Rewards And Recognition

What are Rewards And Recognition?

Rewards and recognition(RnR) are a practice wherein the performance of the employees is acknowledged, appreciated, awarded, and encouraged in various ways. They are generally dependent on specific criteria and can be expressed in monetary or non-monetary forms.

For example,

• A company conducts an annual function each year.
• They award the best employee of the year in that event.
• This year, the best employee award was given to an exceptionally performing employee, Manasvi.
• Here, Manasvi is part of a reward and recognition program.

Frequently Asked Questions

How can an organization implement an RnR system?

ISuccessful implementation of the RnR program needs adequate planning. Companies must initially frame a reward and recognition
policy and then follow it. Also, to implement an efficient reward system for your organization:

• Get all of your employees involved
• Tie up your rewards with company goals
• Be consistent and specific
• Reward the teams and the best behaviors

How do incentives, rewards, and recognition differ?

An incentive is given to encourage an employee to contribute towards the growth and productivity of an organization.

Rewards are given to appreciate the employees for their overall performance. It is compensation given apart from the salary. It can be monetary or non-monetary.

Recognition is acknowledging and appreciating the employees primarily through non-monetary gains.

What are the different types of rewards and recognition?

Here are the different types:

Why is recognition important in a workplace?

Recognition should be an essential part of an organization as it has several positive impacts on employees, which leads to overall organizational development. Following are some impacts on the employees:

• Productivity increases
• Career development
• Job satisfaction
• Increase in employees morale
• Healthy workforce