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Rewards and Recognition
 

Organizations today have realized that cash is easily replicable by others and hence to remain competitive in such a dynamic environment they need to introduce a differentiator which caters to the needs of diverse cultures. Rewards and Recognition Program is becoming a top priority for organizations with CEOs and board members getting closely involved and that the effectiveness of all tangible and intangible rewards programs must be monitored periodically.

Before defining the categories/areas or behavior, one needs to be clear what will they recognize or in other words what the organization wants its employees to deliver. Few of the categories identified so far are:

  • Team Work
  • People or subordinate development
  • Achievement Orientation
  • Innovation & Creativity
  • Enhancing company’s brand in external forums
  • Social work
  • Improvements at work place
  • Motivation
  • Delivery in time

There can be multiple ways in which a rewards program can be structured to recognize an employee; some of them are mentioned here:

Time Based Recognition Awards: Rewards that are time dependent like weekly, monthly, quarterly, bi-annually, annually etc

Rewards For Functional Excellence: Rewarding employees for delivering on time, best team awards, rewarding for exceptional customer service, cost efficiencies

Rewards For Individual Departments or Groups: Rewarding exceptional performance in Sales, Finance, HR, IT, Administration etc

Informal Appreciations: A pat on the back, recognizing in front of the team, group parties or get together, spot recognitions etc

Creating individual centric or Popular Category of Rewards: These rewards can be like brand ambassador, I want to be like, Best Mentor, birthdays and anniversary etc

The categories of Rewards and Recognition program are dependent on the company vision, values and goals. After all, these rewards will ultimately result in a behavior which the organization wants its employees to exhibit and instill within them. For some people the rewards may be financially, but for others it will be a question of branding, status, good resorts & restaurants, free movie tickets, games etc. Employees enjoy their rewards and feel motivated because you are rewarding them for working the way you wanted.

While designing rewards and recognition program one must ensure that it doesn’t loose its novelty. Time to time changes and additions must be done to make the entire process more rejuvenating and special for people