Company reward and recognition programs

Reports say that money is no longer the best motivator for employees. While money is great in certain situations, employees prefer to know how they have contributed to the success of the organization and to be recognized for these contributions. A simple "thank you" or praise for good work can be just as powerful as a gift card or other monetary reward, but keep in mind that different people are motivated in different ways, so make sure that you offer a variety of incentives and that these are commensurate with the employee's performance to avoid causing friction within the team.

For the employee reward and recognition program to be a success, employees need to understand how it works and what they need to do to earn recognition. To achieve this, enlist the help of management and key employees to promote and execute the program. Once the program has been implemented, it's important to review and evaluate it regularly to discern how effective it is.

Consider whether the rewards are adequate and fair, whether your employees are happy with them, and if the program has contributed to improved processes in your organization. The German utility company E. On applied this principle to optimize its staff engagement levels. The company introduced a Buzz recognition program that encouraged personalized recognitions via digital and physical thank you notes. Leadership teams were also brought into the scheme, with senior executives personally recognizing close to a thousand employees.

And the results speak for themselves:. This example illustrates the broader impact of intelligent reward mechanisms.

The sheer personalization and employee centricity of their rewards made the outcomes exceptional. Apple has always enjoyed a pretty high ranking when it comes to workplace experience. In , Indeed named Apple the best private-sector employer in the U. LinkedIn ranked it the sixth-best company to work for in the U.

Instead of just one day off on Thanksgiving, Apple decided to offer paid holidays for three days in a row. Workers in a different part of the world would get paid time off during an equivalent holiday. Retail workers who continued to put in efforts during the holiday season a peak demand period would receive a similar reward at an alternate time. In a competitive job market, where top talent is ready to switch roles if they see a genuine value addition elsewhere, a smart employee recognition strategy can make a big difference.

These leading companies are prepared to show that they genuinely care about their workforce. Have you considered a new employee recognition strategy for ?

Share your plans with us on Facebook , LinkedIn , or Twitter. We would love to hear your perspective! By signing up, you agree to our Terms of Use and Privacy Policy. Your email address will not be published.

Save my name, email, and website in this browser for the next time I comment. No Account? Sign up. By signing in, you agree to our Terms of Use and Privacy Policy. Already have an account? Sign in. Enter the email address associated with your account. We'll send a magic link to your inbox. Use these recognition name ideas to go the extra mile for your employees who go the extra mile in their work. Reward their dedication with employee recognition programs and awards that celebrate their commitment and encourage others to follow their example.

Show your employees that you value them by installing long-term benefit programs and repaying their loyalty with heartfelt awards. Here are a few examples:. Remember, the names you use should be personalized for your company culture. This will help your employees feel that you made an effort to create something special just for them. Use these names, but even better, use them as inspiration to create your own names.

Create programs that perfectly fit your company —and, more importantly, your people. There are so many different ways to recognize, appreciate, and celebrate your employees. Here are more resources for guidance:. Your browser is out of date and may not be able to properly display our website.

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