employee rewards and recognition

Rewards and Recognition – Explained

In a changing world, organizations are driving hard towards making the workplace culture better to their employees by recognizing superior benefits and schemes to keep them intact with the company.

Amid this, the resignation rates are heating up, signalling to a new culture called the “great resignation”.

Not that it is a single business that is being hit with this trend; it covers a wide variety of industries, especially in the high-tech and healthcare industries and also with employees having different level of experiences.

Reasons that Drive an Employee to Leave an Organization

  • Voluntary turnover (like job/career advancement, pregnancy, education and others)
  • Dissatisfied with the work
  • Work culture or unsatisfied relationship with colleagues
  • Better alternatives

These reasons look customary. However the trend data for 2021 shows that mid-career workers and managers are most likely employee sectors whose resignation rates are increasing. 

So how are businesses managing to retain their employees to make them work for the organizations ? a million dollar question!

Rewards and Recognitions that Benefits Employees

Bringing smile on employee face is a hardcore affair for the organisation. As is known, being respected and valued makes them feel happy.

Happy employees work towards the betterment by being more creative. By spreading good vibes among themselves and across teams the productivity jumps several fold.

This might not only happen by providing them a good pay but also by giving them challenging work that truly value their contributions.

On the other side of the coin lies the biggest task. Not acknowledging a persons? inherent values will become costly affair for an employer especially when an employee is thinking of leaving the job.
Appreciation is the least thing an employee expects when they have done an exceptional work. Likewise providing recognition in the form of positive feedback on their performance also matters equally.

A study by CareerBuilder found that 50% of employees would stay if they are rewarded tangibly.

Rewards, recognition, employee benefits, appreciation and recognition are interlinked. 

All these put together by the manager yields to the betterment of the organisation. Following are the ways to improve employee recognition:

Formal recognition:

 

It is without doubt that every employee expects rewards once the given task is dutifully completed either by hard work or by smart work.

Rewards are intended to motivate employees to perform effectively and efficiently towards achieving organizational goals.

Subsequently, motivation is the partnership approach linking between management and employees.

Reward distribution maybe done by means of compensations and bonus along with the appraisal.

Group and individual impact: 

 

To complete a given task, group decision will be more efficient because they almost always outperform an individual.

Whereas an individual efforts can be seen assuming personal responsibilities to achieve outcomes.

In both the cases employee will be judged for the amount of work satisfaction to provide recognition.

Appreciation:

 

40% of employees who feel they are not meaningfully recognized will turn back with their responsibilities.

This can be avoided only in the form of appreciation.

An employer can appreciate an employee who is an effective contributor for the given task, by honouring them through awards like star performer award or by providing retention bonus.

Bottom Line

Unassumingly employees urge for some kind of benefits that gives thrust to work for the employer, stay focused with the job given to them and remain in the same organization. 

The benefits maybe provided in the form of rewards, bonus, hike in the salary or maybe promotions. 

When these benefits are in-line with the employee needs, then the employer can be rest assured that the great resignation drift which is happening in the recent past will not bother them anymore.

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