Rewards or Recognition, What Should Be The Practice For Motivation?
Recognition is Important in every field of life. Be it at Academics, Career, Relationships, or Society. To motivate one to perform better, different medium of Recognition is chosen.
Although both the words “Reward” and “Recognition” are often used interchangeably, they differ from each other in many ways. Many elements of designing and maintaining reward and recognition systems are the same, it is useful to keep the difference in mind. A good employee is an asset to the company and organizations should strive to retain them whichever method works for them.
Difference Between Reward and Recognition
To feel fully satisfied with the job both rewards and recognition are important. But what is the difference between the two? Read on to find out more.
- Recognition is relational, Rewards are transactional.
- Recognition is the praise that is given to the employee for performing well, which can be given anytime. Rewards are given if an employee succeeds in the completion of a certain goal.
- Recognition can be frequent which motivates the employee to perform better. Rewards are tied to goals. It can be an incentive for employees to work for the company.
- Rewards are the gift that is mostly consumed and ends. Recognition is an experience. When it is used by the employer carefully, it works wonders.
- Rewards can be transferred and are temporary in nature. Recognition is permanent which cannot be exchanged between employees.
- Rewards are generally task-based and are given on the completion of that. It is expected and given to the individual or group on the accomplishment of the goal. Recognition is spontaneous without anything planned.
- Recognition is mostly attached to the emotions of the employees. And on feeling good, the psychological dominance is empowering.
- Rewards are impersonal based on their contractual agreement when given to someone. The recognition celebrates individuals for what they do.
Main Benefits of Employee Recognition
The feeling of job satisfaction is very important for an employee. Acknowledgment, for putting the hard work done to improve productivity, promote collaboration, and creates a positive environment.
Improve Employee Retention
Various methods are adopted by an organization to boost the morale of the employees and retain them. One of the possible approaches by organizations is through rewards and recognition. A financial raise, gift card, and a bonus is the way to show the plus.
Cultivate A Culture Of Self-Improvement
The foundation can be laid towards creating a culture of self-improvement in the organization. Provide them with opportunities to learn and upgrade themselves at whichever role they are. Rewarding those who have taken time out in enhancing their skills.
Leaders of the organization have a greater role to play in their management of the employees. An employee is a company’s valuable asset. Making them feel respected and appreciated might seem trivial, but shows the culture of the organization. A healthy culture has a big impact on the productivity of the employee.
Ways To Recognise The Hard-Work Of The Employee
It is not always “what you do”, but “how you do”. Companies must make efforts to recognize the efforts, more in a way you would want it for yourself. Doing it in a more personal way has a magical effect.
Ways And Practices For Employee Recognition:
- Identify What To Recognize – It is important to map out the actions put in by employees for the work, and make opportunities for everyone to be recognized.
- Make it Genuine – A sincere and genuine “Thank You” in person or an email works in a very effective way.
- It should be done often – Regular practice of recognizing in small and unique ways to recognize employees must be encouraged within the organization.
- Personalizing the recognition to an employee in a manner that will be fruitful to them, must be practiced by the organization. Taking into consideration their choices will be the most effective way of rewarding them.
- Get creative with the ideas for the reward and recognition – Looking out for creative ways in rewarding the employees of different groups, departments, and individuals that are unique.
- Practicing fairness in rewarding – Favouritism should not be the ruling side in an organization when rewarding an employee. It should be fair and just and must celebrate hard-work.
- Keeping Transparency- Encourage an environment of transparency that everyone will be happy to be a part of. A standard measure and policies must be crafted to be true to their hard-working employee.
- Should be collaborative – No one should feel left out in the organization and employees must be made to realize to nominate their peers for rewards too.
- Rewarding the right way – Always remain aligned with the company principles, vision, mission, and values while rewarding the employee. Employee’s trust remains intact by observing what is being followed in the organization.
Senior management is in dilemma as to which medium should be chosen to motivate the work-force. Should they be recognized by rewarding in monetary terms or handing over a certificate or a standing ovation or a combination of both?
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Ideas That Can Be Implemented In Rewarding The Employee
Top perks that an employee prefers for work accomplishments are:
- Verbal recognition
- Monetary bonus
- Paid Leaves
- Gift Cards
- Food Coupons of Restaurants
Most of us work for money. Yes, I agree with it. Many of us work also to grow our status in our professional and personal lives. At times we fail and at times we are our best selves. And in between all these what keeps us going are the moments of motivation from team members, which we cherish.
Positive encouragement motivates one to work harder and think positive. A lot of times this kind of thing is forgotten by us. We at times even forgot o show gratitude to someone of distress who has helped us in times of distress. These small gestures are important and it impacts to accelerate the growth within the organization.
I truly appreciate and believe in this and I am sure most of us would agree to it. We always wait for such appreciations and we get indebted to such actions, giving our 100% to the organization. I have surely been driven by this and find this truly fruitful.
While appreciation works for some, material rewards such as hefty bonuses or gifts are important for someone. I believe, it only has short term impact and happiness and we are not left with any memory of what we did that amount of gift. But a certificate or medal or a badge always finds it’s a place to create an everlasting memory.
Appreciation is a fundamental human need. People want to be respected and valued by others for their contribution. Everyone wants “a pat on the back” to make them feel good. When an employee is valued, their satisfaction and productivity rise and they maintain or improve their good work.
What kind of reward do you expect your organization to incorporate in their policy? Do share with us in comments, whether you are okay with your current workplace policies.
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