The nebulous state of current economy and global competition has led companies to hire the ‘right talent’ and focus on retaining them like never before. As a consequence an effective reward and recognition program is increasingly being spelled out as the backbone of HR policies in corporate corridors. Regardless of the business issue, whether it is increasing sales or maximizing profitability, an effective reward and recognition strategy can help motivate employees to perform better. It can also reinforce behaviors they want to encourage to achieve certain objectives.
Ideally a reward and recognition program must be flexible for usage in various business environments like long service awards, specific performance awards, occasional rewards like birthdays, business awards for outstanding contribution and so on.
SuperSeva lists some prominent features of an effective Reward and Recognition program:
- The recognition program should include all employees
· The employees should know the criteria to earn recognition and rewards
· Instant gratification to be kept in mind
· Use a variety of rewards: a mix of monetary and non-monetary with multiple choice