HiFives Industry Best Practices of Employee Rewards and Recognition covering different aspects of rewards and recognition policy, program design, program implementation, R&R technology, etc.
The efforts made by employers in the direction of ensuring a healthy work-life balance assures employees of being valued not just as an asset but also as a human being. It is expected to help organizations make significant improvements in the overall productivity and efficiency of the workforce.
It is high time for traditional organizations to start implementing modern employee rewards and recognition practices for creating a highly motivated and engaged workforce if they want to attract, engage and retain top talent and drive a higher level of business growth.
Despite conceptual differences, both employee recognition and appreciation play a critical role in keeping the employees engaged and motivated. That is why organizations need to combine both of these to consistently motivate and get the best out of their employees.
The award certificate represents the extra mile that an employee has gone for the organization and the acknowledgement of the same by the organization. At the same time, is aspirational for other employees who feel motivated to work harder and perform better to get the same treatment. The award certificate makes the employee feel valued and special.
Measuring success of employee recognition programs is critical to assess the return on investment in them made by organizations. It also helps in showing the genuine intent of the organization of improving these programs in the eyes of the employees, which in itself can prove to be a motivating factor for them.
Indeed, thoughtful rewards given to employees in the right way at the right time can truly help in bolstering employee motivation and empowerment in the organization, directly impacting the well-being, productivity, and loyalty of the employees. 2020 as a year should see an increasing focus on meaningful employee rewards, recognition, and benefits across organizations.
The importance of intrinsic rewards stems from the fact that they offer an effective and low-cost way for organizations to engage employees and derive longer-lasting benefits. These intrinsic rewards can create a sense of joy, fulfillment, happiness, and satisfaction among the employees, which in turn will drive greater performance.
Building work culture and environment based on effective employee recognition programs can deeply impact the various levers of business growth and productivity. It contributes towards cultivating a positive work environment, continuous employee development, employee engagement, and stronger retention. These factors play an important role in defining the growth trajectory of an organization besides helping it to forge ahead of its competitors.
The HiFives Team has vast experience of partnering with HR professionals from hundreds of organizations across multiple industry verticals and geographies. Based on these extensive interactions, the HiFives Team compiles a list of best practices of Employee Rewards and Recognition and other topics in HR Management and Technology and writes blogs on those topics. Those blogs are then published on the HiFives website. HiFives publishes at least 1-2 blogs every week on various HR related topics. The HiFives Team also write guest blogs for other blog platforms and websites relevant to the community of HR professionals.
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