To boost your team’s efforts, successful implementation of recognition and reward for every employee’s accomplishment is required. In addition, it helps in improving the wellbeing, productivity, and satisfaction of the team.
Here is what you need to know about rewards and recognition.
What are Rewards & Recognition?
A system in which employees are acknowledged and appreciated for their performance and internal and external work is known as rewards and recognition. In this system, the employee’s efforts, milestones, or team celebrations are rewarded a fair and timely manner.
Difference between Rewards & Recognition
|– Rewards are the gifts and awards given to employees for their accomplishments.
– Rewards have some monetary value attached to them.
– They are economical appreciation.
|– Recognition is the appreciation or praise for their accomplishments.
– It is intangible.
– Recognition is emotional appreciation.
What are the benefits of Rewards and Recognition?
Rewards and recognition help in keeping the employees engaged and motivated. It becomes important as workers who are motivated are usually more productive in their work.
Some of the major benefits of rewards and recognition in business are:
- It makes a positive impact on the organization’s culture.
- Recognition and appreciation empower employees.
- Increases employee satisfaction, hence employee retention lowers down.
- It helps in boosting the team spirit and promotes healthy competition.
- It also helps in building a strong employer brand.
Some of the most notable rewards and recognition statistics
- 88% of employees say that it is important that employers reward employees for great work. (Source)
- 63% of employees who are recognized by their employer are unlikely to look for a new job. (Source)
- 44% of employees switch jobs due to a lack of recognition. (Source)
- 38% of employees want to receive rewards in exchange for good work. (Source)
- 65% of employees say travel and merchandise awards are preferred more than cash payments. (Source)
Latest technology in rewards and recognition
- Customization: Since every organization is different, customization allows flexibility and tailoring programs as per requirement.
- Better engagement: It helps in making everyday tasks easy to recognize.
- Improved reach: Recognition of employees’ work become faster and more efficient.
- Instant recognition: Implementation of a digital reward system allows one to reward someone instantly.
How To Build A Successful Employee Rewards and Recognition Program?
A successful reward recognition program should have the following:
- Personalized rewards: Every individual should be able to get a tailor-fit incentive program according to their desires.
- Clear messages: The points like the program’s purpose, team building, training, etc., should be clear. You should define the rewards program based on these points.
- Should link rewards with business outcomes: The employee should understand the connection between the overall goals of the company and their work.
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