Organizations have tried everything for employee rewards over the years – from trophies, company branded merchandize, durables, electronics, holiday packages, gift vouchers, and even cash.
What is the best form of employee rewards?
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 other options.
There are many low budget ideas for employee rewards and recognition for organizations to run such programs and still get the desired results in form of enhanced employee motivation and engagement levels.
This step-by-step guide on how to set up an employee recognition program is based on best practices from organizations that have successfully implemented employee recognition programs for building a work culture that promotes innovation, performance and business growth.
The dynamics of keeping employees engaged and motivated have changed significantly over the past several years.
One of the biggest changes in this context has been the growth in the importance of intrinsic rewards, which are increasingly replacing material and monetary rewards.