Tools to drive engagement and performance
A sometimes overlooked but often very important aspect of running a business is acknowledging when things are going right… and then acting accordingly. Whilst it is an inarguable fact that having procedures and policies in place to counteract any problematic situation that may arise is crucial for any company, so is rewarding and recognising the positive… so how do you the reward and recognise success in the workplace?
Before we go any further, are you clear on the difference between reward and recognition? Whilst both are used as a way to signal appreciation or thanks for a job or task completed successfully, a reward is normally something physical that has a monetary value, whilst recognition is something that occurs and offers the recipient a sentiment that cannot be bought. Furthermore, somebody receiving a reward will often know what’s coming, whereas recognition can come out the blue.
The best way to clearly show the difference is by looking at an example. Let’s say that David, who works for Company A, managed to sell the most product in a given month, and management decides he deserves some acknowledgement. They may buy David a gift card as a token of their appreciation, which would be his reward. However, management also decide to say “thank you” to David when they next see him at the office and mention his achievement in the company monthly newsletter – this is recognition. Interestingly, often reward without recognition does not make the same impact as using both tools together.
Employees tend to demonstrate higher engagement, increased motivation and higher morale due to being outwardly appreciated, making them likely to be more productive – it’s a win-win situation using a strategy that has been tried and tested (and is relatively straightforward to put into action).
We’ve covered the why, so now we turn our attention to the how. How can you go ahead and apply a reward and recognition scheme in your business? The answer will depend on the type of business you have, what kind of things your employees will value and ultimately, what they would like to get from reward and recognition.
There are now lots of online schemes and even some apps that are a great way to introduce reward and recognition in your company. You could also create your own system, although we always advise to keep your employees at the forefront of your mind. After all, offering enrolment in a training programme may not be attractive to employees near retirement age, whilst similarly, a younger workforce may not place as much importance on rewards that focus on things to do with families/children.
It’s worth keeping in mind that whether you have a set system in place or not, a simple “thank you” or “job well done” can also send just as strong a message as giving a gift that costs money. In addition, recognising long service is vital for employee retention which is also worth including in your reward and recognition strategy.
Which brings us on to our final point – the cost involved in the execution of reward and recognition to the company should also be considered. It’s all about getting the balance right between the two that will help employees to feel like they are truly valued in your business.
If you are considering implementing a reward and recognition strategy, or reviewing a current strategy in place, involving employees at an early stage is key.
Consider:
- Do they know what you have in place?
- Do they consider it rewarding or recognising their achievements?
- Do they value it?
- If not, what is important to them and what would they like to receive?
If this is something you are considering, let us know and we will help you identify the right approach for your business.
