Employee rewards and recognition

Written by Leigh Foster

The power of employee recognition cannot be underestimated especially when they have thousands of appealing opportunities in front of them.

Who doesn’t want to attract, hire, and retain the best talent for the role? Why not explore new ways to improve employee motivation and drive them to succeed? After all, an organisation’s performance is directly related to the performance of its workforce. If you show personal appreciation, you will have greater loyalty from your employees.

Treating your employees like your assets and maintaining good relationships with them doesn’t only produce business in the present but is also an effective strategy for the future. Employers and management need to be proactive to develop a talented and dedicated workforce that can take you to your company goals.

Fulfilling employees’ needs, recognising their efforts, and presenting them with monetary and non-monetary rewards help you create an effective workforce for your organisation that can be your partner in success. Recognition of their efforts and boosting their morale results in increased productivity and decreased attrition rate. It is a proven fact that a motivated and dedicated workforce can increase the success of a company. After all, human effort is the biggest contributing factor to the success of any organisation. It is just next to impossible to achieve organisational goals only by the efforts of management. It’s the workforce who executes their plans and helps them achieve their financial as well as non-financial aims.

Establishing and implementing a reward system needs careful analysis of company policies and procedures. Deciding how to recognise employees’ efforts and what to provide them requires a thorough analysis of responsibilities and risks involved in a particular job. The reward system of an organisation should also be in alignment with its goals, mission, and vision. Depending upon the job profile, both monetary and non-monetary rewards can encourage employees to contribute more to the organisation’s end goal. 

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