Financial Institution Proves The Power of Recognition
We helped a major financial institution use ROI modeling to measure the impact of their employee recognition program.
Our experts took a two-step approach to solve for the financial institution’s business challenges. We combined data, behavioral science and industry insights to design and deliver an improved recognition program and then used ROI modeling to measure its financial impact.
To create a unified culture of appreciation, we applied program elements designed to inspire the types of behavior that uphold the organization’s values. We addressed prior inconsistencies, introducing nomination-based and manager discretionary programs and eCards to align all employees to the company’s vision. By incorporating social sharing into their strategy, we increased visibility and transparency to drive program participation. These enhancements reportedly improved their employees’ experience, but we needed to prove it – in numbers.
Our experts created a regression model using recognition, employee and customer satisfaction data to calculate the program’s impact on profitability and revenue. We analyzed the company’s turnover rates to show a relationship between recognition and retention.