Who doesn’t like a timely pat on the back and a shout out for a job well done?
What is Rewards and Recognition?
Rewards and Recognition ranges from a simple “thank you” to monetary and honorary rewards. Rewards and Recognition’s meaning is the act of giving positive feedback after a job well done, by one’s peers or supervisors.
Rewards and Recognition at workplaces has always been important both for the employees’ and the organisation’s growth. Rewards and Recognition falls into employee reward and recognition programmes which are used to increase employee engagement.
What are the benefits of Rewards and Recognition?
A job well done that is made public gives a tremendous boost to employee morale and increases employee engagement.
To be recognized and rewarded socially makes one feel tremendously valued, which further triggers their motivation to perform better in future. As per a report, 92% of the employees are more likely to repeat that particular task for which they are recognized socially. And, if this particular task turns out to be crucial for a company’s growth, it can be a great boon!
A good Rewards and Recognition programme enables both managers and coworkers to recognise good work as soon as possible.
The Impact of Rewards and Recognition at the Workspace
The aforementioned affirms that a regular dose of Rewards and Recognition can push up the productivity and engagement levels of the workforce to a new high. Moreover, a celebrated employee would be less likely to scout for opportunities elsewhere. A lack of recognition, on the contrary, can dampen their engagement prospects, leading to attrition. A recent study reveals that organisations that practice Rewards and Recognition at the workplace witness an increase in employee retention and engagement rates by 40% and 34%, respectively!
What are Some Examples of Employee recognition
A job well done could be in the form of excellent business ideas shared by an employee during a weekly meeting, a project delivered under strict guidelines, an outstanding performance at a company event, a display of great teamwork, etc.
Some of the noteworthy practices for Rewards and Recognition at workplace are:
Frequent and real-time recognitions – Recognize more often, and recognize right at the time of achievement. A delayed reward might fail to ignite the requisite spark in the employee and therefore might not produce the desired results. A key report suggests that around 28% of employees wish to be recognized as frequently as every week or every day.
Inclusive Recognition – Include all members of the organisation, irrespective of hierarchy. Rewards and Recognition’s true meaning is not limited to recognition from just the management.
Make it fun – Offer recognition in a fun, engaging way that appeals to the modern workforce. New-age techniques such as gamification can be employed, which greatly triggers employee excitement. Here, employees are rewarded with badges along with points that can be redeemed easily to avail various interesting offers and perks.
Amplify – Message of employee praise, if amplified on multiple platforms, would increase visibility of employee achievements. Besides, visible Rewards and Recognition at the workplace would create a strong company-wide work culture.
Use the right technology – Choose the technologies and platforms that your employees are most hooked on to and are comfortable using.
Embracing the Culture of Recognition
A growing number of companies have now begun to embrace a culture of appreciation, wherein distinct recognition programs are being designed and delivered through social networks, smartphones, tablets, gamification, etc. Rewards and Recognition at the workplace is being increasingly eyed as an investment towards promoting the mental health of employees and a way of increasing employee engagement. As the workforce gets more decentralised by the day, the practice is now gaining far more prominence worldwide. Indeed, it is a win-win situation, where both employees and organisation are greatly benefitted.