Rewards & Recognition
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Although often used interchangeably, rewards are transactional and recognition is intangible. Together they form a system at the workplace where employees are acknowledged for their performance and appreciated in a timely manner.
Newly defined rewards and recognition programmes need to include intangibles as parameters for praise as much as they factor in tangible value addition. Rewards and recognition are key drivers of employee behaviour, work ethic and make employees feel like a valued part of a company. Closely tied to an organisation’s retention strategy, R&R programs that include monetary compensation, a paid trip, appreciating a job well done and praising employee’s on social media for their efforts are beneficial in building a work culture that enables employees to thrive.