Employees not only want good pay and benefits, they also want to be treated fairly, to make a substantial contribution to the organisation through their work, and to be valued and appreciated for their efforts.
Employees are a vital part of any organisation and it is crucial to keep them motivated if they are to perform to their full potential. Rewards & Recognition are a tried and tested strategy to drive employee engagement and job satisfaction, leading to higher productivity.
Big companies globally and Nigeria is not exempted, have adopted comprehensive systems of recognition and appreciation to engage and retain their top talent.
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 organisation. It not only acts as a morale booster but also promotes 3 P’s (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.
The managing director of Lancelot Ventures Limited, Mr Adebayo Adeleke, said one of the most important factors that contribute to employee motivation is how often their hard work is recognised, saying, “If an employee puts a lot of effort into a project to produce exceptional results and their hard work is not recognised, they will be discourage.
“It is not just important to recognise great work. How we recognise your team’s contributions has a significant impact and employee recognition should not just an annual bonus at the end of the year, it should be meaningfully and frequently given.”
According to him, motivation plays a very important factor in a human’s life. Whether it is about improving ourselves or our organisation’s performance. Motivated employees do not need to be told how to get things done, they take initiatives, are eager to take up additional responsibilities, are innovative and go-getters.
“Motivation, therefore, plays a very important factor and ensures employees remain active and contribute their best towards their organisation. Furthermore, a high level of motivation leads to a lower level of employee turnover,”he added.
Developing Employee Rewards And Recognition Program That Works
It is pretty apparent that implementing an employee reward and recognition program for company should be the need of the employee.
Clarify Organisation Vision; Before starting implementing employee recognition programs, you must be clear about what it involves; goals, benefits and cost.
Build A Committee; For the employee rewards and recognition program to be efficiently implemented, the first step is to form a committee. Regardless of the size of the company, appoint a few people who will be responsible for the implementation, managing, and establishment of reward programs. A well-chosen committee will assist in implementing the program efficiently by communicating and reinforcing the R&R program’s belief within the entire workforce.
Define Clear Criteria; The key to meaningful recognition in the workplace is to set the criteria for getting rewarded and appreciated. Recognition should be attainable, easy, and convenient for all the workforce. To make rewards and recognition meaningful, organisations need to decide what form of good work is recognised.
Ensure Successful Implementation; Once HR experts get the necessities out of the way; it is time to make the implementation of the program successful.
Measure and Revisit; After the rewards and recognition program gets successfully implemented, job is still not over. Successful recognition programs are the ones that positively impact the company as a whole, for example, productivity, business results, and brand value. But without any way to measure it, the effectiveness of the program is unsupported.
Rewards and Recognition Ideas
Recognition
There are many small and simple ways to show your employees that the organisation recognises them and cares for them, like birthday celebrations; peer-to-peer appreciation, monthly newsletters with employee success stories, give a shout-out, tailor-made rewards, monetary Incentives, creative rewards, learning and development rewards, among others
Gone are those days when rewards and recognition was considered a nice to have component of an organisations, HR strategy and should be a part of the company’s culture. Today it has emerged as a critical tool for enabling global organisations to enhance engagement, increase motivation, improve performance, and drive organisational culture.
