just any rewards, they want specific recognition and rewards that is linked to their individual intrinsic and extrinsic motivations.’
Sandy believes that the ‘individual’ part of rewards and recognition is key; so much so that she thinks this is one of the key reasons that Career Money Life was awarded a Silver Medal this year:
‘Previously, companies had to design a “one-size-fit-all” rewards and recognition program, and of course that was expensive and ineffective – no two employees are the same, so why would their motivations (and rewards?) be the same?’
‘With Career Money Life, we’re excited to be able to offer employees complete choice over what rewards and recognition best suit them.’
‘[After you join CML] all your people need to do is login and choose which rewards make them the happiestbased on a budget you’ve preselected. And then our platform enables you to report on what they’ve selected and easily manage supplier invoices, so everyone wins.’
And the judges for the award certainly echoed Sandy’s sentiment, saying that:
‘Making access to the platform easy and free and the individual’s ability to top up their account makes [Career Money Life] a compelling, practical offering…that rewards people beyond just monetary recognition.’
Career Money Life enables companies of all sizes to manage their employee career needs all in one platform, creating unique, personalised and fulfilling career experiences for everyone. Book a demo here today.