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.
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.
Overall, employee rewards and recognition programs that are well designed and well executed can provide significant benefits to the organization to justify the investments made into the program by the management. However, it is important to keep these objectives in mind while the program is being designed and implemented without any ambiguity.
According to us, 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 and create a positive atmosphere within the organization.
Measuring success of employee recognition programs is critical to assess the return on investment in them made by organizations. It also helps in showing the genuine intent of the organization of improving these programs in the eyes of the employees, which in itself can prove to be a motivating factor for them.
The importance of intrinsic rewards stems from the fact that they offer an effective and low-cost way for organizations to engage employees and derive longer-lasting benefits. These intrinsic rewards can create a sense of joy, fulfillment, happiness, and satisfaction among the employees, which in turn will drive greater performance.
Building work culture and environment based on effective employee recognition programs can deeply impact the various levers of business growth and productivity. It contributes towards cultivating a positive work environment, continuous employee development, employee engagement, and stronger retention. These factors play an important role in defining the growth trajectory of an organization besides helping it to forge ahead of its competitors.
The G.I.V.E. model of employee rewards and recognition aims to maximize the benefits of employee recognition for organizations; and help them create a positive work culture where talent can be nurtured through a deeply ingrained sense of collaboration, teamwork, and availability of equal opportunities.
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.