Workplace Recognition and Incentive Programs

What is Employee Recognition & Rewards?

Posted on July 14, 2011 by Motivo Staff in Uncategorized

Recognition & Rewards are:

•Any word or deed towards making someone feel appreciated and valued for who they are and recognized for what they do.

•A range of formal and informal practices in the workplace that support organizational values, goals, objectives and priorities through positive reinforcement of desired behaviors and performance.

Why is Employee Recognition & Reward Important?

Employee recognition and reward is an important tool used to…

  • Make employees feel valued
  • Foster pride about being affiliated with the company
  • Improve employee engagement
  • Reinforce linkages between employee performance and organizational goals
  • Improve employee motivation and satisfaction
  • Attract and retain employees
  • Create a supportive work environment
  • Reinforce organizational values
  • Improve overall organizational success
  • Improve client service

WorldatWork

WorldatWork (formerly the American Compensation Association) found that non-cash rewards programs achieved three times the return on investment compared with cash-based programs. A recent Incentive Federation survey found that on average, 79% of respondents found non-cash reward programs to be fairly to extremely effective in motivating participants to achieve sales and marketing goals.

In conclusion, money does not, cannot impact these areas or sustain commitment over the long term. It is too fleeting and its effect lost when lumped in with all compensation when used as a reward. It is not distinctive enough to have lasting value to your company. Cash is not recognition, it is compensation.

A recognition culture is achieved by developing and implementing recognition activities and programs that support the organization’s strategic goals and corporate values. Dr. Bob Nelson