Keep your employees engaged with rewards and recognition

TIME REQUIRED20 Minutes

essential previous learningEmployee Engagement

Reward and Recognition

Increase levels of employee engagement

Key Learning Outcomes

  • Understand how a reward and recognition strategy can have an impact on your business’s productivity and profitability.
  • Distinguish between “rewards” and “recognition” programs.
  • Ensure that a reward program is based on your business’s goals, the target levels are appropriate and the program is clearly communicated to your team.
  • Learn about the different types of reward programs you could consider for your business.

Article

It is important to that every business has a reward and recognition strategy. It has been shown that employee engagement has a direct impact on the productivity and profitability of the business, so the reward and recognition of your team are essential.

It is important to remember that reward and recognition are not actually the same things, and they do not always go hand in hand. Usually rewards are of a financial nature and are designed to reward an employee for their performance. Recognition programs are designed to provide a psychological benefit to the employee. Both are used to enhance motivation and are effective in building levels of engagement if used in the right way.

Reward payments are kept separate to salaries and are based on achievement of goals or outstanding performance. If a bonus is given to every employee every year, then it simply becomes part of the salary package and provides little incentive for employees to go above and beyond.

It is important to note here that a reward and recognition program, no matter how attractive, will not compensate for a salary that is below the industry standard. When employees are paid below the industry standard, they feel less valued and are likely to explore other opportunities. It is essential that base salary packages are competitive in the market prior to implementing any reward program.

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