Rewards & Recognition:
6 Major Reasons Why We Need Them
Reward and recognition play an essential role in a company’s culture to keep pace with current trends. It has several benefits for both parties and consistently proven that rewards lead to better employee engagement. Witness successful, established companies who have implemented reward and recognition practices in workplaces and made their employees feel valued. Some prefer to pay bonuses and use this reward as a savior tool to appreciate in a structured manner.
Let’s understand in brief about the six primary reasons for initiating reward recognition programs in the workforce:
By introducing a recognition system in the workforce, you encourage your team to have a sense of purpose. It gets them to understand the bigger picture of the company and their role in it. By gaining a sense of purpose, they try to contribute in every way and make their work more enjoyable. It alleviates their roles, and the uncertainty that they have in their goals gets a clear path.
Rewards & recognition play a crucial part in motivating them to work hard and to foster a sense of responsibility towards their company. Frequently visible recognitions enhance the compatibility among the peers and makes them feel that all are working towards the same goal.
Rewards boost morale like no other. Introducing incentives make employees happier about their accomplishments. As their efforts are recognized, they feel motivated and connected to their company at every step of the way. As a company leader, boosting morale should be the prime concern of any leader, as it increases productivity and satisfaction in workforce premises. To know more about rewards, you can visit website and view the benefits.
A high morale employee will not work like dead weight in the organization and will be equally engaged to thrive proactively. Thus, keeping employee morale high should be the prime foundation, and it can be achieved only through the respectful treatment of them at every level.
It is but natural that happy employees are more productive, but it doesn’t mean one has to always keep them happy through costly gifts or incentives. Each employee is different, but still, every employee always needs to be appreciated, and it can be through a simple thank you note or a recognition among the peers.
Acknowledging their hard work sets team targets among the employees, thus promoting friendly competition to reach a shared goal. It eventually converts in to increase productivity in business, pushing more profitability among companies. Therefore, satisfied employees will pay you huge dividends and propel your productivity like no other.
As quickly said than done, hiring new employees is a daunting task. To make the process easier if your staff member is happy working with you, then it can be a vital tool to enhance your employer branding.
Through this medium, they will share their honest response working on your premises, which can garner you with many recruits. Recommendation from peer to peer has particular effectiveness, and that you can easily earn if your employees are satisfied in their jobs. They are likely to be inclined to work due to reward schemes, etc.
Retaining Existing Staff
While recruiting new employees necessary for a company, thus retaining existing staff is also equally important. Because employee turnover costs a lot as you have to spend more on advertising, mentoring, and literally will have to go through a lot of process of hiring, thus hampering productivity.
Recognizing your existing staff is a critical step to stop employee turnover as it will lead them to be more loyal to their company. So, start initiating recognition programs to make your existing employees feel special.
One of the weirdest ways to reward your employees is by providing honest feedback. It is for the betterment of your employees and to make them understand if they are doing it appropriately. It is not just for fun but to show how important they are to your company. While providing bonuses and incentives, offer honest feedback from time to time to make them feel that they are valued, & their hard work is appreciated consistently.