Importance of Employees Reward, Recognition and Wellbeing

Manik Sinha

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Importance of Employees Reward, Recognition and Wellbeing

The Employees Reward, Recognition and Wellbeing."

The provision of rewards gives employees a tangible reason to stay. A happy and fulfilled employee can be motivated to perform better because of the positive feeling they have towards the company.

The importance of Employee Recognition and Engagement are as follows:

Increase Employee Productivity.

Increase Profitability.

Retain Top Talent.

Build a Positive Workplace Culture.

Create a Collaborative Work Environment.

Increase Employee Motivation.

Rewards help to inform employees that their work meets customers' expectations. Further, job performance that is rewarded is likely to be repeated. When each employee more consistently satisfies customers, it helps to improve a company's competitive position because satisfied customers are more likely to come back.

Recognition helps employees see that their company values them and their contributions to the success of their team and the company overall. This is particularly key when organizations grow or change. It helps employees build a sense of security in their value to the company, motivating them to continue great work.

Here are 9 low-cost ways to reward employees:

Express thanks with a public thank you. ...

Give a hand-written note. ...

Offer time off. ...

Give small gifts. ...

Give them a wacky and fun award. ...

Cover commuting costs. ...

Offer chair massages.

Employee reward and recognition programs are easy to implement in even the busiest operations.

The good news is that recognition programs not only help employees work harder and take more pride in the task at hand, they're also linked to reduced employee turnover.

Rewards systems build a learning habit.

And the more they seek the reward, the more they develop a healthy learning habit without even knowing it. Rewards generate interest which leads to effort and results.

Achievements, feeling of accomplishment, informal recognition, job satisfaction, personal growth, status, etc. are examples of these rewards. Formal recognition, fringe benefits, incentives, pay, promotion, etc. are examples of these rewards.

Rewards are gifts and awards that are given to employees, whereas recognition is praising an employee and calling out their accomplishments, without a tangible transaction. ... Rewards and recognition are components that contribute to employee retention and engagement efforts.

What is the best reward for employee recognition?

Office Perks.

Camp Out in the Corner Office.

Dinner with the Boss.

The Best Parking Spot.

Assistant for the Week.

Office Update Budget.

Free Lunch for the Team (Your Choice, Of Course)

Festival or Sporting Event Tickets.

Why do employees need both recognition and appreciation?

Showing appreciation for employees is especially important if you're a manager. In Glassdoor's Employee Appreciation Survey, 53% of people said feeling more appreciation from their boss would help them stay longer at their company — even though 68% said their boss already shows them enough appreciation.

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