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Case Study: Employee Recognition at a Financial Services Company

Case Study of Employee Recognition at a financial services company, part of one of the largest conglomerates in India. The company leverages the HiFives platform for its recognition program.

Organization Profile

The financial services arm of one of the largest business conglomerates in India.

Workforce Profile

The company has 12,500+ employees in marketing, sales, operations, customer service, and enabling functions, across 50+ locations.

Program Objectives

To drive company values and create a culture of appreciation cutting across functions and teams.

Program Details

How to Build an Effective Business Case for Employee Recognition

The program has a well-defined program consisting of different types of recognition, both monetary and non-monetary.

There are spot recognition as well as quarterly and annual awards. Peers nominate for spot recognition and managers for quarterly and annual awards.

There are also long service awards for specific service milestones.

Platform Access

Employees can access the HiFives platform from Peoplestrong, which is the company’s HRMS platform through a single sign-on (SSO) process, without using separate credentials.

WhatsApp Integration

Employee can also access the platform directly from WhatsApp on their mobile devices. They can nominate their co-workers for spot recognition from WhatsApp itself.

They also receive notifications of various recognitions and awards on WhatsApp.

Program Branding

The HiFives platform has the branding of the program including the logo, theme colors, e-certificates, and all communication on email and other channels.

Quarterly and Annual Awards

Integrate Reward and Recognition with Innovation Efforts

Managers can nominate their team members for various quarterly and annual awards through the platform.

Thereafter, these nomination requests are reviewed and approved first by the respective business heads.

Post the first level of approvals, these nominations go to panels of senior managers.

They evaluate and rate the nominations based on certain predefined parameters depending on the type of awards.

Post the panel evaluation, the nominations are reviewed by the corporate HR team for final decision-making.

They can view the rankings of nominations for each category of award based on the overall ratings given by the panel members.

Based on these rankings, the HR team releases awards to the top-rated employees in each category.

Once the awards are approved and released, employees receive personalized e-certificates over email.

Also, the reward points are credited to employee accounts on the platform.

Team Awards

Enable Social Recognition for Innovators 

Teams including project, functional, and cross-functional teams are also rewarded and recognized through the HiFives platforms.

Managers nominate their teams for quarterly and annual awards.

The respective business heads review these nominations They are further evaluated by panels before the awards are finalized and released to the winning teams.

The entire team gets the communication over email and WhatsApp, along with common e-certificates.

Spot Recognition

Employee Rewards and Recognition

Co-workers can recognize others for demonstrating the core values of the company using value cards.

They can personalize these cards with relevant messages.

These value cards are non-monetary and do not require any approval.

The recipient gets the e-card over email, with a copy to his or her reporting manager.

Long Service Awards

Long Service Award

Employees receive automated notifications with e-certificates for the completion of significant service milestones.

They receive e-certificates over email and WhatsApp.

Even their immediate reporting managers and team members get notified.

Rewards and Recognition Categories at a Financial Services Company

Employee Engagement Events

Importance of Celebrating Personal Milestones of Employees

The HR team conducts various employee engagement activities using the platform on occasions related to wellness and culture.

Employees post pictures and videos of these activities using the HiFives Stories.

Other employees, across the company like and comment on these stories.


Employee Rewards and Recognition

Employees earn reward points from different awards they receive through the platform.

The Leaderboard on the platform shows the top winners, based on reward points across functions and locations.

Social Visibility

Employee Recognition On Social Media - The Great Debate!

All awards, peer recognition, and employee milestones are automatically visible on the Wall of Fame on the HiFives platform where other employees can see and like the posts to congratulate the winners.

Immediate team members of the recipients also receive notifications over WhatsApp.

Redemption of Reward Points

Gift Cards

Also, employees can redeem their reward points for e-gift cards from leading brands.

Employees can choose from a catalog of e-gift cards of hundreds of reputed brands. They receive these e-gift cards over email.

Program Traction

Measure The Impact Of The Program

Additionally, the Corporate HR team can monitor the program’s health using various reports and analytics dashboards.

Based on the metrics and the trend, they take appropriate action.

Key Metrics of an Employee Recognition Program at a Financial Services Company

The key metrics of the program such as the percentage of employees recognized are compared across different functions and locations, and appropriate actions are planned.

Cross-functional Recognition at a Financial Services Company
Recognition of Core Values at a Financial Services Company

Program Impact

The employee recognition program delivers significant benefits:

1. Drives alignment with the company values

2. Creates a culture of appreciation

3. Encourages collaboration and recognition across teams

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HiFives is a global employee rewards, recognition and engagement SaaS platform that enables organizations to digitize, automate and transform their employee experience. It is used by 100+ large enterprises, small businesses and startups in manufacturing, retail, technology, financial services and media, across 25+ countries.