With an effective Employee reward and recognition program, a significant impact is made on the company’s productivity, retention of top talents, and engagement.
It is a new week, do you ever wonder if your employees are happy to resume work?
Sometimes, the ideas you implement don’t work effectively in engaging them properly.
Here is a better way to organize and implement a better system for recognizing your employees and keeping the human resources and manpower that run your business happy.
This however requires the right planning, knowledge, and the right resources.
Table of Contents
What are employee and recognition programs?
Employee reward and recognition program involves organizing special programs, which the company makes up in order to recognize employees for their outstanding contribution and effort to the business.
These programs are designed to guide reward and recognition program. They set out rules on how employee recognition will be done or carried out.
The essential aspect of promoting growth and success through an employee recognition program cannot be overemphasized.
However, organizing this program aids in developing a persistent and considerate strategy for acknowledging employee achievements.
Many organizations understand how competitive the labor market is, leading them to put more effort into increasing their retention tactics for top-value employees.
How is an Employee Reward And Recognition Program Created?
Understand the different recognition ideas
The best Employee reward and recognition program is built on the basis of a modern employee recognition idea.
Recognition of employees on a daily basis is essential to get the best out of your reward and recognition program.
A stronger culture of acknowledgment is built, and it increases the accurate use of recognition programs.
Therefore it is important to Implement an employee reward and recognition program that is understanding, so team members get deeply involved.
Undergo a questionnaire
For the purpose of the Survey and Statistical study, a questionnaire is given to every employee to help them understand what they expect.
They can be asked to fill out a survey form to determine how happy they feel at work currently.
Base your employee Reward and recognition program on their feedback, needs, and expectations.
Launch an employee referral program
Referrals from satisfied customers are one of the ways to determine whether an employee is qualified for a reward.
The same is applied when recruiting, a referral from a highly valued employee can make a great impact.
Engaging in a referral program increases the chance of bringing qualified talent to the table.
Identifying the major purpose
How will this Employee reward and recognition program affect the company’s wide objectives?
This should be a question that, if answered, will guide your decisions in organizing this program.
When plans are made towards implementing a reward and recognition program, it must be ensured that a bigger picture is put in place in achieving the organization’s objectives and goals.
These are the things to look out for, how will your program:
- Advance employee relationship
- Help the company meet important Key Performance Indicators like customer satisfaction, employee engagement, and employee retention rates.
- Impact your company’s performance and productivity as a whole.
- Assist the company in meeting its mission and vision.
- Tie into your existing company core values
- Benefit all departments in the organization and not just specific departments
Determine the criteria for rewarding
The program must contain clear criteria to which the organization wants to reward or acknowledge it.
Decide the type of rewards you may want to provide depending on your budget or the number of employees you have.
What if resources are quite limited? Whether it is a small business or a large business.
That’s where recognition comes into play. Most employees still prefer to know how much they have impacted your company more than the money.
It is important to understand that in an organization made up of different intellectuals, they are also motivated in different ways. What motivates me might not motivate the other.
This is why having a variety of ideas or incentives will help accommodate all employees.
Enlighten employees on the designed program
For an employee reward and recognition program to be a reality and a success, your employees need to have knowledge and understanding of how it works.
This involves understanding what they need to do to earn such a reward or recognition. To achieve this, engage the service of management and key employees to promote and direct the program.
Evaluate the Program
It is important to evaluate and review the program regularly once it has been implemented. This evaluation will determine how effective your program is.
Also, consider if the reward or ways of recognition are adequate or fair enough.
Consider if your employees are happy and how impactful it has been so far to the company or organization.
Understanding the Difference between Recognition and Rewards
Do you know that there is a difference between the two terms: Reward and Recognition?
They are most often used interchangeably as though they were the same.
Knowing the difference between recognition and reward is essential to conduct the program properly and also assists in having an idea of which is appropriate.
Below are a few differences that will change the mindset that they are not different.
- Rewards are fixed while recognitions are not
Rewards are usually fixed, this means before an employee accomplishes a particular task, there is a fixed Reward expected. For example, monetary rewards like an increase in salary, bonuses, etc.
Note that the bonus given is additional to an employee’s monthly or weekly pay and not a replacement.
Recognitions are usually less formal and more subsequent. They can be done at any time and in any form that pleases the organization. For example, an open congratulatory message during a meeting, a well-done email, and maybe social media recognition.
- Rewards are bound to an accomplishment or successful Goal
While rewards are tied to an accomplishment, recognition can happen frequently without an outstanding goal being accomplished.
This brings us to the understanding that rewards are not done frequently; as recognitions are done.
An instance is given when a company set out weekly or monthly goals which are accompanied by their rewards. An example is given where an employee hits his goal and is given a free VIP ticket to an event abroad.
One can be recognized for his\her punctuality or dedication to his daily task. This is not a very big accomplishment but being recognized openly will boost that employee’s morale.
- Recognitions are relational while Rewards are transactional
Recognitions being relational means that they can be given by anyone. It can be given by the company, your colleagues, or even high personnel at any time.
Rewards are transactional, and we will explain this using a clear context.
If an employee does A, he will be given a B. This further explains that awards come directly from the company (Manager or Executive team) and not just anyone.
- Rewards are Transferable While Recognitions are not Transferable
Rewards are basically temporary in nature, they can be passed on from one person to another.
For instance, you can be an employee of the year in 2021 but in 2022, there is a new employee of the year.
The case is different with recognition. Recognitions are quite personal and are backed up by emotions. They cannot be transferred from the person it’s given to.
Before one is acknowledged for something it’s already a permanent trait. For example, being appreciated for your speed in delivering a task.
- Rewards are tangible while Recognition is intangible
Employee Rewards come in the form of things you can touch and use (money, gifts, gift cards).
Recognition is intangible in nature and priceless in value.
The common fact is that you won’t receive a reward without recognition, but you can receive recognition without a reward.
Types of Employee Reward System
Let’s briefly take you through the top five basic Employee Awards.
Below are the top 4 Employee rewards your company needs to boost its long-standing employees.
- Awards
- The employee of the Year Awards
- Most Creative Awards
- Leadership Awards
- Outstanding Achievement Awards
- Top Performer Awards
These awards mentioned are not limited. You can create more awards that you may find important.
This is usually done based on your employee Award and Recognition program that has been intelligently planned for the year.
- Monetary system
- Tuition refund
- Stock opportunities
- Additional paid time off
- Profit-sharing plans
- Recognition
As already mentioned, recognition is done alongside an award. One cannot be given an award without being recognized.
- Chances to leave work early
- Adjustable work schedule
- Lunch Day out
- Remote work if attainable
Types Of Employee Recognition Idea
These are ideas that an organization can take into consideration to ensure that its workers are appreciated.
- A day off
- Monthly Praise Emails
- Value-based awards.
- Company Branded Gift
- Out to lunch
- Core value call-out
- Publish a yearbook.
- Shout out to employees on social media
- Give LinkedIn recommendations
Frequently Asked Questions
What kind of recognition do employees want?
Employees want recognition that is genuine, personal, and expressive They tend to work harder when recognized.
How do you motivate Difficult Employees?
In a situation where your employees are so difficult to impress, try and do the following:
- Always criticize the behavior not the person
- Be open to relevant feedback
- Try and identify the reason or cause of the difficulty
- Stay calm and show respect.
What are the objectives of the employee reward and recognition program
The most common objectives for implementing an employee reward and recognition program include improving quality work, employee productivity, and customer satisfaction.
Conclusion
A great number of organizations out there are suffering the effect of an increase in the resignation of their employees.
This, therefore, leads to the quest for ways to make their employees feel appreciated and valued.
It is understood that other initial recruitment benefits like health insurance are attractive. However, an Employee reward and recognition program can be instrumental in ensuring that current employees are motivated and engaged.
We’ve therefore come to the conclusion that nurturing engaged employees will produce higher quality work and keeping high-performing employees will save the organization money and time.
