RPI is a thought leader in recognition practices. Its 7 Best Practice Standards® provide guidelines to help you build and sustain a great recognition program. When starting your recognition program, it can be overwhelming to even think about where to start. In this post, we will go over rewards, which falls under Standard 1: recognition strategy.
There are a few different ways you can recognize employees. Awards, rewards and incentives are all wonderful ways to show your employees that you care. According to Merriam-Webster, rewards are “something that is given in return for good or evil done or received or that is offered or given for some service or attainment.” This is different than incentives (which are things given once a specified goal is met) and awards (which are not given in response to one particular action).
How do I start?
According to Entrepreneur, the best way to approach rewards is to identify behaviors you want to see in your organization. Do you want employees to come in late less often? Improve customer relationships? Innovate? Your answers will serve as a great jumping-off point for rewarding. However, it is also important to consider the strengths and areas of improvement for each individual. Consider discussing goals with them to see where they want to improve and allow that to inform when and how you recognize them.
What can rewards do?
If you know about RPI, you are surely aware of the great benefit of awards, rewards and incentives. A recent Cornell study echoed much of the research and content in RPI’s Resource Hub. It stated that recognition practices increase job satisfaction and productivity in the workplace. Overall, recognizing employees makes them feel valued and part of the larger mission of the organization.
How are rewards different from incentives?
It is important to know the purpose of each recognition method, and that each has its own role in building a culture of recognition in your organization. Ovation Incentives’ blog gives a great explanation of the difference. Both reinforce behavior you like to see, but because incentives are given once a goal you set is met, rewards are a great way to recognize ideas that are not your own.
Hopefully this quick explanation of rewards can help you better implement them into your organization. Comment below with any questions or ideas you have for rewards!
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