Rewards and Recognition

1. Why should Employee Recognition be an integral part of the HR Strategy?
 Rewards and recognition need to form the core of every HR strategy.
 Such an approach helps in ensuring greater success for the HR teams in their
recruitment drives besides improving the overall engagement and motivation levels of
employees across all levels.
Some of the key benefits that organizations can obtain by integrating employee rewards and
recognition programs into HR strategy are as follows:
1. Enhances Employee Satisfaction levels
 Employees tend to enjoy a greater sense of satisfaction as they can receive proper and
timely acknowledgement and appreciation for their efforts.
 This helps in enhancing their happiness levels and motivates them to be more productive
and efficient.
 It also promotes a deeper sense of loyalty and belonging among the employees, who feel
valued by their organizations and their supervisors and peers.
2. Attracts Top Talent for Key Roles
 Most top professionals today prefer to work for organizations where their commitment,
skills, and efficiency are acknowledged and appreciated.

2.  Organizations with employee reward and recognition as an integral part of their HR
strategy are likely to attract such top-rated professionals more easily.
3. Improves Employee Retention Rates
 Receiving timely appreciation and rewards helps in keeping employees motivated,
strengths their bond with the organization and minimizes their chances of seeking
other job opportunities.
4. Creates an Environment of Self-Improvement
 Watching their peers getting recognized for their efforts, innovation, and skills proves
to be a great motivator for employees to improve their own performance and
efficiency and attain similar rewards and recognition.
 It also helps in developing a culture of healthy competition where employees
inspire and support each other to achieve individual, team and organizational
growth objectives.
5. Ensures Better Return on Investment
 Enables organizations to get a better return on investment through enhanced
employee performance and efficiency.
 Such strategies boost the morale of the workforce and maximize their contribution to
the success of the business.
Bottom-line
Integrating employee rewards and recognition with the HR strategy, helps organizations to
achieve the objective of developing a talented and dedicated workforce committed to
achieving organizational growth objectives.
Reference:
https://www.hifives.in/employee-recognition-should-be-an-integral-part-of-hr-strategy/

3. Key aspects of the design process are described in brief as follows:
1. Identify the objectives of recognition policy
 Includes integrating the core values and business objectives of the organization with the
rewards program.
 The organization needs to make sure that the policy adheres to the established
operating principles and business processes.
 It is also important to take the overall workforce profile as well as the diverse groups
within and their significance in driving business growth.
2. Set meaningful rewards criteria
 It is important to clearly define the specific criteria that employees would have to fulfil
to be considered for recognition.
 Setting meaningful criteria ensures that every employee has an equal fighting chance to
be part of the program, irrespective of their level and role within the organization.
 The criteria should include dedication, hard work, achievements and initiatives of the
employees, and even specific behavior patterns.

4. 3. Learn about employee motivation needs
 Understanding employees’ motivation needs is of great significance to establish a strong
base for efficient rewards and recognition programs.
 Using quick-fill online survey forms featuring relevant questions can simplify the task
and provide the requisite information to the organization.
4. Ensure the greater involvement of team leaders
 Team leaders and supervisors have a better understanding of the everyday
responsibilities of employees and the manner in which they fulfil the same.
 The feedback provided by them is likely to be more insightful than others who are less
involved in the day-to-day business operations and people management.
 Their opinion helps to add credibility to the decision of rewarding specific employees
without causing dissent among other members of the workforce.
4. Focus on Variety
 Variety may be implemented in the form of different types of recognition, the frequency
of recognition, or even the introduction of new and innovative ideas from time to time.
Bottom-line
Keeping the above principles in mind and with the right intent, organizations can develop
effective rewards and recognition policies that can ensure the happiness and satisfaction of
employees.
https://www.hifives.in/designing-an-effective-employee-rewards-and-recognition-policy-for-the-
organization/
Prepared by: LYRRALYN A. RUITA