Reward and recognition programs are important among employees in a company to develop and contribute towards the success of a business. Reward and recognition programs help a company to identify top talent and ensure employees feel valued, appreciated and motivated to achieve company goals.
What is Employee Reward and Recognition?
Employees reward and recognition program is to acknowledge a person or a team’s work and their effort or behaviour to help achieve an organization’s goal.
A recent statistic shows that 90% of employees said their companies’ recognition programs impact positively on their engagement and motivation levels. It is important for all businesses need to implement reward and recognition programs in the workplace on regular basis to reap the full benefits of it. Following are the benefits of Employee Reward and Recognition programs:
Benefits of Employee Reward and Recognition Programs:
- Attract talented job applicants.
- Raise employee morale.
- Increase productivity and competitiveness.
- Increase revenue and profits.
- Improve customer service.
- Reduce employee stress and absenteeism.
- Reduce employee turnover.
- Enhance company culture.
Research shows that one of the reasons why employees leave their jobs is because they are not valued and appreciated with any form of reward and recognition. Around 50% of them said that they would keep their jobs if they were formally recognized.
One of the reasons to become a successful company, the company needs to understand the basic importance of employees’ recognition. When it comes to praising others for their hard work, you need to apply the fundamental principles of employee recognition. Following are the principles of employee recognition that could be used as a guide in Employee Reward and Recognition Program:
How to Design an Employee Reward and Recognition Program:
- Public recognition: For example, a shout-out about an employee’s achievement on social media, in-office announcements or a newsletter feature.
- Private recognition: For example, a thank you note or email from a manager or the CEO.
- Promotion: For example, increased responsibilities or an entirely new role.
- Monetary: For example, gift cards, paid vacations, a raise or merchandise.
To summaries, employees’ reward and recognition programs are important to improve performance and moral of employees. Herzberg in his article has found that one of the factors that impact performance is recognition at work. It leads to improved productivity and boosted self-esteem. Taking time to say ‘thank you’ to your employees will ensure you reap the benefits in the long run.
Alchemy Resources uses our own MOBILE APP to motivate and improve employees’ recognition. Contact us to find out more about the APP that we call MOMI or Motivate Me.
We have developed a training program entitled “Essential Qualities of Great Leader” (EQGL) that will train your team leaders how to drive performance at work using employees’ recognition techniques. Contact us to learn more.