Organizational Behavior
Reward and Recognition System
(Importance, Role and Impact)
The business strategy associated with rewards and motivation towards job satisfaction has a resilient effect on success of the organization.
The Word rewards state the benefits that workers receive from their jobs. In any organization, rewards play an important role in building and sustaining the commitment among employees that ensures a high standard of performance and workforce constancy. Reward refers to all categories of financial benefits, tangible services and benefits that an employee receives as part of employment relationship with the organization. Rewards increase the level of efficiency and performance of the employees on their jobs and in the result thereof increase the success of the organization. Rewards can be extrinsic and intrinsic.
Intrinsic rewards often include praise for completing a project or meeting performance objectives.
Extrinsic rewards are tangible and take both monetary and nonmonetary forms. Tangible compensation may be direct or indirect. With direct forms of compensation, the employer exchanges monetary rewards for work done. Indirect compensation is given to every employee as a result of organizational membership.
Below, we'll take a look at four common types of employee reward systems.
Monetary Reward Systems. The most common type of monetary reward system is an annual or semi-annual bonus.
Non-Monetary Reward Systems.
Employee Assistance Programs.
Employee Recognition Programs.
Recognition: Employees do not only want attractive pay and benefits, but also expect that their efforts are valued, appreciated and treated fairly. Recognition is the timely, informal or formal acknowledgement of a person’s or team’s behaviour, effort or business result that supports the organization’s goals and values, and which usually is beyond normal expectations. The motivation of employees and their productivity can be enhanced through providing them effective recognition which ultimately results in improved performance of organizations. Recognition programs demonstrate respect for employees. A meaningful, thoughtful employee appreciation program is about valuing employees' efforts and having respect for who they are and what they do.
Employee Rewards Make Happier Employees
Rewards are an important part of keeping employees happy and productive. There is a direct correlation between rewards and employee happiness, with 86 percent of employees saying that they feel happier and prouder when they are recognized at work, and 85 percent saying that they felt more satisfied with their jobs.
Happy Employees are More Productive
Motivated and happy employees also contribute to the bottom line. Companies with engaged employees have higher revenues than those that don’t, to the tune of two-and-a-half to three times greater. Profitability also increases with employee engagement.
Employee Recognition Increases Trust
Beyond keeping employees happy, though, which is key to motivation, employee recognition also increases trust in the workplace. People want to know that their efforts are making a difference and aren’t going unnoticed by high-ups. Rewarding and recognizing employees creates stronger relationships, which in turn spurs motivation.
Designing the Perfect Rewards Program
With reward and recognition serving such an important role in employee motivation, it’s imperative that employers get it right. Rewards only work when they are meaningful and address the needs of the recipient. Everyone wants to be recognized for their accomplishments, but they also want autonomy and increasing responsibility; this gives a sense that they are contributing value to the organization. External factors, such as bonuses, pay increases, free meals, parking spots and other perks are always appreciated, but rather than truly motivating people, they are more effective at preventing dissatisfaction.
~Rutu Pallavi
RutuPallavi Harichandan
Manager HR
Aircrews Aviation Pvt Ltd
Www.AirCrewsAviation.com
Rutupallavi.Aircrews@gmail.com
Vcard:-
Https://www.rutupallavi.
Follow me on:-
Instagram:-
https://instagram.com/d_
LinkedIn :-
https://www.linkedin.com/in/
Twitter :-
https://mobile.twitter.com/
Quora:-
https://www.quora.com/profile/
Bio:-
https://www.portrait-business-
https://aerosoftin.blogspot.com/2020/08/reward-and-recognition-system.html Reward and Recognition System by @RutuPallavi Harichandan Manager HR Aircrews Aviation Pvt Ltd
Reward and Recognition System
(Importance, Role and Impact)
The business strategy associated with rewards and motivation towards job satisfaction has a resilient effect on success of the organization.
The Word rewards state the benefits that workers receive from their jobs. In any organization, rewards play an important role in building and sustaining the commitment among employees that ensures a high standard of performance and workforce constancy. Reward refers to all categories of financial benefits, tangible services and benefits that an employee receives as part of employment relationship with the organization. Rewards increase the level of efficiency and performance of the employees on their jobs and in the result thereof increase the success of the organization. Rewards can be extrinsic and intrinsic.
Intrinsic rewards often include praise for completing a project or meeting performance objectives.
Extrinsic rewards are tangible and take both monetary and nonmonetary forms. Tangible compensation may be direct or indirect. With direct forms of compensation, the employer exchanges monetary rewards for work done. Indirect compensation is given to every employee as a result of organizational membership.
Below, we'll take a look at four common types of employee reward systems.
Monetary Reward Systems. The most common type of monetary reward system is an annual or semi-annual bonus.
Non-Monetary Reward Systems.
Employee Assistance Programs.
Employee Recognition Programs.
Recognition: Employees do not only want attractive pay and benefits, but also expect that their efforts are valued, appreciated and treated fairly. Recognition is the timely, informal or formal acknowledgement of a person’s or team’s behaviour, effort or business result that supports the organization’s goals and values, and which usually is beyond normal expectations. The motivation of employees and their productivity can be enhanced through providing them effective recognition which ultimately results in improved performance of organizations. Recognition programs demonstrate respect for employees. A meaningful, thoughtful employee appreciation program is about valuing employees' efforts and having respect for who they are and what they do.
Employee Rewards Make Happier Employees
Rewards are an important part of keeping employees happy and productive. There is a direct correlation between rewards and employee happiness, with 86 percent of employees saying that they feel happier and prouder when they are recognized at work, and 85 percent saying that they felt more satisfied with their jobs.
Happy Employees are More Productive
Motivated and happy employees also contribute to the bottom line. Companies with engaged employees have higher revenues than those that don’t, to the tune of two-and-a-half to three times greater. Profitability also increases with employee engagement.
Employee Recognition Increases Trust
Beyond keeping employees happy, though, which is key to motivation, employee recognition also increases trust in the workplace. People want to know that their efforts are making a difference and aren’t going unnoticed by high-ups. Rewarding and recognizing employees creates stronger relationships, which in turn spurs motivation.
Designing the Perfect Rewards Program
With reward and recognition serving such an important role in employee motivation, it’s imperative that employers get it right. Rewards only work when they are meaningful and address the needs of the recipient. Everyone wants to be recognized for their accomplishments, but they also want autonomy and increasing responsibility; this gives a sense that they are contributing value to the organization. External factors, such as bonuses, pay increases, free meals, parking spots and other perks are always appreciated, but rather than truly motivating people, they are more effective at preventing dissatisfaction.
~Rutu Pallavi
RutuPallavi Harichandan
Manager HR
Aircrews Aviation Pvt Ltd
Www.AirCrewsAviation.com
Rutupallavi.Aircrews@gmail.com
Vcard:-
Https://www.rutupallavi.
Follow me on:-
Instagram:-
https://instagram.com/d_
LinkedIn :-
https://www.linkedin.com/in/
Twitter :-
https://mobile.twitter.com/
Quora:-
https://www.quora.com/profile/
Bio:-
https://www.portrait-business-
https://aerosoftin.blogspot.com/2020/08/reward-and-recognition-system.html Reward and Recognition System by @RutuPallavi Harichandan Manager HR Aircrews Aviation Pvt Ltd
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