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Sense of Accomplishment and Value
Workplace recognition motivates, provides a sense of accomplishment and makes employees feel valued for their work. Recognition not only boosts individual employee engagement, but it also has been found to increase productivity and loyalty to the company, leading to higher retention.
Send a Strong Message
Beyond communicating appreciation and providing motivation to the recognized employee, the act of recognition also sends messages to other employees about what success looks like. In this way, recognition is both a tool for personal reward and an opportunity to reinforce the desired culture of the company to other employees.
Cash and Non Cash
Offering a variety of both cash and non cash incentives is usually most effective in making the program meaningful to all participants.
Timing
Recognition should be timely to ensure that the employee knows the significance of the recent achievement and to reinforce company values.
Great leaders know they can never give too much recognition as long as it's honest and deserved. Acknowledging an employee's best work goes a long way toward making him or her feel valued and can lead to other desirable workplace outcomes.
Criteria
The criteria for recognition should align with the purpose, brand, and culture of the company and should reflect its aspirational identity to inspire others.
Rewarding employees who are not top performers could adversely affect high performers' motivation. As such, companies need to state specific standards for awards to avoid any backlash.