What should companies do to create excitement and engagement for their employees? What should employers do to increase performance and in the workplace?
Companies that cultivate a culture of rewarding and recognition enjoys promising results from engaged and productive employees. A good reward and recognition system will not only show that the company appreciates the efforts of its employees. It will also value them because they are a part of the company.
Though at times the two terms are used interchangeably, they have different meanings. Rewards tend to look at the tangible motivation given to employees for good work. This can include things like gift cards, perks, etc. However, recognition is intangible benefits reaped for good performance like a congratulatory note from a boss, a standing ovation at work, the employee of the month sticker, etc.
Rewarding and recognition tends to increase employee productivity in the workplace. It makes them go the extra mile. Engagement at work stimulates teamwork spirit and acts as a catalyst for high performance. Make sure that you reward and recognize your team timely.
2. Stimulates Development and Career Progression
Employees tend to do more when they are recognized and rewarded for good work. It encourages development and career growth since it puts the employee in the position to do more and elevate their work performance. It gives employees morale to do more and exceeding the expectations the company has on them.
3. Brings a Sense of Satisfaction & Builds Morale
Reward and recognition cultivate a positive relationship between employers and employees. The employer will benefit from a satisfied employee delivering good results. On the other hand, a recognized and rewarded employee will become confident and satisfied with their work. Enhancing employee morale can contribute to lowering the turnover rate.
4. Enhances Teamwork Spirit
There is a say that if you want to go fast go alone but if you want to go far go together. It is known that teamwork is a better way of achieving goals faster than “working in a solo” mentality. When employees are given the chance to recognize their colleagues for good performance. It further encourages friendships and positive work relationships. A healthy competition among employees is good for business.
5. Creates a Strong Employer Brand
Employees talk and share experiences with those of other companies. A company that recognizes and rewards employees builds a positive brand when its employees talk positively about it. Organically, the company becomes recognized for its best HR practice and this can impact the way it works with external stakeholders. The company that recognizes and rewards its employees will not only be known for its productivity but also for its good leadership and people management skills
6. Attracts Potential Candidates
Jobseekers like to work for a good workplace and one that recognizes and rewards its employees. Rewarding and recognising the achievements of employees will attract high potential candidates.
If you haven’t come up with a good reward and recognition system, develop and implement one today and enjoy the benefits of a productive and engaged workforce.