For many executives, it is tempting to view employee recognition software as a cost without seeing the full benefit of the investment. Appreciation and employee engagement are mistakenly seen as soft benefits – making it all too easy to avoid investing in an employee experience enhancement program that, at first glance, looks more like a bonus than mission-critical functionality.
Yet this is very short-sighted. Our experience with more than 400 companies and millions of users worldwide points to the true value of such a program. Last summer, a third-party research firm delivered an ROI Report after surveying Kazoo customers. It showed that the average payback for implementing Kazoo’s Employee Experience platform was a short 5 months.
Employee Recognition Software serves as an amplifier for the success of all your other programs. So whether you are trying to help employees meet a sales goal, reduce turnover, increase participation in a wellness program, or just make employees feel more appreciated — Kazoo’s software has demonstrated that it can provide value.
Here are five immediate ways that Kazoo customers gain business results from investing in employee recognition software.
Employee Recognition Software Improves Productivity
Promethean World is an education technology company with offices that span the globe. They had an internal recognition program that wasn’t resonating with employees, yet still took an exorbitant amount of administration time to process all of the manual recognition. Plus, they had to calculate tax implications and manage any needed currency conversions manually for each piece of recognition.
By moving their recognition programs onto the Kazoo Employee Experience platform, they automated their processes. Not only were they able to grow participation in the platform, they also reduced administration time by one week per month. At an average HR specialist salary – that’s a savings of approximately $10,000 per year.
Our ROI study showed that the Kazoo platform saves administrators and people managers an average of 5 hours per month – which adds up to substantial salary savings.
Employee Recognition Software Cuts Turnover Cost.
Many Kazoo customers see turnover decrease once they implement the Kazoo platform. Why? Often it’s because of culture. Employees who feel recognized are more likely to stay in their jobs. There is quite a bit of research data to support this finding, and we also have real-world examples.
One transportation company used Kazoo to give retention bonuses and incentivize cost-saving behavior and saved more than $700,000 in the first year. Arrowhead Credit Union saw their quit rate – which measures the number of employees who leave to take a similar position elsewhere – cut in half after introducing Kazoo.
Employee Recognition Software Speeds Compliance Training Participation
Compliance training is a necessary investment for many companies – and it often takes an even larger investment to get employees to complete it.
Employee recognition software that includes incentive features can dramatically boost participation in training programs. Our ROI Study showed that Kazoo customers have seen an average of a 50% improvement in corporate program participation.
Trintech, a financial services software company, saw 60 – 70% of their employees complete compliance training in the first month after creating an incentive on the Kazoo platform — compared to 20% previously. This is three months faster than the industry standard.
Employee Recognition Software Boosts Wellness Program Participation
Often, health insurance providers offer discounts to organizations that have high participation in employee wellness programs. Creating programs may be easy – but getting employees to participate is often difficult.
BazaarVoice used the Kazoo platform to boost participation in their wellness program. With a small incentive, the number of employees who took a health risk assessment shot up 9X. In addition, they’re able to track gym membership usage and other exercise by creating a small incentive that employees can redeem when they work out.
Employee Recognition Software Lowers Recruitment Costs
Harvard Business Review claims that having a reputation for a bad company culture costs at least 10% more for each hire.
Employee Recognition Software combats this trend. Kazoo customers are recognized for their cultures through industry awards like Best Places to Work, Best Culture, or Employee Choice. We’ve also seen customers boost Glassdoor scores and reduce recruitment costs.
One example is Emmaus Homes, an in-home care provider. Their Glassdoor ratings jumped from 70% to 91% after introducing Kazoo. They also began getting more resumes by running an “I heart my job” social media campaign that they fueled with employee stories gathered through the Kazoo Behavior Bonus incentive.
Using an employee recognition software platform has enormous financial benefit. Request a demo to see how Kazoo’s Employee Experience Platform can help meet your critical business needs.
Kazoo amplifies company culture through its award-winning employee experience platform that delivers engagement, retention, performance management, and improved business metrics. As a dominant force in the HCM market with an industry-leading retention rate, Kazoo partners with more than 400 global organizations to build high-performance cultures and engaged workforces. Founded in 2013, Kazoo continues to revolutionize the employee experience with its platform based on the science of motivation, rewards, and recognition. To request a demo, visit info.kazoohr.com/demo-request