EY has awarded its employees $1m through its global recognition programme, which connects its corporate values with the celebration of its workforce’s efforts and achievements.
Its global employee recognition programme, Better Begins With You, recognises employees who have found innovative and impactful ways of fulfilling the organisation’s aim of building a better working world.
More than 75 finalists in the programme attended an Olympic-themed reward day in December 2015, which involved Olympic gold medallists Sir Chris Hoy and Denise Lewis. Five overall winners were selected across four categories, receiving $1m between them to further develop the projects they were recognised for.
Nancy Altobello, global vice-chair, talent at EY, said: “In today’s competitive global landscape, being a purpose-led organisation has never been more important in achieving business goals and delivering the best service for clients.
“At EY, we believe that our staff are at the core of achieving our purpose of building a better working world. That means actively engaging people in our purpose, demonstrating what we mean by it and recognising that employees’ exceptional and innovative achievements in bringing this purpose to life are essential to driving the success of the organisation.”
Linking staff recognition with business aims is a tangible way of motivating staff, as well as developing as an organisation. It is a strategy that some employers are utilising to engage their employees, customers and the public, as they build a brand that embodies the values they represent.
Martha How, reward partner at Aon Employee Benefits, said: “EY’s programme is a great example of recognition, rather than reward. It is business enhancing and so ticks a lot of boxes in my book.
“What could be really unique would be if there was also some [personal] tangible reward for the winners [of such programmes], perhaps linked to business metrics. For example, if a winner grew their profit or margin by X% through the great application of the investment fund that won, they receive X% cash or bonus,” added How. “That, to my mind, could be unique and could deliver something that has eluded many HR professionals; a recognition programme that delivers real, financially measurable results for the organisation and its staff.”