Workhuman introduced the Workhuman ROI Guarantee, which will refund the transaction fees collected if a customer does not achieve a “significant” increase in employee engagement or improvement in employee retention.
“[W]e’ve developed battle-tested best practices that give us absolute confidence we can guarantee results,” said Workhuman President Tom Libretto. “We’re putting our money where our mouth is and risking our fees because we know that Workhuman Social Recognition programs deliver results, and we have the unique ability to measure and prove it.”
Workhuman is just one vendor preaching about the financial impact of employee-recognition programs. The company says with a successful program, a company with 10,000 people can save up to $16 million in turnover costs, $4 million in unscheduled absences and $3 million in avoidable injuries.
To determine whether a social recognition program has achieved its goal, Workhuman’s analytics team will measure pre-defined ROI metrics related to employee engagement and retention.
A Chance to Stand Out
The guarantee offers Workhuman the chance to stand out in a market that’s continuing to be competitive and becoming more sophisticated. Last month, Oracle launched Oracle Celebrate, a native-built recognition and rewards product that helps HR provide employees with a more personalized experience. Celebrate also helps align recognition programs and organizational values, embed peer-to-peer recognition into daily workflows and connect data across the entire employee experience platform.
In May, Abundantly released an AI-enabled content creation tool called Amplify, which generates content that can be used for personalized employee recognition. Abundantly said the product uses AI to analyze a message’s underlying sentiment and emotion, then harnesses that analysis to generate a new version that emphasizes the employer’s intended meaning.
The global employee recognition system market is projected to reach $34.1 billion by 2030, according to Acumen Research and Consulting. That’s up from the $11.1 billion in 2021, and represents a CAGR of 13.4%.
According to Deloitte, recognition programs improve employee engagement, which in turn improves job performance. Deloitte’s also found that employee engagement, productivity and performance are 14% higher in companies that maintain recognition programs.
Image: iStock
