Employee Reward and Recognition Program

Reward and Recognition.

Figure 1Employee Recognition (Great place to work , 2022)

Everyone likes to be noticed and acknowledged for their achievement and contributions. There can be arguments, that an employee is obliged to fulfil their roles as per JD dutifully. But recognising an employee can help the employee and the employer build trust as the employee feels they are pronounced for their efforts.

Employee Reward and Recognition.

Any act of acknowledgment by an entity on its employee’s outstanding performance is employee recognition. The idea behind such programme is to strengthen certain behaviours, practices or process that can outline better performance and a favourable business result.

However a recognition usually comes in a package with rewards, thus instead of recognition it is well known as Rewards and Recognition.

Benefits of Reward and Recognition.

Figure 2 Benefits of Employee Recognition (Betterup, 2022)

In Modern business age, the organizations with well trained and skilled employees has the competitive edge over the rivals. But to retain and to make them best perform in the organization a motivational factor is required. Thus an employee recognition programme should be ingrained within the company culture.

Happy Employee - Majority does not take work home, but they do carry the feelings earned in the workspace. When an employee is recognized for their efforts and measurable impact on the business, they will feel that they are the perfect fit for the role and the company. Finally a happy employee means happy customers. Surveys suggests that happy employees are 12% more productive than vice versa.

Retention-Employee turnover is costly, companies must focus on keeping their top employees. Reward and recognition can be one such mechanism. Employees who are acknowledged has a high tendency to retain within the organization both in good and bad times. Entities with recognition culture is thrice more like to see increased staff retention.

Productivity- Genuine recognition can make the employee engage. In return employees result in more productivity. Recognition can be easy to say but the recognition must be genuine and the employee must feel it. Psychological facts shows that simply thank coming from someone in authority leads employee to be 50% productive.

How should a reward and Recognition Programme be?

Even well established companies at times fails to recognize employees as teams and individual. Even though there is no rule of thumb for employee recognition, few factors should be considered.

Be specific and relevant,

The programme must be specific to any achievement or any business goals. That is the recognition criteria must be elaborated to the employees and should be able to relate to their behaviour. This can help boost stronger performance.

Timely.

Employee must be recognized on time as late recognition is of less meaningfulness when compared to prompt recognition. From the employee aspect more the delay is less authentic. Thus a prioritized and formal recognition system needs to be established.

Nature of Recognition

Each individual has a unique style of giving and receiving appreciation. The fact is that people are not just motivated by cash. It is vital to understand how and what kind of recognition would be apt to the business culture. Recognition can also be party, dinner, tours etc.

360 level Recognition

It is must to recognize major achievements but also never undermine a daily thank you. Appreciating the employees on small things like good behaviour will enable a regular culture of employee recognition. These can be done through shout outs and necessarily need not be from the managers, it can also be from peers as well.

Connect to the bigger Picture

Recognition is how the company values it employees for their contribution. Indeed this is a key factor for organizational growth, further it increases the sense of security in their value to the company and helps them to achieve greater outcomes.

Make sure to share updates on a regular basis on how the entity is striving to accomplish its mission. Also elaborate of how each individual employee’s goals relate to the vision.

How to build a successful reward and recognition (Bonusly, 2020 - Source:https://www.youtube.com/watch?v=bRM19CxIDek)

Conclusion.

A company can have multiple ways to implement an employee recognition in the workplace, but it should start within the company culture. A good recognition programme starts with a company culture that thrives to acknowledge its highest performers. This kind of programmes can be a start to the good employee engagement, development and employee retention strategy for the future.

References

Betterup, 2022. Betterup. [Online]
Available at: https://www.betterup.com/blog/employee-recognition
[Accessed 08 Apr 2022].

Caitlin , N., 2021. Achievers. [Online]
Available at: https://www.achievers.com/blog/why-employee-recognition-important-benefits/
[Accessed 08 Apr 2022].

Great place to work , 2022. Great place to work. [Online]
Available at: https://www.greatplacetowork.com/resources/blog/creating-a-culture-of-recognition
[Accessed 07 Apr 2022].

Natalie , W., 2021. Quantum Workplace. [Online]
Available at: https://www.quantumworkplace.com/future-of-work/importance-of-employee-recognition
[Accessed 07 Apr 2022].

Nikos , A., 2018. efront. [Online]
Available at: https://www.efrontlearning.com/blog/2018/04/employee-recognition-workplace-benefits-ways.html
[Accessed 08 Apr 2022].

William , C., 2017. Forbes. [Online]
Available at: https://www.forbes.com/sites/williamcraig/2017/07/17/3-reasons-why-employee-recognition-will-always-matter/?sh=6140827863c9
[Accessed 08 Apr 2022].

Bonusly, 2020. How Do I Build a Successful Employee Recognition Program?. [Online]
Available at: https://youtu.be/bRM19CxIDek
[Accessed 10 April 2022].

Comments

  1. Shibly6 May 2022 at 06:52

    In current era employee recognition is very important. Valueing people has more weightage than other most of the components. Proper recognition is at right time is utmost important to sustain your employees.

    ReplyDelete
  2. Pasan Nanayakkara7 May 2022 at 00:01

    Employee recognition & rewarding is an important function in today's competitive environment in increasing the employee satisfaction level of an organization as well as to reduce employees turnover rates. It's an essential tool that is used to motivate employees which will greatly benefit an organization in the achievement of its objectives. Great article.

    ReplyDelete
  3. fahimmba7 May 2022 at 03:16

    Employees should recognise in an organisation to motivate them. If they rewarded by recognition definitely employees will put their maximum to organisation.
    Well done.

    ReplyDelete
  4. Arjuna Medagama MBA #247 May 2022 at 04:48

    Every employee like to get recognize from the company. if you compare those awarding company performances with non awarding companies , figures will explain it nicely. very good topic. You nicely explained it.

    ReplyDelete
  5. FuardMBA247 May 2022 at 05:04

    Employee Rewards will motivate every employee in the company. The reward system can be found to be more efficient when working. And the staff will be very active. This will lead to higher overall performance in the company. Good one - Al the best

    ReplyDelete
  6. Zaman7 May 2022 at 07:25

    Reward and recognition can be financial and non-financial. These are required to keep the employees satisfied while motivating them to grow within the company. This can help to retain the employees for a longer time and reduce the employee turnover rate. All the best !

    ReplyDelete
  7. Gayan Marasinghe7 May 2022 at 10:41

    Employee satisfaction is increased through rewarding and recognizing them, which leads to higher retention and a more enjoyable work environment in organizations. Good luck!!

    ReplyDelete
  8. AparnaMBA20228 May 2022 at 06:25

    Employee rewarding and recognition will increase the organization's performance by motivating the employees.most of the employees expected to be rewarding and recognition.you clearly explained about these points well.good luck!

    ReplyDelete

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