Nilukas Blog on : Reward & Recognition

 

Reward & Recognition

What are Rewards and Recognition?

Rewards and recognition indicate a system in which employees receive appreciation and thankfulness for their efforts internally and externally. With this system, an employee's hard work, effort, successes, or team celebrations are promptly and fairly recognized and appreciated (Xobin, 2023).

 

Figure 1: Rewards and recognition

 

What kinds of Rewards and Recognition are there?

Organizations use rewards and recognition techniques to express gratitude to their staff while motivating them to keep up the good work while appreciating them. Monetary rewards and non-monetary are both recognition that falls into the set of rewards and recognition.

Figure 2: Rewards and recognition

 

Monetary rewards include:

Bonuses, treats, paid events, gifts, extra days off, extra, and promotions.

Figure 3: Monetary rewards of gift

 

Non-monetary acknowledgment involves:

Individualized notes, public praise, face time with the CEO or Top Manger, and Awards based on performance rewards (Agendrix, 2023).

   

igure 4: Non-monetary rewards of public praise

 

Companies use incentives and recognition to motivate staff and show them how much they are valued. When an employee works on the tasks outlined in their job description and achieves their goals, they frequently receive additional compensation as a reward and form of recognition. For team-based successes or for fulfilling project-based goals, rewards and recognition may also be given.

even though rewards and recognition provide a variety of purposes, they are usually:

·         Influencing employee conduct and work ethics

·         Provide Employees a chance to contribute to the rewards of their labor.

·         Make feel Employees like they are an essential part of the organization.

Both monetary (bonuses) and non-monetary (recognition in an organization on a regular team meeting) rewards and recognition are possible. There could also be expensive symbols representing celebratory meals (bdc, 2023).

 

Figure 5: Influencing employee conduct and work ethics.

 

 

Differences between Rewards and Recognition

 

Rewards	Recognition
Rewards are visible.	Recognition is invisible.
Rewards are a result of transactions and have a monetary value added	Recognition is interpersonal and has an emotional value attached to it.
Rewards can be offered in monetary or non-monetary	Recognition is non-monetary
Rewards are connected to achievements and goals.	Recognition can commonly take place right now.

 

Rewards and recognition are required for employees to feel completely satisfied with their work (Inspringwork India, 2022).

 

Figure 6: Differences between Rewards and recognition

 

Why are Rewards and Recognition important?

 

Because most company owners have specific objectives to cut down costs and sometimes the quantity of work produced by their workforce. When trying to get more out of your workforce in a cutthroat business environment, careful considerations must be made. It is possible to increase employee productivity and attract and keep top performers in several ways, from work perks to more flexibility. While it's important to be open to new ideas, employee recognition is a tried-and-true tactic that can be used in both small and large businesses.

Employee reward and recognition programs are therefore becoming more and more common because they encourage employees to alter their daily routines and work habits for the benefit of the company (Jones, 2019).

A rewards and recognition program's description - recognizing an Organizational employee for exceptional work is called appreciation. Employee recognition in the workplace simply aims to develop certain actions that lead to improved performance and successful business outcomes.

High feedback from colleagues may be one of the main motivators for employees and reasons to reward employees. Recognizing his skills in their field is the best way to earn their respect and appreciation. Employee recognition can be as simple as a thank-you email or a smile at the office (Anna, 2023).

 

 

Figure 7: Employee Recognition Program aims.

 

What are rewards and recognition for employees?

 

Employees who perform well and act effectively receive recognition and appreciation (Rangarajan, 2022),

Rewards and employee recognition are regularly referred to together. Positive feedback systems called rewards and recognition (R&R) are used in the workplace to recognize and appreciate employees’ efforts and contributions equally and promptly.

 

 

What is the best way to provide recognition and reward to employees?

Following are the effective ways to recognize and reward your employees include the following specific recognition culture strategies:

 

1.       Make it your own.

Express your appreciation for the employee's achievements by using positive language.

 

2.     Give possibilities. 

Employees should be given opportunities for increased responsibilities and training for job advancement.

 

3.       Enhance recognition.

While verbal recognition is unquestionably the best way to show appreciation for employees, the best strategy is to support it by making staff achievements accessible in buildings like company newsletters, dashboards, and team meetings.

 

4.       Offer an extra-curricular benefit.

Employees who regularly perform at the highest levels might gain special privileges. These might include such things as a better place space or paid time.

 

5.       Motivate with rewards and compensation.

Financial rewards may demonstrate appreciation for work well done even though they aren't always the best motivators. Because they encourage individuals to always perform at their finest, the best financial incentives are more confusing and unpredictable.

 

6.       Offering holiday rewards and bonuses to employees.

Offering a standard bonus or gift package and rewarding employees for outstanding work with special awards, additional cash bonuses, holiday gifts, or annual performance recognition is one of the best ways to give out holiday bonuses.

 

7.       Facilitate peer-to-peer recognition easier.

Peer-to-peer recognition programs have been utilized by businesses to motivate millennials and the next generation of flexible workers because employees frequently prefer to be given recognition from the workplace.

 

8.       Recognize and passions the interests of others.

Workers love to be recognized for their outside activities, hobbies, and passions and Passions can also work as rewards.

 

Figure 8: Recognize and passions the interests of others.

 

Conclusion

Companies use incentives and acknowledgments to encourage staff and show them how much they are valued. When an employee performs the tasks outlined in their job description and achieves their goals, they frequently get extra earnings as a reward and form of recognition. A system of employee rewards and recognition ensures efficiency and involvement in an organization in both internal as well as external ways. Employee recognition used to be reflected only when receiving the output or after a certain duration.

 

References

Agendrix, 2023. Agendrix. [Online]
Available at: https://www.agendrix.com/hr-glossary/rewards-and-recognition
[Accessed 23 April 2023].

Anna, 2023. BrainyHR. [Online]
Available at: https://brainyhr.io/blog/top-5-reasons-why-your-business-needs-employee-rewards-and-recognition-program.html
[Accessed 24 April 2023].

bdc, 2023. bdc. [Online]
Available at: https://www.bdc.ca/en/articles-tools/entrepreneur-toolkit/templates-business-guides/glossary/reward-and-recognition
[Accessed 24 April 2023].

Inspringwork India, 2022. Inspringwork India. [Online]
Available at: https://www.springworks.in/blog/employee-rewards-and-recognition-ideas/
[Accessed 24 April 2023].

Jones, . M., 2019. petaurum. [Online]
Available at: https://petaurumsolutions.co.uk/blog/why-are-employee-rewards-and-recognition-so-important/
[Accessed 24 April 2023].

Rangarajan, J., 2022. empuls. [Online]
Available at: https://blog.empuls.io/what-are-employee-rewards-and-recognition/
[Accessed 24 April 2023].

Xobin, 2023. Xobin. [Online]
Available at: https://xobin.com/hr-glossary/rewards-and-recognition
[Accessed 24 April 2023].

 

 

Figure 1: Rewards and recognition

Figure 2: Rewards and recognition

Figure 3: Monetary rewards of gift

Figure 4: Non-monetary rewards of public praise

Figure 5: Influencing employee conduct and work ethics.

Figure 6: Differences between Rewards and Recognition

Figure 7: Employee Recognition Program aims.

Figure 8: Recognize and passions the interests of others.