9 Rewards And Recognition Best Practices You Must Implement

rewards and recognition best practices

Reward & Recognition sounds like a simple concept: engaged employees perform more brilliantly and produce greater results than employees who are not engaged. Take the logic one step further and you could say that the result of having engaged employees is a greater business success. If you understand this, then bigger question you need to answer is, ‘Is your rewards and recognition program old school or new school?’. In the past, companies rewarded the use of their employees’ hands. In today’s knowledge-based economy, employers also need to win their employees’ heads and hearts. Precisely, modern recognition strategies are more result-oriented. Based on a radical new way to appreciate the greatness of employees that’s transforming the industry, we’ve created 9 ways to breathe life into any R&R program. Dive in and learn how you can reimagine recognition program which can assist continuous performance management.

1. “In The Moment” Recognition

As we discussed in our previous blog, one of the most common mistakes which leaders have been doing in the past is waiting for an annual review to reward their employees. As opposed to waiting for an annual review, new R&R technology allows you to recognize and reward behaviors as they happen, which is more effective in creating the positive impact on employees. The immediacy of recognition reinforces the connection between praise and the positive behaviors and activities you want to see repeated at your workplace.

2. Integration with Performance Management

If you are one of those companies which have tailored its R&R programs to recognize years of service or special achievements, then probably it’s time you need to restructure it. Today, recognition strategies are also used to increase the effectiveness of performance conversations and feed into a continuous performance management process.

3. Choice of Rewards

Will employees be able to choose their rewards? It is a better experience if they can. The more choice, the better. Although the old style of recognition awards may be a relic, there are a number of ways you can modernize your employee recognition program, and make it more effective and personalized. If you want to follow rewards and recognition best practices then make sure your R&R vendor offers a variety of options when it comes to rewarding choice, so employees can choose rewards that are individualized to them. Check out Xoxoday’s Experiences Section to offer meaningful rewards to your employees.

4. Not Just For Large Companies

Whether your company has 50 employees or 5,000, people are always an organization’s most important asset and implementing the centralized R&R program as a key component of the total compensation and rewards package has become a necessity. Employee recognition has proven to be instrumental in contributing to a positive workplace and organizational success.

5. Reinforcing Culture

Often employees and teams are distributed across different locations. If you want your program to have longevity, your centralized, values-based R&R program must be built into your culture and company rhythm, where everyone is working towards a shared goal.

6. Make Recognition Public and Social

One-to-one recognition is powerful on its own, but it is even more effective when it can be seen by others or shared via employees’ personal networks. Public recognition reinforces teamwork and encourages the positive behaviors that you are trying to drive organization-wide. Encourage recognition sharing, both electronically and at company meetings to build a culture of recognition. Younger employees are taking over the workforce and social media tools like Facebook, Twitter and LinkedIn are the way this new generation of worker communicates. By allowing employees to share recognition with their personal networks, you will not only make recognition more meaningful to them, but you will also be able to leverage their social networks to promote your employer brand online or support recruitment efforts.

7. Measure, Review and Improve

Since we already know by now that modernized R&R strategies are result-oriented, ensure that whatever your programs look like, you can easily record the activities to make decisions on how to improve the program using data, not desire. Define the metrics you want to change based on your corporate goals – and monitor them.
Also, ensure managers have access to reporting to see what an employee has been recognized for over time.

8. Peer Recognition Rules

One of the rewards and recognition best practices is a peer component that allows employees to recognize one another. Peer recognition breaks down the notion of top-down recognition from managers and fosters a sense of camaraderie, teamwork and working together toward common goals.

9. Keep Your Program Alive

Launching a program with a big bang is great as it gets people excited about the program, however keeping the program going and sustaining momentum takes care and ongoing effort. Choose a unique look, feel and name for your recognition program, that reflects your corporate brand and culture. Build rhythm around communicating the top employees recognized and those who are recognizing others most often. Don’t let it die!

Do you have any other questions on rewards and recognition best practices? You can write to us on business@xoxoday.com- we’d love to hear from you! 

(Visited 561 times, 2 visits today)
Tags

Comments