Rewards and Recognition meaning simply stand for the system of acknowledging people for their extrinsic as well as intrinsic ways of performance. It is an absolute necessity in a work environment and often present in a culture that allows appreciation and appropriate acknowledgment in a timely and fair manner of the employee’s efforts. Part of this involves financial compensation, recognition of the served years, celebrations, etc.
Rewards and recognition have seemed to evolve in the past years, which has now come to include new trends. Certain strategies for creating such programs include:
Importance of Rewards and Recognition