Rewards and Recognition, better known as RnR is an organizational system which functions to recognize employees for their work in a company, aside from raising employee morale, increasing employee productivity. Being able to acknowledge and appreciate hard-working individuals in an organization is everything what RnR is about. RnR, depending on regions, companies, and workplace environments, can occur in multiple ways.
There are various factors that fall under Rewards and Recognition, all of which serve a purpose, and serve as some sort of incentive and morale booster to employees in a company in their own ways. These factors include:
Cash rewards are the most straightforward type of reward when it comes to RnR. It simply involves a cash transaction towards an employee for their good performance and boosts employee productivity by making employees work harder to get these bonuses. Recently, cash rewards have turned to charity donations, with companies allowing for the donations of these rewards to charities, helping the community in their own way.
Top-down nomination and non-hierarchical nomination are two factors of nomination which make it so that an employee can either only get nominated by their higher-ups for rewards, or by their peers. The latter allows for transparency and a more streamlined process with people who work with each other being able to recognise improvements in each other.
Flexibility, often seen in leaves with pay, is another type of reward given to employees who have worked especially hard. Leaves with pay and vacations are offered by the host company for an employee’s hard work, allowing them up to 7 days of leave, travelling on their own or with family, sponsored by the company, allowing the employees to have some time to relax and keep for themselves, as payout for their dedication to their job. Flexibility also comes with working from home, where certain companies offer employees good performance work-from-home opportunities, to give them a relaxed environment from where to do their work.
Experiential rewards involve rewards which offer an experience, like paid visits to an industry as part of the company, or sponsored trips, which provides them leisure time, where going to work comes with visits to fun and enjoyable itineraries, which are often coupled with, or a part of the flexibility aspect of RnR.
Memberships are also another factor of RnR. A reward involves an employee being granted the ability to work under a superior for a short period of time, learning from them, and getting paid while doing it. This allows them to adjust with future roles they might fill. Professional memberships, as part of a product a company is running, extra tools a company might need, or general apps and memberships, are provided to an employee from the side of the company.
RnR has also changed a lot over time. From being a matter of employee retention to recently becoming a matter of development in the organisation, new-age companies have begun to treat RnR like a normal component of a company, working on improving it to make employee experiences and rewards the best possible. Over time, multiple RnR aspects, like tangible rewards, cash rewards, top-down nomination, and limited flexibility, have grown into aspects like experiential rewards, stock and gift cards, non-hierarchical nomination, and increased flexibility in leaves with pay. The change in perspectives, of RnR being a basic matter of keeping an employee in a company and giving them incentives, to making sure they are an appreciated part of an organisation has been vital in turning RnR from a monetary and tangible recognition to a holistic and experiential celebration.
RnR is an organizational system which recognizes employees for various achievements and commends them for it.
Providing employees with leave with pay, cash rewards, and experiential rewards are some examples of RnR strategies
RnR strategies improve productivity, employee retention, recognition, and pay for employees, which makes them useful for organisations.
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