Simply put, the significance of rewarding employees in an organization is that it motivates people to work hard, work smart and be more productive. An effective Reward Program can only be successful if communicated in a simple and transparent manner. Excellent programs can fail if they are not communicated in time and a manner in which it is understood by everyone across the organization.
It is also important to solicit continuous feedback on the program. Engaged employees who feel that their personal and professional goals are aligned are less likely to leave organizations. Effective Reward and Recognition Programs help achieve that. Motivated and happy teams contribute to the bottom line — and the difference is significant. Covey - "Always treat your employees exactly as you want them to treat your best customers. Did you find this story helpful? What are the top work tech investment focus areas for your company currently?
Subscribe now. READ the February issue of our magazine to find out how organizations are doing it. This encourages employees for high performance, higher retention rates, higher productivity, reduced expenses to inattentiveness at work, safety issue, or job downtime.
Recognizing employees for the work they do only cost some time and effort. Once you initiate this program, you will see that it bears you results. Awarding your employees and sending them valuable gifts on occasions like Christmas, cutting team cakes on birthdays are some of the good motivating ways for employees.
Employees continue working with equal zeal and enthusiasm if their work gets applauded. This is why companies are paying special attention to rewards and recognition at work. Appreciation and recognition are the two very important and major factors of employee motivation to keep striving towards their goals at work. They want to aim higher and better to be applauded by hikes and increase in pay scales. By applauding employees in front of friends and colleagues, it is the greatest motivation one can get to do better anytime.
Here are some ways which employers are unaware of, but employers must know that this is demotivating your happy and dedicated employees.
Too much of supervision by managers and supervisors is demotivating for employees. This makes employees feel demotivated and over supervised.
They cannot enjoy absolute freedom at work and feel very demotivated. Such employees are job hoppers and change jobs to more satisfying and happy jobs at workplace suited to their needs. This is another demotivating factor for employees. Giving bad appraisals to employees is highly demotivating. It leads to employees turning into job hoppers. They often change jobs due to poor appraisals or appreciation for the long hours of hard work they have been putting into their work.
Poor job ratings are indeed very demotivating from the employee perspective. As promotions remain on hold and hikes are rejected. Well, for all, promotion and recognition is the key -regardless of where they happen to be in the food chain, is recognition hungry. By praising their high performances, you will get the best way to motivate them, push them and bring out their best and hidden talents. Studies show that employees who are rewarded have shown higher loyalty and high productivity and are eager to contribute to your company peacefully and sincerely in whatever best possible way.
You should never ignore the power inherent, in employee recognition. Even if you shake hands with them or call for a team lunch, you never know how motivating it might be. You may not necessarily need to give away awards and prizes — especially if your employees are different and remote to any location. The key is the find easy and simple and accessible ways that work for your team. Find something that will be the best way out, to make them realize their good work and that has longevity and helps in the long run.
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