Rewards and Recognitions - the key towards organizational success

by Anamika Raj Content Writer

Recognition can be explained as one which emerges when any achievement or any challenging task when accomplished by an employee reward program is being acknowledged. Followed by the recognition comes another important factor namely reward which is a token of excellence in one’s work. Such a reward may be of monetary or non-monetary terms. Rewards and recognitions when given to the right person on identifying their talents at work will act a magical spell on those employees to perform better and allows them to be more associated towards work. Therefore their importance is widely felt among various organizations. Rewards and recognitions are highly critical in today’s work life mainly because of the following reasons:

 

Importance of rewards and recognitions:

Benefit to the organization:

There are many merits added to the organizational performance out of these rewards and recognition either directly or indirectly. To list a few:

· Organizations can boost up their performance by recognizing the right talent and mapping them to the deserving competent job role.

·   Then organization’s outcomes double enabling it to sustain in the market.

· Their brand recognition happens and retaining the talented employees is achieved.

.· When the existing employees perform well it lowers the cost of hiring new talents.

·   There is more profits and more revenues reaching the objective of the firm.

Benefits to the employees:

· Rewards will encourage employees to involve more in his work in a dedicated manner towards the end results.

· They enjoy the power of achievement and realize what their superiors expect from them and work accordingly.

·  Their basic and social needs are fulfilled letting them to climb up to the next level in the hierarchy of needs.

·   He gains knowledge and the required competency out of his excelling work performance.

·   He is motivated to contribute more to the organization.

·  He is emotionally bonded with the organization to remain connected with its members and works as a true organizational citizen helping others in their work.

 Additional aspects:

Having looked into the benefits which such rewards and recognition provide to the firm and an individual, the trend in such rewards and recognition patterns keep changing according to the industrial needs and the organization’s policies and procedures. Its importance is widely felt in many huge organizations for the following potential reasons also:

Retention and turnover:- Retaining the existing employee is very hard and this can only be done by recognizing their work at the right time and the best option is employees incentives. This will in turn reduce the turnover caused thereby helping the organization to perform at a much faster pace

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More refined goals and objectives: By conducting rewards and recognition programs, the business goals and objectives are more clearly obtained and this in turn helps to control the business operations in a much better way as this point out the real need for running any business.

Positive reinforcement: Employees always do what they are expected to do in order to get recognized and in this line, reinforcing a certain behavior which is favorable to the organization is possible by such rewards.

 

 

 

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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