Kindly share a Rewards and Recognition Policy
From India, Mysore
Employees besides wanting a good salary, friendly environment, growth opportunity also want to be appreciated for the outstanding work performed by them. Reward and recognition play a major role in attracting and retaining talent within the organization. It not only acts as a morale booster but also promotes 3 P's i.e. Productivity, positivity, and promotion. Such kind of programme builds up motivation in the workplace. However, an effective reward and recognition programme cannot work in isolation. It needs to have collaboration from employee managers and senior management. Recognition can be given by a large number of ways. Praising is inexpensive. A good reward and recognition programme should be.
Significant: Rewards must be based on values, goals, and priority.
Flexible: Reward programme must be flexible. It must be as per the demand of time and place.
Personal touch: Whatever is the kind of reward formal or informal, it is necessary to have a personal touch.
Timely: An employee should be rewarded on time else credibility is eroded with the passage of time.
Genuine: The appreciation must be genuine.
Disclaimer: The content prepared has been created with the greatest care. These policies have been prepared for the sample. However, for accuracy and completeness, cannot guarantee. The user is therefore requested to professionally check or to have professionally checked the suitability of all content for its use.
An Important component of a reward programme
Behaviour to be recognized must be linked with organizational mission.
All staff members, managers, senior management must be trained well for the implementation of an effective reward programme.
The programme must be communicated well at all levels.
Analysis and evaluation of programme effectiveness.
The following type of performance can be rewarded:
1. Safety achievement
2. Long-term employment
3. Exemplary attendance
4. Productivity
5. Innovation
6. Excellent customer service
7. Outstanding performance
8. Positive attitude
9. High level of skills
10. Team player
11. Initiative to get the job done.

From India
The insights on R&R policy are extensively given above.
However do remember that an exclusive policy for R&R will entail costs, measurement criteria to be well communicated, continuous discipline of announcing on TIME the names and the reasons in logical manner.
Also many times, though a person is given R&R, he or she may have only indirectly contributed and his team may have given extra efforts / time. In such cases, dissatisfaction can also creep in and the productivity / confidence will go down in the implementation of such a policy.
Overall today's employee is more of a immediate benefit seeker than a long term 1 year to 10 year reward. He /she wants to be acknowledged at the earliest instance of something good done by them. Therefore sometimes, a fixed monthly / weekly etc type of policy may also demotivate a person to a small extent.
However R&R helps build the company's workforce to create better productivity / cost reduction etc and improve the bottom line. So in many cases if the impact of someone's good work is translatable into MONEY, it would be worthwile to show that impact on annual bottomline .

From India, Pune

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