There is no ‘one-size-fit-all’ solution to deciding on the most suitable types of award for an organization. It is the ‘horses-for-courses’ approach that works best – a combination of different award types to fit different situations within the organization.
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.
Organizations faced with the dilemma of whether to reward employee performance or behavior.
They need to balance between achieving business goals and creating a more positive work environment.
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.
A well-defined and properly thought-through rewards and recognition program can ensure a higher level of satisfaction and motivation of their sales representatives and deliver business impact well beyond just sales incentives!
Employee recognition is both an art and a science that helps build a culture of appreciation within the organization.
This will ensure that employees think and act beyond their goal sheets and appraisals.
Technology-based employee recognition programs have become the need of the hour for organizations seeking effective and innovative ways to reward and recognize their employees and drive greater business growth.
Whatever the modus operandi, consistent and effective communication is critical towards building a successful employee rewards and recognition program. Only then the organization can reap its full benefits in form of a motivated and committed workforce.
Non-monetary rewards are gaining more and more popularity with organizations They can offer better results than monetary awards in form of greater engagement, higher retention, and increased productivity.