Rewards & Recognition For 2021 & Beyond

An expert Human Resources (HR) team promises smooth talent recruitment and onboarding process along with maintaining a dynamic work environment. But is that it?

Of course, not!

Along with top-notch HR services and solutions, HR departments also incorporate the Performance Management System (PMS) in your company that helps you keep track of your employee’s work. This helps you attend to those who need more support and guidance and reward those who take courageous strides to lead your company to success and growth. Yes, we are talking about one of the most efficient HR policies, Rewards & Recognition (R&R).

Remember how as kids we would be positively reinforced with candies or an extra mark for projecting good behavior and performing well in class? Well, R&R is the positive reinforcement we give to our employees for their outstanding efforts and work. Instead of candies, there are certificates of appreciation and achievements.

It is no news that employees love to be appreciated. But then why do many companies still shy away from making investments in creating a robust regards & recognition strategy? Even if many companies are making the investment, why are they not being able to motivate their employees?

The problem is a lack of awareness.

Lack of awareness regarding the benefits of rewards. Lack of awareness regarding the motivational drivers of employees. Many Business leaders and HR teams are still using the traditional ways to reward and recognize employees. Or they are using a uniform approach for a diverse set of Employees. In the end, they are only working towards failure.

But then what is the right way to reward and recognize employees? Which tools and ways are working now?

Let’s take a look:

1. Social Media Appreciation

Social media is clearly the new cool and a great medium to appreciate your employees. You can post about your employee’s achievement or a milestone they reach on platforms such as Facebook, Instagram, LinkedIn etc. This will make your employee feel recognized and elated and also help increase their self-esteem. Social media appreciation is also a great tool of Rewards & Recognition, especially in the ongoing times of the pandemic, as your team could literally be spending 90% of their day on the internet. As the outside world is shut down, go public with your appreciation.

It will kind of be like the McDonald’s ‘employee of the week’ poster that they put up, but instead, this will be virtual, and without a burger

2.Peer to Peer Recognition

Getting recognized by peers is a great way to promote a healthy work environment. It is also an effective tool of recognition as employees can feel validated for their efforts by their peers, who directly see their work. Peer-to-peer recognition also helps employees build strong interpersonal relationships with each other, and this creates a lively workspace where productivity increases. Companies can keep aside one day in a month or once in two months where employees can appreciate each other’s work on post-its or an online dashboard.

3.Gift Cards & Vouchers

This is probably one of the most effective Rewards & Recognition tools in the modern work environment. A company can give out gift cards for shopping online or offline, or coupons to a live music show or theatre, or vouchers, as a way to appreciate an employee’s work. This tool is impressive as it both recognizes and rewards an employee for their efforts. In this pandemic world where employees are working from home, gift cards and coupons can be mailed to them and we are sure it would be put to good use. Who wouldn’t want to shop, right?

4. Day-offs

 Not every form of appreciation demands a monetary tangent. Giving an employee or employees a day off after they have pulled off a taxing week/month, is a great way to show that you care about their physical and mental well-being. Not only day-offs, but sponsored vacations are also a great way to recognize and reward an employee. These initiatives will help your employee rejuvenate and get some mental rest.

In our fast-paced world, we are no longer able to follow the ‘8 hours work, 8 hours leisure, and 8 hours rest’ regime, and this is why encouragement from the company to take leave would go a long way.

5. Encourage Volunteerism

There are many employees who want to volunteer their time but are unable to do so because of the workload. Like Salesforce, you can provide employees with one week of paid volunteer time wherein they can utilize the time to contribute to the community. You can also donate to charities and NGOs every month from a small chunk of your employee’s salary. Any employee would be happy to a part of this initiative.

Promoting volunteerism is a great way of rewarding and recognizing as you help employees do their bit in society.

Overall, we know one thing for sure. Rewards & Recognition is a great way to boost team spirit and make your employees feel seen. Frequent recognition can go a long way in the form of the relationship your employee builds with the company. It also increases morale and makes everyone in the workspace look forward to something. Maybe, it is not that extra cup of strong coffee your employee needs to get going, maybe the answer lies in recognition of efforts after all. So, what are you waiting for? Introduce this awesome program in your company and if you are looking for leads, you can start with Headsup Corporation!