In lean economic times, organizations are seeking cost effective strategies to continue to grow. More organizations are adopting employee recognition programs that foster employee engagement to encourage innovation and creativity that will add value and lead to growth.

The global recession led many organizations to downsize their workforces. An era of cost cutting has left many organizations rebuilding their workforces and focusing on ways to re-energize and engage those employees that endured the hard times which in many cases meant taking on more duties as companies adjusted their labor pool. Top CEO's around the world have indicated that in the coming year they will be placing more emphasis on employee retention and improving employee engagement in the workplace.

Organizations who have downsized have consistently asked their employees to do more with less. These employees develop broader knowledge of the organization and have greater potential to innovate and create growth. Ensuring that these key contributors are engaged is vital to an organizations rate of employee retention. Providers of employee recognition programs who help organizations to adopt strategic use of effective employee recognition programs enable their clients to energize their employees which ignites economic growth.

Employee recognition programs providers have become increasingly in demand because they enable organizations to develop employee recognition programs that consider employee engagement best practices leading to increased employee engagement and employee retention.

It is time to break out the old "Employee Suggestion Box" which today is an integral part of every on-line recognition application.

In a recovering economy, competition for customers and human capital can be fierce while highly educated, younger workers seek more than money when considering employment. Compensation, benefits, recognition and rewards are all important to support the lifestyle and work preferences that today's employees demand. Furthermore, organizations that reward employees based on defined goals will create a "recognition culture" that will help to attract new employees while improving their organizations competitive advantage.

Our own company has an extensive "employee recognition" program that includes generous point referral bonuses, a monthly innovation award as well as a "Looking Beyond" award that encourages employees to think outside the box by making suggestions that will either save money, drive new business or help retain our core clients.

What we also see is that a compelling employee recognition system helps to create a true "Buzz" about your organization while truly does help to attract the very best human capital and executing your recognition program well will definitely keep them highly engaged.

Adopting an employee recognition program that rewards employees for innovation consistently and equitably is one of the most effective "employee engagement best practices". Employee recognition programs providers who offer a "software as a service" ("SaaS") based on-demand, web-based solution are more competitive in today's marketplace because they enable organizations to easily take advantage of employee engagement best practices applied by leading organizations cost effectively. On-demand web-based applications that facilitate employee recognition programs are scalable and capable of growing with an organization's changing needs. Web-based recognition systems can be readily available so that organizations benefit without complicated, costly customization and the low cost of ownership that these systems provide. Employee recognition program providers who don't yet offer this technology stand to reap great benefit from partnering with a technology partner so they can offer the level of technology that today's organizations require.

In changing economic times, organizations can continue to experience growth, even with a reduced workforce, cost effectively. By optimizing the investment in human capital through employee recognition programs that support employee engagement and retention, a culture of innovation that connects employees to the organization's goals will increase profitability. An on-demand, web-based employee recognition system provides access to employee engagement best practices to maximize the impact of rewards to support economic growth.