Since the beginning of time (yes cavemen era), appreciation & recognition is an essential human need. This applies for both personal & professional life.
At a workplace, employee satisfaction and productivity can be directly proportional to employee recognition! (No, we are not teaching Math here). Employees feel motivated once they know their efforts are being appreciated & valued. Therefore, every company needs a reward system that can help with rewards & recognition of your workforce.
Let’s have a look at this scenario. An employee puts all his energy into a new project which has a tight deadline. Goes above & beyond his typical job scope to finish the task, only to be followed by no recognition and appreciation by the manager. What the employee thought was a sure shot way to get a promotion, raise or at least some recognition went completely unnoticed. Do you think he will be motivated enough to give his best for the next project? Nah, probably not.
Most of the companies (and individuals) think that giving a raise is equivalent of employee recognition. Well, this is true to a certain extent, but monetary benefits certainly don’t make up for the various different aspects of employee reward system.
Giving positive feedback after a completion of each successful project, appreciating by name in front of the whole team, explaining how it has contributed to the overall success of the project and how it will benefit the company is one of the few ways you can recognize an employee’s effort within the organization. Any company can start this by giving day-to-day recognition to individuals and teams, as this will set an example for the other employees and will motivate them of similar accomplishment.
A well-implemented employee rewards program has been proven to make an impact not only on workplace environment but also employee morale, productivity, engagement and last but not the least, retention. It’s no rocket science that an employee will stick around where his work & efforts are being appreciated.
Creating an environment where individuals are appreciated, their efforts are recognized is fundamental for the success of any organization. So, while choosing an employee rewards system it is very important that the company take into consideration the four basic areas: