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.
Organizations have tried everything for employee rewards over the years – from trophies, company branded merchandize, durables, electronics, holiday packages, gift vouchers, and even cash.
What is the best form of employee rewards?
A well-defined and properly thought-through rewards and recognition program can ensure a higher level of satisfaction and motivation of their sales representatives and deliver business impact well beyond just sales incentives!
Start-ups should develop employee rewards and recognition programs that can enhance workforce performance and motivation significantly, and accelerate business growth.
There is no ‘one-size-fits-all’ solution to deciding on the most suitable types of employee awards in an organization.
A combination of different award types to fit different situations within the organization works best.
Recognizing employees for their contribution towards community service goes to show that the organization too cares for the greater good of society and encourages its employees to be directly involved in such initiatives.
It is important for organizations to track the benefits of their employee rewards and recognition programs and to take action based on the gap between the actual and expected results.
Keeping a few key principles in mind and with the right intent, organizations can develop effective rewards and recognition policies that deliver great results.
Reviving an ailing recognition program can be quite challenging, but when handled properly and in a timely manner, it can deliver the benefits and the return on investments for which it was designed.