Everyone is not a money lover when it comes to their dreamy jobs they always give their 100% in their work that not only for money, money cannot appreciate their effort. You might be thinking that money is the only thing that matters to employees. As long as employees get their paycheck for their work, they’re happy, that’s not true. Employees need both rewards and recognition of their hard work to feel fully satisfied with their job.
A study shows that nearly one-third of employees reported they would like to get recognized for their work achievements in a company-wide email from a company executive than receive a financial bonus of $500 that isn’t openly revealed by a superior to their coworkers. But we don’t know when a reward is suitable and when are credit and gratitude the right route? When a company achieves its goal with its employees the best candidate should get rewarded. When an employee is recognized for his achievements in the company he starts working whole-heatedly on the next project for the company.
What’s the Difference between Reward and Recognition?
Every company must develop an employee reward and recognition program that should thoughtfully consider Rewards vs Awards so you can consider when each of them is appropriate.
Rewards are transactional, while recognition is relational.
A reward is usually a perceptible gift given to an employee from their manager or the executive team to celebrate something they achieved with the context, if the employee does something they will be rewarded with a gift or token of appreciation.
On the other hand, Recognition is personal praise or gratitude for good work they have done and can be given by anyone at the company at any time.
Rewards are tied to goals and accomplishments.
Normally, organizations set up a system where employees accomplish some goals to earn y (token of appreciation). For example, if an employee in sales hits their goal, they might get tickets to a sporting event or any movie. Or if the company hits its yearly goals, every employee might get an end-of-year bonus as their gift.
Rewards can be a great way to encourage and inspire employees to give the organization their best and can be a motivation for people to want to work for the company. However, you should be careful to not create a culture at your company where employees feel permitted to rewards. Rewards should be kept for extraordinary work and achievement.
Recognition can happen frequently and in the moment.
There are some major differences between reward and recognition. Recognition can be done regularly and at the moment, which means people don’t have to wait for praise on their job well done.
Plus, recognition remains economical. Managers don’t need to ask the executive team for the budget to write an email celebrating the great work an employee is doing it’s not possible for a company to write a budget for every achievement of the employee this may cost the company a lot. And because recognition isn’t expensive, it can be employee-led creativity.
It can be tough for businesses to reward employees all the time, particularly as a small or medium-sized business where budgets may be strict they can’t afford any extra expenses. But it’s really the recognition and not rewards that so many employees are craving for. Recognition will be enough for an honest hardworking employee. The research found that 80 percent of employees who left their jobs due to the lack of appreciation was a major reason for leaving, and 65 percent of Americans stated they weren’t recognized for their efforts even once in the last year. Telling your employees “thank you” for their great work! Is not a big deal your few words can make someone’s day and job experience better. Recognition can be a great way to remember employees at your company.