What Are the Different Categories of Employee Rewards and Recognition Programs?
"People will forget what you said, People will forget what you did, But people will never forget How you made them feel" Organizations today have realized that cash is easily replicable by others and hence to remain competitive in such a dynamic environment they need to introduce differentiators which cater to the needs of diverse cultures.
Strong Rewards and Recognition Program is becoming a top priority for organizations with top management and board members getting closely involved and that the effectiveness of all tangible and intangible rewards programs must be monitored periodically.
Before defining the categories/areas or behavior, one needs to be clear what will they recognize or in other words what the organization wants its employees to deliver.
In this regard, I thought of sharing few objectives to reward like: - Team Work - People or subordinate development - Achievement Orientation - Innovation & Creativity - Enhancing company brand in external forums - Social work - Improvements at work place - Motivation - Timely Delivery There can be multiple ways in which a rewards program can be structured to recognize an employee; some of them are mentioned here: - Time Based Recognition Awards: Rewards that are time dependent like weekly, monthly, quarterly, bi-annually, annually etc - Rewards For Functional Excellence: Rewarding employees for delivering on time, best team awards, rewarding for exceptional customer service, cost efficiencies - Rewards For Individual Departments or Groups: Rewarding exceptional performance in sales, finance, HR etc - Informal Appreciations: a pat on the back, recognizing in front of the team, group parties or get together, spot recognitions etc - Creating individual centric or Popular Category of Rewards: These rewards can be like brand ambassador, I want to be like, Best Mentor, birthdays and anniversary etc The categories of Rewards and Recognition program are dependent on the company vision, values and goals.
After all these rewards will ultimately result in a behavior which the organization wants its employees to exhibit and instill within them.
For some people the rewards may be financially, but for others it will be a question of branding, status, good resorts & restaurants, free movie tickets, games etc.
To sum it a better and more wholesome life.
Employees will be enjoying their rewards and feel motivated because you are rewarding them for working the way you wanted.
While designing rewards and recognition program you need to ensure that it does not loose its novelty and time to time changes and additions must be done to make the entire process more rejuvenating and special for people.
Strong Rewards and Recognition Program is becoming a top priority for organizations with top management and board members getting closely involved and that the effectiveness of all tangible and intangible rewards programs must be monitored periodically.
Before defining the categories/areas or behavior, one needs to be clear what will they recognize or in other words what the organization wants its employees to deliver.
In this regard, I thought of sharing few objectives to reward like: - Team Work - People or subordinate development - Achievement Orientation - Innovation & Creativity - Enhancing company brand in external forums - Social work - Improvements at work place - Motivation - Timely Delivery There can be multiple ways in which a rewards program can be structured to recognize an employee; some of them are mentioned here: - Time Based Recognition Awards: Rewards that are time dependent like weekly, monthly, quarterly, bi-annually, annually etc - Rewards For Functional Excellence: Rewarding employees for delivering on time, best team awards, rewarding for exceptional customer service, cost efficiencies - Rewards For Individual Departments or Groups: Rewarding exceptional performance in sales, finance, HR etc - Informal Appreciations: a pat on the back, recognizing in front of the team, group parties or get together, spot recognitions etc - Creating individual centric or Popular Category of Rewards: These rewards can be like brand ambassador, I want to be like, Best Mentor, birthdays and anniversary etc The categories of Rewards and Recognition program are dependent on the company vision, values and goals.
After all these rewards will ultimately result in a behavior which the organization wants its employees to exhibit and instill within them.
For some people the rewards may be financially, but for others it will be a question of branding, status, good resorts & restaurants, free movie tickets, games etc.
To sum it a better and more wholesome life.
Employees will be enjoying their rewards and feel motivated because you are rewarding them for working the way you wanted.
While designing rewards and recognition program you need to ensure that it does not loose its novelty and time to time changes and additions must be done to make the entire process more rejuvenating and special for people.