Rewards
and Recognition
Rewards
and recognition are a key practice of organizations to acknowledge the
employees for their performances using intrinsic and extrinsic ways (Cascio,
2006). In organisations, intrinsic rewards are considered as work content,
recognition and job satisfaction while extrinsic rewards are payments,
promotions and working conditions.
According
to Spiegel (2020) there will be greater employee engagement that will lead to
increase in employee retention and create positivity in the workplace when the
employees are rewarded and recognised appropriate way.
In
academics, reward and recognition and employee engagement is a popular research
area where the scholars like Brown and Reilly (2013) conduct a research to
examine the effects of rewards on employee engagement where it found that
employee engagement is positively influenced by the reward strategies
implemented in companies.
In
banking industry, there are number of banks which use rewards and recognition
to increase the employee engagement. Seitz (2019) states how banks can
incentivise engagement considering six reward or incentives recommended for the
employees in the banks. One is to enhanced onboarding processes which ensures that
there is proper welcome for the new employees. Second one is to paid time for
volunteering to leave and volunteer during the work hours. There is another
method which is bank wide award for engagement at the annual meetings and it
also can consider providing cards for employees to appreciate their efforts.
Banks also can consider giving awards for best talents in the bank.
In
Sri Lanka also leading commercial banks use various rewards and recognition
practices to enhance the engagement of their employees.
References
Brown,
D. and Reilly, P. (2013). Reward and Engagement: The New Realities. Compensation
& Benefits Review 45(3): 145-157.
Cascio,
W.F. (2006). Managing Human Resources: Productivity, Quality of Work Life,
Profits, 7th ed. BurrRidge, IL: Irwin/McGraw-Hill.
Seitz,
A., (2019). Employee Engagement: Tangible Benefits and Best Practices
From Banks Who Are Doing It Best. [online] Wisbank. Available at:
https://www.wisbank.com/articles/2019/07/employee-engagement-tangible-benefits-and-best-practices-from-banks-who-are-doing-it-best/
[Accessed 29 August 2021].
Spiegel,
S., (2020). 6 Reasons to Implement a Rewards and Recognition Program
for Your Employees. [online] Crewhu. Available at:
https://www.crewhu.com/blog/top-6-reasons-to-implement-a-rewards-and-recognition-program
[Accessed 29 August 2021].
Agreed. Further, performance has different types: organizational, Job performance, professional growth and development, job satisfaction, social and professional relationships, and overall work flexibility rejuvenating, affecting the increasing organizational and employee performance (Davidescu et al., 2020).
ReplyDeleteAgreed, because of when employees performing better automatically organization performance also increase Armstrong M. (2006). That's why introduced training to develop their performance
DeleteAgreed with you. Dara K. (2009) also said when doing performance measurement thorough digital platform its saved the time and more effective.
ReplyDeleteAgreed with what you mentioned. Employee Reward and recognition is a very important phenomena in an organization. Since it will directly improves motivation factor and will benefited to achieve organizational goals.
ReplyDeleteYes agreed with you. Reward and recognition is key factor of employee motivation. As you said its helps to achieve company goals.
DeleteAgreed. According to Aktar,(2012) rewards are one of the important elements used to encourage employees to contribute their best effort to generating innovation ideas that lead to better business functionality and furthermore, improve companies' performance both financially and non-financially. Organizations can also gain more overall performance benefits from their rewarded employees.
ReplyDeleteYes Nuwan agreed with you. Rizwan (2010) also stated The reward and recognition programs serve as the most contingent factor in keeping employees’ self esteem high and passionate.
DeleteAgreed and specially with regard to recognition it is an important tool for Management to promote motivation and organizational success.
ReplyDeleteFurther according to Keller (1999) recognition can build employee confidence, satisfaction and inspire engagement and encourage to increase their efforts. (Robbins & Judge, 2008)
Yes and according Rizwan (2010) because of reward and recognition employees are getting motivated and motivated employees can help make an organization competitively more value added and profitable.
DeleteYes. reword & recognition should have to implement in more powerful organization. Roberts (2005) Organizations are under constant pressure to enhance and improve their performance and are realizing that relationship exists between organizational Performance and employee performance.
ReplyDeleteYes. According to Deeprose (1994) The entire success of an organization is
Deletebased on how an organization keeps its employees motivated and in what way they evaluate the performance of employees for job compensation.
Your points were well-made. In fact, according to Ganta, V.C. (2014), reward and recognition are important. Some employees are driven by money, while others are motivated by recognition and awards. Recognization in various forms is an effective retention approach that does not have to be costly (Ongalo, E.A. and Tari, J., 2015).
ReplyDeleteYes Sampath, Ndungu (2017) stated Reward is also expected to boost employees’ motivation as they will obtain something in return for their achievements or contributions to organization or company.
Delete
ReplyDeleteAgreed. According to Lauren Brown(2021), employees want to feel valued for their works & contribution to the organization. Rewards & recognitions can play big role, that organization can make employees feel more appreciated.
Yes and also Tessema et al. (2013) said giving recognition to members/employees creates more motivation compared to giving monetary benefits (salary, money, or other benefit packages).
DeleteAgreed with the argument, Moreover, Trust has a central role in the engagement process as employees trust that their investment of energy, time, and personal resources will be rewarded (Macey and Schneider (2008). Engagement cannot exist without trust as trust and fairness are the foundation for employees to feel and act engaged (Macey et al., 2009).
ReplyDeleteYes. Chughtai and Buckley (2012) said trust is also critical to the development and maintenance of workplace engagement. In this regard, research indicates that trust mediates the relationship between antecedent factors and a worker’s level of engagement.
DeleteAgreed with what you mentioned. Employee Engagement goes beyond job satisfaction and is not simply motivation’ (University of York, 2008). Reward and recognition is an important factor in employee recruitment and training. It will effect positively in employee engagement which will directly involve to achieve the organizational goals.
ReplyDeleteYes and La Motta (1995) said that performance at job is the result of ability and motivation. Ability formulated through education, equipment, training, experience, ease in task and two types of capacities.
DeleteRecognizing the performance of an employee will showcase the value and contribution of a certain individual (Armstrong and Taylor, 2014)
ReplyDeleteYes and the recognition is a process of giving an employee a certain status within an organization. Rizwan et al. (2010)
DeleteAgreed, (Alm, 2018) also stated that, rewarding specific performances positively reinforces those actions, leading to organization development: receiving a gift or prize for a great performance has the power to reach and motivate different individuals. In the sense of employee engagement, the reward and recognition is very important factor which leads the employees to perform their duties in an effective way.
ReplyDeleteAgreed and Rizwan et al. (2010) also said The reward and recognition programs serve as the most contingent factor in keeping employees’ self esteem high and passionate.
DeleteAgreed with your argument. Further, Employee Reward and recognition will help to improve employees motivation. It will increase revenue of the company. It’s important to do so correctly. There are three things to understand as follows, a fair return for their efforts, motivation to maintain and improve their performance, a clarification of what behaviors and outcomes the organization values.(Adeccousa 2016)
ReplyDeleteAgreed and according to Broad (2007) rewards and recognitions are the prime factors that impact on employee motivation.
Deleteagree with you, in addition Recognition refers to the return on the workers' effort, dedication and results, whilst reward is the material or financial expression of appreciation for employees' results (Baskar & Prakash Rajkumar, 2015)
ReplyDeleteAccording to Harrison (2010) To many employees, receiving sincere thanks is more
Deleteimportant than receiving something tangible. Employees enjoy recognition through personal, written, electronic and public praise from those they respect at work, given in a timely, specific and sincere way.
Yes can agreed with the statement. Factors that influence employee engagement can be but not limited to: job characteristics, reward and recognition, perceived organizational and supervisor support. Job characteristics will affect employee engagement by 22%, Reward and recognition will affect by 28.6%. Organizational support affects employee engagement by 27.1% and perceived supervisor support affected employee engagement by 25.1% (Margaretha, et al., 2018).
ReplyDeleteWonderful blog! Appreciation is a simple gesture or praise that can boost employee morale. Especially, in the remote workplace, the need for recognition grows even more crucial. We bring virtual rewards and recognition ideas to engage remote employees in recognition activities at the workplace.
ReplyDelete