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.
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.
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.
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.
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.
There are several reasons why non-monetary rewards are gaining more and more popularity with organizations and are perceived as more effective than the traditional monetary awards or so-called cash awards. Non-monetary rewards are likely to offer better results in terms of greater engagement, higher retention, and increased productivity.
Traditionally, regarded as a ‘no-brainer’ form of reward, cash rewards are falling out of favor of employees, reducing their impact on employee motivation. It is time for organizations to move away from the tradition of cash rewards and consider adopting more diverse forms of non-monetary rewards that are likely to be more effective in driving employee motivation.