Rewards and Recognition is a system where people are acknowledged for their performance in intrinsic or extrinsic ways. Rewards and recognitions have evolved in the last few years, and a bunch of new trends in the rewards landscape are bound to change the shape of the future.
To create a successful rewards program for your organisation, the following checklist can prove useful -. Reward programs work, if they are strongly linked to business objectives and the employees know what is expected of them in their jobs - employees need to see the connection between their own work and the overall goals of the company.
One size doesn't fit all. To put it simply, nearly every company's employee base is highly individualised, and what motivates one person won't necessarily motivate another. So, it is better to tailor-fit an incentive program to individual wants and desires. Messaging is integral in achieving the engagement of employees towards your rewards program. What is the purpose of your employee rewards program? Is it to improve customer service?
Team building? Be clear and concise. Define your rewards program. Check out our guide on building a successful reward program. Recognition on the other hand can take a variety of forms. Structured programs can include regular recognition events such as banquets or breakfasts, employee of the month or year recognition, or an annual report or yearbook which features the accomplishments of employee.
A job well done can also be recognized by providing additional support or empowering the employee in ways such as greater options of assignments to choose from, increased authority, or naming the employee as an internal consultant to other staff.
A point to be noted is that the recognition itself may have a monetary value such as a luncheon, gift certificates, or plaques , money usually is not given to recognize performance. One of the best ways to promote recognition in the workplace is to provide employees with opportunities to learn and help them make themselves better at what they do. To take it a step further, it will also be great to incentivize learning and rewarding those who have taken the time to focus on self-improvement.
Rewarding and recognizing tends to increase employee productivity in the workplace. It makes them go the extra mile. Engagement at work stimulates a spirit of teamwork and acts as a catalyst for high performance. It is important to make sure that the high performers are rewarded and recognized timely. Employees tend to do more when they are recognized and rewarded for good work. It encourages development and career growth since it puts the employee in the position to do more and elevate their work performance.
It gives employees morale to do more and exceed the expectations the company has from them. Reward and recognition cultivates a positive relationship between employers and employees. The employer will benefit from an empowered employee delivering good results. On the other hand, a recognized and rewarded employee will become confident and satisfied with their work. Enhancing employee morale can contribute to lowering the turnover rate too. Employees talk and share experiences with those of other companies.
A company that recognizes and rewards employees builds a positive brand when its employees talk positively about it. Organically, the company becomes recognized for its best HR practice and this can impact the way it works with external stakeholders.
In an organizational context, rewards are given by the management for the best performing employees in order to appreciate their performances or achievements. Therefore, rewards can be used as a motivational tool.
Rewarding employees create competition among them. So all of them work hard by providing their maximum contribution to the organization. These rewards can be categorized into two types of rewards; financial rewards and non-financial rewards. Financial rewards are the rewards with monetary values such as salary increments, bonuses, incentives, etc. In some situations you may be recognized with a simple thank you, in another situation you may be recognized with being taken out to lunch, etc.
Another one to add to the list: rewards are fixed and recognition is free-flowing. Rewards are generally given by a manager or the company, whereas with recognition, it can and should be given by anyone in the company — from a manager to a peer or continuous points of peer-to-peer employee recognition, too.
I do agree that recognition is personal and that there is a very human element to both recognizing others and being recognized. For rewards, I believe in the past it was very inhuman, such as a letter being sent at the end of the year to let you know the amount of your annual bonus.
But more and more companies are bringing the human element into reward, talking about and celebrating rewards, so I believe this is changing and should continue to change.
Allowing for greater access across all levels of an organization can help make both reward and recognition have the personal and human touch — taking away the transactional nature so often done in the past.
Recognition programs have changed over the years, moving from long-service awards to more fully functioning recognition programs, and so the lines between labeling them as intangibles versus tangibles have gotten more blurred. Yes, rewards are tangible and consumed, but recognition can also be tangible and consumed. I believe that the majority of recognition awards should be non-financial, as a thank you is the most powerful way to recognize humans, but there is also a time and place for tangible recognition awards.
All-in-all, these four differences between reward and recognition make them a perfect match for engaging your workforce.
I hope you can walk away from this post feeling confident about the differences between reward and recognition and feel empowered to impact engagement at your organization. Lauren Chiavaroli. Lauren Chiavaroli is a Product Manager at Reward Gateway, focusing on employee surveys, communications and reward and recognition.
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