What are Different Types of Employee Rewards and Recognition?
Each employee’s rewards and recognitionplay an important role in keeping the employees motivated, engaged, and loyal to a particular company. Traditional monetary compensation is not only a way to give rewards to your employees but there are many ways through which you can give rewards and recognition to your employees. It will help to boost the morale and productivity of any employee.
Types of Employee Rewards
Following are some types of employee rewards and recognition that can help employees to be loyal to the company:
- Monetary Rewards
One of the most common employee rewards is monetary rewards which have been implemented for the past many years. Monetary rewards include several things like increments in salary, bonuses on special events or occasions, commissions, sharing profit with them, and some stock options. These rewards are mostly given based on team performance, individual performance, or company performance. Monetary rewards are one of the basic rewards for every employee to keep them motivated and enjoy working with the company and try to do some exceptional work.
- Non-Monetary Rewards
As monetary rewards are the basic needs of each employee similarly non-monetary rewards are also the basic needs of every employee. Non-monetary rewards include many things such as days of vacation, flexibility in working hours, free food, events sponsored by the companies, and some other perks. After getting these rewards, each employee feels like they are getting valued and appreciated for what they are doing for the company. It will help employees to build their morale and work more efficiently.
- Recognition Programs
Some companies do recognition programs where they acknowledge and give rewards for some exceptional performance or behavior of an employee. Recognition Programs may include many things like awards for the employee of the month, peer-to-peer recognition programs, and awards for achieving some milestones. All these types of programs help to create a positive environment in your company and develop a supportive working culture.
- Opportunities for Development
As an employee, everyone expects to grow their personal and professional life with the company. Hence to fulfill their requirements a company needs to offer some training programs, mentorship, and career advancement opportunities. It can be given as a reward to those employees who have been working exceptionally well in the past few months.
- Rewards on social media
At present, many of us believe in social media platforms as it is the social life of everyone. Similarly, a company should post some content related to their best employees like posting a picture of an employee on social media with a caption recognizing the hard work. The way your company acknowledges the employee will help you to build a good reputation in the market and many newcomers will also try to enroll in your company.