What is Reward and Recognition?
Check out our guide below.
Reward and recognition is the activity employers engage in to acknowledge exceptional performance and encourage specific values or behaviours within their organisation. By formalising this activity into reward and recognition programs, employers can make it easier for HR teams, managers and colleagues to recognise the work of their colleagues, fostering better engagement and implementing positive change in the process.
Reward is essentially pay; recognition is a gift”- the two concepts usually go hand in hand, however it is important to acknowledge there may be a distinction, so organisations need to decide where reward and recognition fits into the broader employee engagement strategy.
When is the best time to reward and recognise your team?
Employers should remember to reward and recognise their employees’ efforts throughout the year to maximise their engagement and motivation in the workplace. Recognition awards focus heavily on things such as effort, enthusiasm and softer value-based attributes. This means that day-to-day recognition can have a much greater impact on your company culture than the annual bonus.
Benefits of Reward and Recognition
Reward and recognition are beneficial and can add a lot of value to both employees and employers alike.
- Motivate employees to be more engaged in their roles
- Celebrate exceptional performance
- Boost productivity
- Create a culture of positive recognition
- Share employee appreciation among the team
- Reduce staff absenteeism
- Engage and motivate your teams
- Increase productivity levels
- Stand out from the competition
- Have an engaged and motivated workforce who want to go above and beyond their call of duty
- Boost morale and create a desired corporate culture
- Reduce staff turnover
Different types of rewards
There are different types of rewards which can be offered in a Reward and Recognition Programme. Different companies offer different rewards, however these can all be mixed and matched. Often non-financial rewards have longer lasting effects as they are longer lasting as money can come and go in a faster fashion.
- Thank Yous
- Special Occasion awards
- Cash via payroll
- E-codes for digital redemption
- Scratch cards d. Supplementary gifts such as flowers, wine
- Go home early’ / ‘long lunch’ vouchers
- Day off voucher
- Coffee for a week vouchers
What is peer-to-peer Recognition
Peer to peer recognition is another element of reward and recognition and is as important as recognition coming from top level management. Employees should have the power and authority to nominate and highlight excellence within their team. This type of recognition shows that the employer values and respects their employees and trusts them to reward fellow teammates. This is a useful tool to build a continuous culture of employee recognition which encourages employees to get involved frequently. This will allow employees to nominate the team for both financial and non-financial rewards, everything from a simple thank you card, a gift voucher for their favourite retailer, an extra day’s leave or an experience day.
What is Social Recognition
Social recognition allows a company to build a culture of recognition where it’s possible to showcase and reward exceptional team and individual contributions in your business. Social recognition is more than just awards, it is a place where employees can share their successes and celebrates all their achievements together. Company culture and values needs to be aligned to drive employee engagement and overall productivity.
The need for global Reward and Recognition
Many organisations now operate on the international stage where employers are responsible for managing employees across the globe. There is now a demand to implement a holistic reward and recognition programme which can be accessed across multiple offices, time zones and languages. A global approach to such schemes fosters better employee engagement, motivation and wellbeing across the board and ensures consistency and efficiency between the different offices. Navigate the complexities of developing a recognition programme across a multi-national organisation in our latest e-Book – How to Implement an Effective Global Reward and Recognition Programme - with an Exclusive case study from Colt Technolog
Reward and Reward Case Studies
Learn how some of Xexec’s diverse client base drives engagement with real life examples and case studies on reward and recognition. Gain some insights and see how their bespoke recognition schemes managed to solve the business problems at hand.