Employee Rewards, Recognition, Engagement
Selecting an employee rewards system is a high-involvement decision just like buying a car. Hence, organizations need to proceed step-by-step with the decision-making by considering all possible factors to ensure that they select a system that best fits their requirements and budgets.
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.
Constantly monitoring and benchmarking the effectiveness and relevance of the recognition program and the platform being used by them is essential for organizations to know when to change your employee rewards and recognition platform.
While salary, financial perks and benefits play a vital role in attracting top talent, their retention in the organization depends on the effectiveness of the employee rewards and recognition program to an extent – how their efforts and contribution are recognized and rewarded.
There is a debate among HR practitioners that employee rewards and recognition programs should be targeted only at entry-level employees. However, as mentioned in this article, it is best to adopt a comprehensive employee reward and recognition system across all levels of the organization.
Employee recognition needs to be timely and in the right way to get the desired results in terms of improved performance and higher engagement levels, which is why organizations need to adopt a policy of more effective and spontaneous recognition.
Organizations need to work proactively towards understanding job satisfaction and motivational needs of its blue-collared employees and fulfil the same by designing suitable rewards and recognition for blue-collared employees. The one-size-fits-all policy might not work as their needs are different from those of their white-collared counterparts.
aking the above factors into consideration can help start-up organizations develop a truly efficient and result-oriented rewards program that enhances the overall workforce performance and motivation quite significantly
Overall, it does seem that digitization of the employee rewards and recognition program adds much more than what it takes away. There is no reason to believe that it would reduce the personal touch. It will improve the timeliness and spread of the communication vastly, creating a far higher level of satisfaction for the employee when one compares it with the traditional method of communication and distribution of employee rewards. I
Whatever the modus operandi, the key element is the continuity of the communication to keep emphasizing the importance of the culture of appreciation and recognition and to build successful employee rewards and recognition program. The communication should be top-down well as bottom-up to get feedback and insights on how the program is working on the ground.