Today's organizations realize that cash can be easily copied by others. To remain competitive in this dynamic environment, they must introduce differentiators to meet the diverse needs of different cultures. Organizations are focusing on strong rewards and recognition programs.
Board members and top management must get involved. It is proven that an employee rewards system and employee travel prizes are a great way to motivate the employees. It is important to monitor the effectiveness of all tangible as well as intangible rewards programs periodically.
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You can structure a rewards program in many ways to recognize employees. Here are some examples:
Time-Based Recognition Awards: Reward that is time-dependent, such as weekly, monthly and quarterly, bi-annually or annually, etc
Rewarding Functional Excellence: Recognizing employees who deliver on time, best team awards, and exceptional customer service.
Rewarding Individual Departments and Groups for Outstanding Performance in Sales, Finance, HR, etc
Informal Appreciations: A pat on the back, recognition in front of team members, group parties, get-togethers, spot recognitions, etc
Individual centric rewards or popular category of rewards: These rewards could be like brand ambassadors, Best Mentors, birthdays, anniversaries, etc.
The company's vision, values, and goals will determine the categories for Rewards and Recognition programs. These rewards will eventually lead to a behavior that the company wants its employees to exhibit and instill in them.