Organizations need to understand that successful employee reward programs do not need hefty budgets; what is required is an efficient and effective reward system that ensures that employees are rewarded in a meaningful way for their good performance without any delay.
Social recognition is all about publicizing the efforts and achievements of employees in a manner that inspires the other members of the workforce to perform better and become eligible for similar recognition.
Lack of an employee recognition program can hurt an organization as it is one of the key HR strategies for motivating and engaging employees.
Hence, organizations should necessary steps to address this gap and implement a robust employee recognition program.
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.
When it comes to keeping the members of the workforce motivated during the economic slowdown, employee recognition and rewards programs can prove to be one of the most cost-effective solutions for every organization.