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.
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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.