EMPLOYEE RECOGNITION SOARS CONSUMER CONFIDENCE FALLS
While the Dow Jones Industrial Average and the Consumer Confidence Index have been on a dramatic downward spiral the past few months, an interesting counter-trend has been taking place inside many FORTUNE 500 companies with employee recognition and peer-to-peer awards skyrocketing through the roof.
According to Globoforce’s Employee Recognition Index (a measurement of the number of employee awards given at leading FORTUNE 500 companies), employee recognition has been on a steady upward climb that began in the Sept. 7 timeframe – when the government seized Fannie Mae and Freddie Mac – and has continued through the most recent automotive industry collapse and Citigroup crisis that took place the week of Nov. 17.
In fact, during the week of Nov. 17, while panic was spreading and economic indicators were plummeting, there were record levels of peer-to-peer employee awards issued in FORTUNE 500 companies. These companies currently operate global strategic employee recognition programs built and powered by Globoforce and are collectively used by nearly 500,000 employees. It was the highest week ever for peer-to-peer recognition this year.
The reason? According to recognition strategist and Globoforce CEO, Eric Mosley: “While no one can control this highly volatile global economy, many found a way to reach out and support their fellow co-workers within their own smaller worlds. Caring and concerned people turned to their company’s peer-to-peer recognition program as a way to make a connection and appreciate someone around them for their efforts. It’s an example of human nature at its best – recognizing and rewarding the good in others and creating powerful and personally meaningful thank-you moments while the world around them seems to be caving in. In fact, it’s a pattern we’ve seen before: during times of crises and uncertainty, recognition, appreciation and support for friends and colleagues increases dramatically and unlocks something inside us that wants to give and be thankful for each other.”
The Globoforce Employee Recognition Index (ERI) is a measurement of the number of employee awards given at four FORTUNE 500 companies in the industrial, technology, pharmaceutical and consumer goods industries that use Globoforce’s on-demand global strategic employee recognition platform to recognise and reward employees worldwide with thank yous and gift cards for a job well done. The ERI tracks program usage of nearly 500,000 collective employees from those organizations that have access to the system. The Globoforce ERI is primarily used to measure behavioural patterns among employee programme use. Inclusion of companies in the ERI is based on the maturity, longevity and ongoing use of Globoforce’s employee recognition platform.
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