Rahul Krishna, Manager – Talent Acquisition Group, Espire Infolabs, speaks about one of the best practices of the industry – Rewards & Recognitions.
Some of the best Rewards & Recognition strategies are those that cost the least. The behavior that is recognized and rewarded is always the behavior that is repeated and widely spread by word of mouth, Simple Virtue.
This is a part of the global Recognitions & Rewards that energizes and engages employees to achieve your strategic goals. Employee recognition is a communication tool that highlights the most important outcome employees create for your business. When you reward your employees, the action and behavior you wish to see more frequently in your employees is inevitably repeated.
Reward programs prove more beneficial to the company than to the employees. Companies which have an effective program in place realize an increase in the average return to shareholders as opposed to companies which do not have ways to recognize employees. Only one in three Indian employees is working at full potential.
Dos & Don’ts: Designing a process in which managers get to select employees who will receive recognition might not be the best thing since the selection would inevitably happen on the basis of favoritism. A Process that single outs an individual, upon the individual contribution you made in the company’s growth, for instance, “Employee of the Month” or “Individual Contribution Award” will be more effective and motivating for employees.
For such recognition programs, each employee would receive a thank you note, hand-written by his Chief Reporting officer. This should spell out why the employee is receiving the honor/recognition.
The note would include the potential for the employee to participate in a “DRAW”. Gifts may range from a movie ticket to a dinner booking with family. Alternatively, it can be cash rewards.
National Employee Appreciation Day: This will be a perfect period to kick off a long-term employee recognition program. These appreciation days are important things when you recognize your employees in a Town Hall Meeting, and explain why the organization has chosen him/her.
As you can see, employee recognition programs are complex, and we need to architect those parameters to filter people. How is one person different from another person? Each program is custom-built to meet the needs of your organization.
In short, you need improve your bottom line as these resources are doing the real hard work and we have to measure our own employees by boosting employee retention and encouraging performance improvement.
For employees who wish to analyze their potential, you need to do the below following:
– Utilize all your strengths
– Manage your weakness
Please write these above on a paper and work to improve your own skills and the organization will recognize you as a potential candidate for the Student of the year Award! 🙂 Just joking Employee of the month goes to you, my friend.