3 Ways for Revolutionizing Rewards and Recognition Program

3 Ways for Revolutionizing
Rewards and
Recognition Program
“The sweetest fruit of labor is not money or gold, But the praise and acknowledged for
a job well done, a sense of pride that cannot be undone which they will forever yearn.”

Rewards and recognition can increase
employee productivity by 26% (according to
Globo Force). It is a powerful tool for motivating
and engaging employees, driving productivity,
and fostering a positive workplace culture.
While monetary rewards, such as bonuses and
raises, are often effective, non-monetary
rewards and recognition can also have a
significant impact.

The current scenario of rewards and recognition in
companies is evolving rapidly. With the increasing
importance of employee engagement and
retention, many organisations are exploring new
ways to design and implement effective rewards
and recognition program.
Some of the key trends in this area include a
greater emphasis on non-monetary rewards and
recognition, such as flexible work arrangements,
wellness programs, and social recognition.
Presently rewards and recognition are
characterized by a shift towards a more
personalized, flexible, and technology-driven
approach that prioritises employee engagement
and retention.

SOCIAL RECOGNITION
PROGRAMS
Once as we have grasped the
significance, let's explore the methods of
offering suitable rewards that can
enhance individual employee
satisfaction by leveraging behavioral
science, fostering team/group
recognition through social recognition
programs, and promoting diversified
rewards at the organizational level.

EMPLOYING BEHAVIOURAL SCIENCE:
Behavioral science has a lot to offer when it comes to
designing effective rewards and recognition programs.
Psychology, neuroscience, and behavioural economics
can be used to design more effective rewards and
recognition programmes that motivate and engage
employees. Here are some ways in which behavioural
science principles can be applied to rewards and
recognition:
Psychological approach: This focuses on recognising the effort
employees put into their work rather than just the results. This
recognition of effort is a key psychological need for employees and
helps to create a sense of purpose and meaning in their work.
Additionally, recognition programs should tap into employees'
intrinsic motivation by aligning with their sense of purpose,
autonomy, and mastery. Creating a sense of ownership and
involvement in the design of recognition programs can also increase
employee investment and motivation.

Leveraging neuroscience for rewards and recognition: By designing
reward and recognition programs that trigger the release of dopamine,
we can play a key role in shaping behaviour. For example, rewards should
be timely, immediate, and tied directly to the behaviour being recognised.
Recognition programs can also tap into employees' sense of social
reward by using public recognition to create a sense of status and
competition. In addition, recognition programs should be designed to
reduce stress and increase feelings of safety and security, as this helps to
create an environment in which employees are more receptive to
rewards and recognition.
Behaviour economics by alluring rewards: By leveraging behavioural
economics, organisations can create rewards and recognition programs
that effectively influence employee behaviour, boost engagement, and
foster a positive work environment. For example, framing rewards as gains
rather than losses and making recognition more salient can enhance
motivation and engagement. Understanding individual preferences and
offering a range of incentives can align rewards with employees'
motivations. Leveraging social norms and fostering a culture of
appreciation can tap into the power of reciprocity.

Social recognition creates a positive work environment
and helps foster a sense of community and
collaboration. It is a powerful tool in rewards and
recognition programs that involves publicly
acknowledging and celebrating an employee's
achievements. Here are some key elements of social
recognition:
SOCIAL
RECOGNITION:

It involves publicly recognising and celebrating an employee's achievements and
can be done through various channels, such as company-wide announcements,
social media posts, or team meetings. When employees are publicly acknowledged
for their achievements, they feel valued and appreciated by their organization,
which can lead to increased job satisfaction and motivation to perform at a higher
level. It can also create a sense of belonging within the organisation as employees
see the success of their colleagues and feel inspired to contribute to the overall
success of the company.
PUBLIC ACKNOWLEDGEMENT
Download Our Free Guide

One of the key benefits of peer-to-peer recognition is that it is employee-driven,
which means that employees have the power to recognise their peers for their
achievements, which also helps to increase employee motivation and
engagement as they feel more empowered to take ownership of their work and
contribute to the success of their team and organisation.
PEER-TO-PEER RECOGNITION

Social recognition can be facilitated through special events where employees
gather to recognise and celebrate their colleagues' achievements. This could
involve regular team meetings, town halls, or dedicated recognition ceremonies
where employees are encouraged to share stories of success and express
gratitude for their colleagues' efforts.
EMPLOYEE APPRECIATION EVENTS

By leveraging social media platforms within the organisation, employees can
publicly acknowledge their peers' accomplishments. This could involve posting
congratulatory messages, sharing success stories, or using dedicated hashtags
to highlight exceptional achievements. Social media provides a broader reach
and allows for greater visibility and recognition.
By incorporating these elements into social recognition programs, companies
can create a culture of appreciation and teamwork, increase employee
motivation, and increase job satisfaction.
SOCIAL MEDIA RECOGNITION

Diversifying the rewards portfolio is an
important strategy for effective rewards and
recognition program. Here are some key points
to consider:
DIVERSIFYING THE
REWARDS

One important aspect is customising rewards to meet the individual preferences
of employees. This could include offering a range of rewards, such as gift cards,
travel vouchers, merchandise, or experiential rewards like tickets to a sporting
event or concert or having a coupon store with a wide range to select from. A
rewards and recognition coupon store allows employees to redeem their earned
rewards or recognition points for various coupons or vouchers.
VARIETY OF REWARDS
Employee Experience Surveys

These rewards are designed to acknowledge and appreciate employees'
contributions, boost morale, and foster a positive work environment. Non-
monetary rewards can take various forms, such as public recognition,
certificates, trophies, flexible work hours, additional time off, professional
development opportunities, personalised thank-you notes, and team-building
activities. These rewards emphasise the value of an employee's efforts and
achievements beyond monetary compensation, promoting a sense of pride,
motivation, and loyalty among the workforce.
NON-MONETARY REWARDS

Flexibility is becoming increasingly important for companies looking to attract
and retain top talent. Employees are seeking more personalised and flexible
benefits that meet their unique needs and preferences. By doing so, companies
create a more inclusive and supportive work environment that values and
respects the diverse needs and interests of employees. For example, having
options such as healthcare plans, retirement savings plans, wellness programs,
and various additional rewards
FLEXIBILITY IN REWARDS

According to a study by TalentLMS, gamified e-learning courses had a
completion rate of 90%, compared to just 25% for non-gamified courses. By
incorporating game mechanics such as points, badges, and leaderboards,
gamification makes tasks or behaviours more engaging and rewarding. One of
the main advantages is that it makes work more enjoyable and satisfying for
employees. If work is more enjoyable, employees are more likely to be engaged
and motivated to perform better. Whenever employees are recognised for their
achievements, it can boost their confidence, leading to increased levels of
engagement and motivation.
GAMIFICATION OF REWARDS

CONCLUSION
Rewards and recognition are vital components of any
successful organisation. They help motivate and engage
employees, increase productivity, and reduce turnover.
Effective rewards and recognition strategies can be informed
by a variety of approaches, including behavioural science,
psychology, neuroscience, and social recognition. To ensure
that rewards and recognition align with company values and
goals, it is essential to emphasise these factors when
designing and implementing a rewards and recognition
program.
Ultimately, a thoughtful and tailored approach to rewards
and recognition can contribute to a more positive and
productive work environment, benefiting both employees
and the organisation as a whole.

THANK YOU
Vega-HR is the one-stop solution for your Employee Recognition and Rewards needs to make your organization a
truly-rewarding workspace. We provide world-class employee rewards, on-spot recognition, feedback, and incentive
solutions that can be monetized and redeemed with 3000+ Coupons and much more
marketing@vega-hr.com

3 Ways for Revolutionizing Rewards and Recognition Program

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