Rewards & Recognition
Rewards & Recognition
Employee rewards and recognition system is not just a positive action towards employees. If it is implemented effectively, it proves to be an efficient tool in encouraging the employees to create and bring business for the company.
Recognizing the efforts of employees and encouraging their morale results in increased productivity and decreased attrition rate. It is a documented fact that an encouraged and dedicated workforce can change the fate of a company.
Reward system of a company should also be in alignment with its goals, objectives, mission and vision. On the basis of the job profile, both monetary and non-monetary rewards can motivate employees to contribute more to the organization.
Monetary Rewards
A hike in salary, incentives, movie tickets, vacation trips, monetary allowances on special occasions, redeemable coupons, cash bonuses, gift certificates, stock awards, free or discounted health check-ups for the complete family and school/tuition fees for employees’ children come under this category.
Non-monetary Rewards
Non-monetary rewards include awards, certificates, letters of appreciation, dinner with boss, redecoration of employee cabin, membership of recreation clubs, perks, use of company facilities, suggestion awards, tie-pins, brooches, diaries, promotion, a say in management, etc.
Flexible Pay
One of the key elements of this flexible pay plan is the strategy of relating pay to performance. The variable pay would be paid out as a percentage of the complete package, subject to the performance of the employee. The variable component of the salary is determined according to the performance of the employee.