Employee Rewards and Recognition

 

                                                                 Source: (Cronquist, 2023)

 Employee rewarding and recognition is considered to be highly important for an organization to motivate and keep the employees engaged (Masionis, 2023). Rewards would be usually tangible incentives given to the employees by the organization for achieving specific target, goal, or a milestone. Rewards would be often considered as extrinsic motivating factors that encourage the employees to work and achieve more measurable outcomes (www.leapsome.com, n.d.). Also, rewards include financial bonuses, pay raises, extra time off or other tangible perks.

In contrast, recognition is more intrinsic, and they are more about acknowledging and appreciating one’s efforts, dedication, conduct and progress (Cronquist, 2023). Further, recognition could be in the form of verbal praise, written appreciation, public shout outs or any other gesture that would make the employee seen and valued (www.leapsome.com, n.d.). According to Cronquist, (2023) recognition satisfies one’s need for belonging and purpose in an organization.

The most effective employee recognition and reward programs usually combine both these elements. Rewards motivate achievement, while recognition reinforces progress and desired behaviors. Rewards have a more financial cost, while recognition could be done at little or no cost (www.leapsome.com, n.d.).

Best practices for an effective recognition and rewards program include, making it personalized and designed to individual employees' preferences, encouraging peer-to-peer recognition in an organization in addition to the superior’s recognition, Aligning the recognition to the company's values and culture, Recognizing both big and smaller achievements and everyday contributions (Cronquist, 2023). Additionally, ensuring the recognition and rewarding program is fair and inclusive across the organization, not using recognition to soften criticism and keeping them separate should also be done (Hastwell, 2023). Moreover, making the recognition a regular habit, not just an annual event would make it more effective and meaningful (Hastwell, 2023). In order to increase the effectiveness of the recognition and rewarding initiatives, the organizations should get creative and come up with unique recognition ideas as well.

By implementing such effective recognition and rewarding initiatives, an organization could achieve high employee satisfaction and engagement and ultimately boost up the productivity.

 

List of References

 

Cronquist, D. (2023). 3 Important Differences Between Reward and Recognition - BambooHR Blog. [online] www.bamboohr.com. Available at: https://www.bamboohr.com/blog/difference-reward-and-recognition.

Hastwell, C. (2023). Creating a culture of recognition. [online] Great Place to Work . Available at: https://www.greatplacetowork.com/resources/blog/creating-a-culture-of-recognition.

Masionis, A. (2023). Employee rewards and recognition programs: A quick guide. [online] Achievers. Available at: https://www.achievers.com/blog/employee-reward-recognition-programs/.

PossibleWorks (2021). 21 effective Ideas for Employee Rewards and Recognition Program. [online] PossibleWorks. Available at: https://possibleworks.com/blog/21-effective-ideas-for-employee-rewards-and-recognition-program/. ‌

www.leapsome.com. (n.d.). Employee Rewards & Recognition Program: Steps & Ideas. [online] Available at: https://www.leapsome.com/blog/employee-rewards-recognition-program.