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 can need to take implement these measures to make employees feel valued and build a highly engaged, self-motivated, and completely dedicated workforce that can drive business growth and profitability.
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.
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.
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.
There are many low budget ideas for employee rewards and recognition like the ones that make it possible for smaller organizations to maintain a relatively low rewards budget without losing out on the benefits of employee recognition and appreciation.
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!