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.
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.Would you like to see the whole article?
Would you like to start driving positive changes in your business? Would you like to see increased productivity and profitability? Of course you would!
As part of our commitment to being a low cost yet highly effective service to help owners and managers of small to medium sized business, we are now offering the first month of your membership for just $1! This means you will get full access to all of the learning articles, tools and tips that our website has to offer and with a commitment to upload at least another 150 learning articles through 2015 there is also plenty more learning on the way. On top of this you will also receive our weekly newsletter to keep you updated on new learning for the week and much, much more!
You can cancel at any time, however, if you see the value in what we’re offering (and we’re sure you will!) your membership will automatically continue after your trial at the low cost of just $19.95 per month. So what are you waiting for? For just $1 you are getting full access to all of our content for 30 days risk-free, so come on and join our community today!
Success is giving it your Absolute Best!