Motivate and Retain Top Talent with Spot Awards
SuccessFactors Q2 2016 Release
By Nicole Saunders, Senior Product Marketing Manager, SAP SuccessFactors
Organizations today are faced with many challenges when it comes to attracting and retaining key talent. In an economy where high-potential employees with critical skills are scarce, competition for talent is fierce. According to a recent study, 66% of organizations have problems attracting skilled talent and 41% of organizations have problems retaining these employees.
With global competition for talent increasing and budgets shrinking, organizations are struggling to provide meaningful merit increases to attract and retain high-performing, high potential and critical skill talent. Research about employee retention has shown that a high-recognition culture can be just as important as above average compensation. To be driven to perform at their best, employees need to feel valued and appreciated. Research has shown that companies with a strong culture of appreciation and recognition have a 31% lower turnover rate than those that don’t.
Organizations are realizing that they need to equip managers with tools to immediately acknowledge and recognize employees for outstanding contributions and performance. High-performing organizations are using their money in strategic ways to better engage and motivate talent. They are using spot awards programs to recognize employees for outstanding contributions and performance when other forms of cash compensation are limited.
Spot award programs are gaining in popularity, according to a recent WorldatWork survey, spot awards are used in 60% of organizations today.
Motivate Your Workforce with Spot Award Programs
At SAP SuccessFactors, we are committed to helping our customers acknowledge and appreciate their great employees. In support of this strategy, we’re excited to announce that compensation professionals can now set up reward and recognition programs within SAP SuccessFactors Compensation solution.
With the Q2 2016 release, managers can recognize and reward the outstanding performance and contributions of their employees with monetary spot awards. And, compensation admins can allocate budget, create award categories, and levels, and define guidelines and eligibility requirements for these programs.
SAP SuccessFactors Intelligent Services provides a vehicle for consuming the spot award event in real-time and for building an integration to an external HR System or company intranet. Additionally, Employee Central customers can automatically publish spot awards upon approval and process them via payroll.
Image 1: Nominate and approve spot awards on mobile devices.
The new spot awards capability allows you to:
- Define award categories aligned with behaviors that you want to encourage across the organization.
- Specify different award levels in accordance with the level of effort of contribution.
- Define guidelines in different currencies based on combination of country, category and level.
- Award nomination and approval processes can be done from either a desktop or mobile device.
- View of the overall budget and its utilization across the program.
Image 2: Spot awards program homepage on desktop.
Boost employee productivity and show your employees you value their contributions with spot awards!
To learn more about spot awards and all the other great features in the Q2 2016 release, check out the Q2 2016 Release Highlights blog and watch the release highlights video.
For more detailed information, please visit the SAP SuccessFactors Customer Community. (Login required)