Importance Of Rewards and Recognition

Employee recognition is a timely acknowledgment to a person or team which compliments their effort or behavior. Whether they have performed outstandingly or helped achieve one of the organization’s goals, they will have exceeded expectations. According to statistics, 90% of employees agree that rewards and recognitions have a positive impact on their motivation and productivity. Indeed, all organizations need to introduce and implement rewards and recognition to improve the morale of their employees. Most business owners have specific objectives to cut expenses while raising the potential and quantity of labor produced by their workforce. Careful considerations must be made while trying to get more out of your workers in a cutthroat business environment. There are several strategies to increase employee productivity and attract and keep top performers, ranging from work benefits to more flexibility. Employee recognition is a tried-and-true tactic that may be used in both small and large firms, while new methods shouldn’t be ignored. As a result, employee incentive and recognition programs are becoming more and more desirable since they inspire workers to change their daily routines and work habits for the good of the company.

Importance of appreciation

The way to become successful in business is understanding the importance of appreciation. The principle of recognition is key in acknowledging the effort of employees. Afterall this was really matters in workspace; employee recognition. Appreciation is a basic need It is natural for an employee to expect appreciation for his hardwork. Rewards and Recognition have a positive impact on employees and tend to increase their productivity. In order to maintain a healthy workspace it is important to resect the efforts of the employees this makes the employee want to give more and more for the betterment of the firm. 

Reward or recognition?

 Reward and recognition are like two sides of a coin they co-exist. Recognition is incomplete without a reward and reward is incomplete without recognition. Some employees prefer monetary or other rewards while some expect just a recognition of their effort. 

Timing

Timing is crucial in recognition, When the extraordinary performance is still at the forefront of both your and the employee’s minds, the acknowledgment procedure needs to take place. The frequency of the acknowledgment should also grow if the same team members continue to achieve at a high level. However, it must be precisely timed to avoid sounding robotic and losing its purpose. In order to ensure that the top performances receive the best kinds of recognition, the acknowledgment must also be appropriate for the accomplishment. Your approach to staff rewards and recognition will always come across as genuine rather than driven or forced as long as you maintain flexibility. 

What are rewards?

Rewards are the tangible form of recognition. It may be argued that because rewards frequently come in the form of bonuses and profit-sharing, they are a little more expensive for enterprises. This technique has been proven to be just as successful as employee appreciation because it largely raises levels of engagement and motivation. Rewards vary with size of business. The larger the business the larger the greater the reward. Recognition is an inexpensive method of appreciation but an effective balance should be maintained between both . 

Considerations

There are certain things that need to be considered while developing and effective reward and recognition policy, they are:

• Determining the objectives your company wants to support
• Determining the behaviours that should be rewarded
• Deciding on the suitable prizes and effectively informing employees of the rewards programme.

Programs for employee recognition and rewards exist in both small and large firms but to support your company’s goals, as a business owner or managing director, you must first identify the required staff abilities, skills, and behaviours.

You will be able to edge your competitors when you recognise and reward exceptional performance since that will increase motivation and outcomewill.