The success of any company depends, among other things, on how involved or dedicated its employees are. It is not difficult to understand that employee productivity and efficiency can deliver better quality product or service, garner better revenue, reduce/remove customer complaints, and achieve competitiveness. If analysed properly, employees who arenot working to their full potential can be blamed for lacking in motivation at work. So, how to reverse the trend and make them productive, efficient, and dedicated? The answer lies in rewarding them or acknowledging their contribution. In fact, employee recognition can play an important role in their retention.
How do employee rewards make an impact?
According to a survey by Gallup (please Hyperlink the source), employees receiving timely rewards and recognition show the below-mentioned attributes or outcomes –
Everything boils down to creating a productive and positive work culture in an organization, and if rewards and recognition contribute towards enabling the same, there could be nothing like it. In today’s competitive business environment where market dynamics, customer preferences, and technologies are changing rapidly, employees should be encouraged to adapt themselves to the new reality. To remain relevant and competitive, they should be upskilled or cross-skilled. In fact, industry and the government are putting special emphasis on skill development. To make sure employees (existing and potential) remain proficient in their domain of work, various learning and development initiatives have been executed.
However, rewarding employees should be a well thought out process. The right person should be chosen after due diligence so that there is no bad blood created or impression formed of someone ‘not so deserving’ being superseded over a deserving one. To pre-empt such a situation, rewards given to the employees should be strictly based on their performance as well as attitude towards work. The team (HR or management,)evaluating a potential candidate for reward and recognition should look into his or her potential as well. A good candidate with potential should be encouraged with incentives or any other forms of creative rewards like Champion of the Month, Images of best performing employees on the notice wall, and among others. The metrics or parameters organizations can refer while evaluating the performance of candidates may include attendance, targets achieved, initiatives taken, working in a team, and leadership ability. An online performance pay software suite can be utilized by organizations to collate metrics-baseddetails, and analyse them to choose the right person. In fact, the software can eliminate human biases (and interventions) to ensure a level playing field as far as rewarding an employee based on his or her performance is concerned.
Employees are the real assets of any organization who should be nurtured and encouraged to live up to their potential. A performance-based reward and recognition exercise should be carried out to ensure employee retention, improved productivity, enhanced efficiency, and better ROI for the company.