Employee Recognition and Reward policy is an official statement on behalf of the company that says that employees/teams who deliver exceptional performance and contribute to the company’s well-being. The policy entails that such employees must be recognized in a proper form, which is inspirational to them and their colleagues. It will develop a lively competition among the employees that will indirectly benefit the company’s status. The policy outlines that company must not promote any favoritism as it will only lessen their dignity amongst the employees. On the contrary, well-defined appraisal programs will promote a healthy culture for the company to attract more candidates.
The policy develops best practices to set the high-performance standard every time an employee is rewarded for some category. As the employees will be motivated to achieve high targets, the company’s market value will improve and increase. Grow a positive and enthusiastic working environment for your company with our Employee Reward and Recognition policy template.