Rewards and Recognition, abbreviated as R&R, is an integral part of compensation & benefits and also an effective employee engagement strategy. Devised with the sole aim of acknowledging outperforming employees, it can either be in monetary or non-monetary forms. Among the most valuable resources of an organization, the workforce is paramount. So, it is every employer’s prime concern to maintain job satisfaction among the employees and keep them motivated. In order to accomplish the same, performance management systems are integrated for the managers to keep track of individual shows within their teams.
Now, based on the performance and extraordinary efforts or contributions of employees, there are a number of ways in which rewards and recognition can be presented such as:
- Verbal and Written Appreciations
- Regular Announcements and Shout-Outs
- Occasional Bonuses and Appraisals
- Championships and Winning Titles
- Gift Vouchers and Goodies
- Tours, Trips and Travel Packages
- Monthly and Yearly Performance Awards
Organizing such motivational events at the workplace not only boosts the morale of employees and delights them but also maintains a healthy competition. Thus, it ultimately fosters productivity of the workforce, thereby helping the business grow steadily.