5 Types of Employee Recognition and Rewards

You must keep your employees motivated, office morale high, and innovations coming to emphasize employee recognition. Finding different types of rewards and recognition for employees might appear a bit daunting, but even brainstorming can make you feel excited and overwhelmed. However, figuring out the right way to honor your team that has worked for the longest and set goals, and strive hardest is very important for a smooth operation. 

Most of the business owners have got some clear goals in their mind that will reduce their costs when improving the work quality, and quantity, of the work coming from the employees. In the cut-throat business climate, careful consideration has to be done to get maximum output from your workforce.

Unlike the popular perceptions, you may reward your employees without spending a huge amount of money, here we will look at different types of rewards and recognition for affordable employees. Monetary rewards aren’t the entire reward system but just the part of it. These days, even small businesses may afford to recognize the workforce via affordable gift cards.

Importance of Recognition and Rewards

The compensation might offer monetary satisfaction, however, it does not feed your employees’ desire of feeling appreciated and valued. Implementing rewards to every employee’s contributions allows them to know that you are paying close attention & appreciating their hard work and effort.

The importance of recognizing and rewarding your employees in the right and timely way is understood by many organizations. Thus, organizations feel highly overwhelmed with a lot of different kinds of awards to select from.

Determining the kinds of rewards to include & criteria for all of them are some important aspects to design an employee reward & recognition program of the organization. The kinds of awards selected must reflect the goals of the program. This guide to various types of recognition and awards will help the organizations to design the employee rewards & recognition programs.

  • Individual Awards

Even though the primary focus of many organizations is on teamwork & collaboration, individual awards play a very important role in each reward & recognition program. No matter whether it’s appreciating a particular employee for accomplishing a challenging task, displaying exemplary behavior, and taking extra initiative, the individual awards are the best ones. 

  • Peer to Peer Awards

Recognition from peers holds a very special value. At times peers know more about the work of co-workers than leaders and managers. They’re the ones who work with them & have impersonal relations with one another. They see various qualities that can be overlooked by the managers.

The healthy peer-peer award is important to make the company come to life. Also, this can be done very easily just by conducting the surveys among the employees & recognizing ones with the maximum votes. 

  • Going An Extra Mile

Each employer wants their staff to perform beyond their abilities and ensuring maximum productivity. But, it is not very simple. This takes a huge amount of motivation and dedication to push your employees to do. But, those employees who get continuous recognition do not hesitate in going the extra mile to get their job done. And Go Extra Mile award title is made for just those employees.

  • Functional Staff Awards

Support Functions play an important role within the organization, silently behind the working scenes. The functions include Administration & Facilities, HR, Internal IT, Finance and Accounting, and more. They not just allow the organization to run very smoothly but take up the challenging tasks that are related to the changes in the business strategy, processes, and policies.

  • Spot Awards

It is a catchy award term to recognize any type of exemplary performance that will range from a good presentation to a task done before time. And a key element of the Spot Awards is it’s done instantly following achievement by an employee. Generally, though an achievement may have a business impact, it will not be measurable in the terms of the business metric. For the specific business metrics, there can be many other award categories.

Final Words

The more awards and recognition the team members get, the more they appreciate and feel an important part of your organization, engaged in their process, as well as committed to the company’s goals.

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