Define Rewards and Recognition.
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.
Successful creation of a Rewards and Recognition program
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:
- Linking rewards with business outcomes in such a way that they are strongly linked, and the employees have a basic idea of what is expected of them for fulfilling the overall company goals.
- Rewards can be personalized and individualized based on different demands and opinions of the employees best suited for individual desires and needs.
- Rewards and recognition can be provided in various forms, such as variable pay, bonuses, verbal and written praise, and others.
Importance of Rewards and Recognition
- It increases the productivity of the employees through motivation as a result of the fulfillment of their individual desires.
- It enhances morale and satisfies the employee. These all have a critical influence on cultivating positive relationships.
- Rewards and recognition also positively uplift the confidence of the employees.