Reasons why you should adopt Rewards and Recognition system In India
Employees are an asset of an organization and the organization needs to put in their best efforts to attract and retain the best ones in the organization.
While working for the organization, many outperform enforcing their talents and reach out to the areas which does not come under their jurisdiction, but if this goes unnoticed, it hampers the motivation level and they believe to work for the defined or they look out to switch job. Even such performers are taunted by their colleagues who don’t put in their real efforts.
Maximum organisation follow the rule of annual appraisals and act accordingly but in changing scenario, where people are in look out for changes and enhancement in short period of time, the organization need to improve their appraisal channels by adopting quarterly or half –yearly appraisals.
So, organizations should adopt reward and recognition system and suitable candidate should be appraised for their efforts.
To improve Retention, the organization needs to measure the performance of the performing employees by recognizing their potential and awarding them suitably other than the Salary that is defined for the employees. The rewards and recognition acts as a motivation tool and it helps to retain the performers. The appraisals need not be only enhancement in salary structure, the employees can be given top up benefits in terms of rewards in incentives in cash, offers, coupons, or giving them new opportunities and assignments to enhance their productivity and soar their motivation level. This way the retention of potential employees will be high and will prove an asset to the organisation as job opportunities are always there for the best talents.
Motivation: The motivation level of the employees are compounded if the organization recognizes the efforts of the performers and the non-performers too join in the league of performers by giving in their best, thus the organization performance and revenue is optimized. Every time, it is not necessary to reward him with monetary benefits, even non-monetary benefits, such as Lunch or Dinner with the senior of the company or an outing with the team. It boosts the morale of the performers.
To Increase Productivity: If the efforts of an employee is rewarded or recognized by the organization, it enhances the productivity of the employees as they continue to put in their best to excel in their fields and be acknowledged. The employees spirit level is enhanced and this improves the team spirit of the organization too.
Improvement in Team Culture: When an employee is bashed by the organisation, a negative sentiment overflows and even good performers start losing their interest in giving their best watching others been bashed. If an employee is awarded for his efforts and ideas, positivity seeps in the organisation. Even the exchange of ideas among the team and co-workers are positive and it improves the work culture of an organization.
Enhances Loyalty: Appreciation is a human need and the performers are in constant look out, so the Boss need to have the skill to recognize their effort and intimate to all levels of hierarchy. This boosts the morale of the employee and a sense of ownership and belonging prevails in the minds of employees.
Cuts down Extra Cost of Fresh Recruitment: Today the life is moving fast and so the people rendering their services are in look out for fast results. If the organization lacks in providing the benefits at right time, the performers move out. The organization is bound to go for fresh recruitment to fill the gap. Fresh recruitment means fresh training and providing honeymoon period to employees to settle in the system. This adds under the head of expenses of the organization and even revenue is hampered for the time being, so the organization should identify the performers and acknowledge their efforts.
The growth of an organization depends upon the workforce and if an organization satisfied employees outnumbers, the organization reaps in success in name, fame and revenue.
Appreciation is known to increase the levels of the feel-good hormone oxytocin, leading to happiness and high spirits, says a research by Bersin by Deloitte.