Organizations need to understand that successful employee reward programs do not need hefty budgets; what is required is an efficient and effective reward system that ensures that employees are rewarded in a meaningful way for their good performance without any delay.
An increasing number of organizations have started realizing that the frequency of employee recognition matters for the overall success of their rewards and recognition programs and helps them maximize the business benefits from them.
Celebrating personal milestones of their employees as part of their employee rewards and recognition programs can help organizations to motivate their employees and drive their performance, commitment and loyalty.
Social recognition is all about publicizing the efforts and achievements of employees in a manner that inspires the other members of the workforce to perform better and become eligible for similar recognition.
Organizations need to think beyond standard and popular options for rewards to ensure success of employee rewards programs. The freedom of choice when it comes to employee rewards is critical for deriving the desired result from such programs.
Understanding the key elements of a perfect employee recognition program is the first and the most important step that organizations need to take in the direction of developing such a system that is effective in motivating their employees and driving business growth.
Lack of an employee recognition program can hurt an organization as it is one of the key elements of motivating and engaging employees. Hence, all organizations implement a robust employee recognition program in line with their business needs and expectations of their workforce.
This step-by-step guide on how to set up an employee recognition program is based on best practices from several organizations that have successfully implemented employee recognition programs. Each of these steps plays a critical role in laying a strong foundation for building a recognition driven organization culture that promotes innovation, performance and business growth.
Deciding on the types of awards to include and the criteria for each of them are the critical aspects of designing the employee rewards and recognition program of an organization. The types of awards chosen should reflect the objectives of the program.