Employee Rewards and Recognition
Traditionally, regarded as a ‘no-brainer’ form of reward, cash rewards are falling out of favor of employees, reducing their impact on employee motivation. It is time for organizations to move away from the tradition of cash rewards and consider adopting more diverse forms of non-monetary rewards that are likely to be more effective in driving employee motivation.
It is not just enough to design great employee rewards programs; knowing and overcoming the various challenges that hinder the efficient execution of such a program is the key to ensuring their long-term success and delivering the expected return on investment for the organization.
Getting rewarded and recognized by their superiors for their good work and performance can boost the morale of employees in a big way. However, when these rewards are accompanied by a well-worded email, citation or letter of appreciation, it ensures an even greater sense of happiness and satisfaction.
All said and done, recognition plays an integral part in employee engagement no matter how it is executed. At the end of the day, happy employee is what matters most whether is a pat on the back, a trophy, a shopping voucher or a trip to the Bahamas!
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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 in HR Management and Technology and write 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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