Employee rewards and recognition system is not just a positive thing to do with people but communicating it effectively is an efficient tool in encouraging them to create and bring business for you. Treating your employees like your assets and maintaining harmonious relationships with them doesn’t only yield business in present but also an effective strategy for future. Employers and management need to be pro-active to develop a talented and dedicated workforce that can take you to your goals.
The power of employee recognition can not be underestimated especially when they have thousands of lucrative opportunities in front of them.Reward system of an organization 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 organization.
- Monetary Rewards: A raise in salary, incentives, movie tickets, vacation trips, monetary allowances on special occasions, redeemable coupons, cash bonuses, gift certificates, stock awards, free or discounted health check-ups for the entire family and school/tuition fees for employees’ children fall in this category. While designing company policies for monetary rewards, management should make sure that benefits should be as broad-based as possible. It requires sound planning and effective implementation.
- Non-monetary Rewards: Non-monetary rewards may include trophies, certificates, letters of appreciation, dinner with boss, redecoration of employee cabin, membership of recreation clubs, perks, use of company facilities, suggestion awards, tie-pins, brooches, diaries, promotion, say in management, etc.
A combination of monetary and non-monetary rewards can work wonders and drive employees to perform well continuously.