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.
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.
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.
Peer-to-peer recognition has become an important part of the workplace today and has been helpful for organizations to improve employee motivation and engagement.
Employee recognition needs to be timely and appropriate to drive higher performance and engagement levels.
Hence, organizations need to adopt a policy of more effective and spontaneous recognition system.