Try asking your employees, what do they want the most when they successfully achieve certain achievement or goal? Their answers might vary, but besides bonuses and salary raises, there is one other thing they really want. Yes, reward and recognition.
It is an undeniable fact that everyone loves the idea of receiving rewards and recognition. At some point, human beings crave for acknowledgment to give themselves a sense of belonging and feel needed in a group. Ever since we were children, there is an invisible force that encourages and propels us to give our best performance. We are longing for recognition and appreciation from people around us.
In the midst of fiercer competition to attain the best talents, every organisation is obliged to create a fair, transparent, and well-managed reward and recognition program. Right from the simple office boy to a veteran manager, everyone wants to be acknowledged for their hardwork and efforts to achieve successful business outcome.
Not only as a token of appreciation for the hard work and commitment showcased, rewards and recognition programs help motivate the workforce. Along with compensation pay, it is expected that they continue to work and improve themselves better.
As a part of the retention strategy, reward and recognition programs should be integrated into workplace culture. With continually evolving business demands, companies are required to always redesign and reformulate the way they value their employees. It will be unfair if the employees work hard to contribute to the company’s success, but they do not receive suitable appreciation, especially from the managers and peers.
Therefore, rewards and recognition is crucial factor to realise people-centred company culture, which will eventually support the organisation’s success. Here are four points that highlight the significance of reward and recognition programs for your business:
See: How to Create Transparent Reward Programs?
Engagement often comes across as one of the major issues in human capital management. To bring in skilful talents into your organisation’s network, the next step is to find an appropriate method that ensures they stay with the organisation for long.
Be it cash incentives, genuine praise, or simply a pat in the back, letting the employees know that they have done their best is a form of reward and recognition that makes them feel appreciated and valued. Indirectly, this simple attitude will spur their hard efforts to contribute more good work in the future.
When leaders provide proper recognition and show appreciation towards the employees, in accordance with their efforts dedicated to completion of tasks, you will see every employee will feel to play an important role in the team. Thus spreading positive leadership and developing new leaders, when employees feel accountable for their job responsibilities.
This will make them showcase positive behaviour at work, such as to avoid misunderstandings and conflicts with their coworkers, while supporting each other to grow.
On the surface, reward and recognition programs might seem beneficial for the employees alone. However, the truth is, it is your company who will derive the maximum benefit of these programs. Wonder, how?
Even the smallest facts that demonstrate acknowledgement, can bring direct and significant impact your business bottom line. Happy employees is equal to making happy customers too, so this will lead to better business results.
When people feel valued, they tend to be more engaged with the group. It is crucial to build a sense of belonging and ownership to your employees. Therefore, reward and recognition program is an effective method to boost loyalty. This will further help retain your top performers in the longer run.
Saying ‘thank you’ to employees or handing out genuine congratulation notes when they successfully meet business goals, targets, and deadlines is among the easiest methods to make employees feel appreciated, valued and recognised. Also a mention of their name and accomplishments, in a monthly newsletter to be circulated within the company, helps employees feel a sense of pride in their jobs and this in turn reflects on their engagement levels at work.
Reward and recognition is not necessarily related to financial benefits alone. Beyond which, employees expect something more meaningful than just material things. If reward and recognition programs are conducted with sincerity and genuine intents, then simple acts by senior business leaders and managers such as greeting the employees in the morning or simply memorising their full name, could be a good start to cultivate reward and recognition culture.
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