Organizations need to clearly understand the importance of employee recognition for their business success. They need to develop effective programs that are aligned with their business objectives and the needs of their workforce.
These are just a few of the top reasons why employee rewards and recognition programs fail. Leaders and HR must avoid these pitfalls to keep the programs alive and kicking, to keep employees motivate and productive at the workplace. And honestly, this is hardly rocket science.
Employee rewards in modern-day organizations have been evolving over the years – it has become more of an art than a science.Organizations have tried everything from trophies, company branded merchandize, durables, electronics, holiday packages, gift vouchers, and even cash. What is the best form of employee rewards?
Organizations that have a deep understanding of how employee recognition impacts business can develop relevant programs that are aligned to their business objectives, organizational culture and workforce profile and get the desired results.
The various examples of employee rewards programs provide a generalized framework for organizations to design programs suited to their industry type and maximize the outcomes of such programs. Obviously, individual organizations need to tweak these guidelines to match their business objectives and employee expectations.
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.
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.
Organizations should come up with innovative and engaging names for their employee rewards and recognition programs. These names should be reflective of the culture of the organization and should stick in the minds of the employees. Getting such an award should make the employee feel special for a long time. So, it’s worth the effort!
Overall, employee rewards and recognition programs that are well designed and well executed can provide significant benefits to the organization to justify the investments made into the program by the management. However, it is important to keep these objectives in mind while the program is being designed and implemented without any ambiguity.