A Guide: Types Of Rewards And Recognition For Employees In 2024

What Is The Significance Of Types Of Employee Rewards And Recognition?

Imagine, running a company where your employees do not feel motivated and just finish their daily tasks for the sake of doing so.

Do you think you can get the best out of them in this way? No, right?

That is why, employee engagement is important, but you must be dealing with the question of how to retain your employees and how to keep them engaged positively. Isn't it so?

According to a recent survey, it is found out that a lack of different types of rewards and recognition for employees is one of the biggest reasons, why employees wish to leave a company. For this reason, you must implement employee recognition programs within your company to retain loyal employees and foster a positive workplace. 

So, do you want to know more about various types of rewards and recognition in the workplace?

As the best job consultancy in Hyderabad and HR services in Bangalore, we will take you through the types of employee recognition and rewards that will make employees feel loved, motivated, and important in your company. 

Recommended: The Surprising Impact of Peer Mentoring In The Workplace

Discover Different Types Of Rewards And Recognition For Employees 

There are types of employee awards and recognition that every company follows based on their types of employees. While, a few of them can be termed intrinsic awards, the tangible rewards are known as extrinsic rewards.

So, here are a few types of rewards and recognition for employees that we, as the top HR consultants in Hyderabad have listed down for you. 

1. Private Recognition

Did one of your employees complete a task successfully?

Then, this calls for some celebration to give a quick kudos to your employees. So, here are three types of employee recognition you must implement in your organization.

• Spot-On-Bonus: You can motivate your employees by giving a quick bonus for any achievement they did in their job role to boost employee morale.
• Thank you Mails Or Praises: Sometimes, what your employees need is a sort of admiration and praise. That can be in the form of non cash rewards for employees. It can be a "thank you" mail, a handwritten card, or a "well-done" note. 
• Verbal Praises: This is one of the oldest forms of non-financial rewards yet the most effective one. Simply, praising your employees for their achievements can foster a positive work environment.

2. Social Recognition

Sharing your company's achievements publicly is an effective recognition tool that should be practiced by all small-scale and large-scale businesses. 

Recognizing employees on public recognition platforms can help you retain your loyal employees, as well as open new scope for prospects. You can highlight your employee efforts through a simple 'wall of fame', a 'surprise party', or through plain financial rewards such as cash and gift cards. 

Thus, an employee who feels valued and respected shall stay longer in your organization with better productivity.

3. Employee Of The Month Rewards

The classic "Employee of the Month" award is one of the oldest forms of rewards program that many companies still implement in their reward employees program. These kinds of rewards for employees may include performance-based bonuses, increments, or even just a social media shout-out to motivate employees by superiors.

Read Also: Expert Insights On How Hiring A Contract Employee Can Benefit Your Business

4. Work Anniversary Rewards

Work anniversary rewards are a type of personalized reward and are equally an important part of a successful rewards system. These types of rewards and recognition for employees show how an employee started in your company on this day a year back. 

Which may reflect their experience, commitment, and hard work in their specific job role. Thus, you can award your employees on their 'work anniversary' as a form of commitment to employees by awarding them with small treats, bonuses, monetary rewards, or just a sparkling bottle of wine. 

5. Employee Wellness Rewards

While you are thinking about different types of rewards for employees, don't you think that your employees deserve a share when it comes to their wellness?

Sure, it does, implementing a wellness reward in your employee reward system can benefit you in two ways. Firstly, this is an effective rewards system that includes all forms of fitness packages like paid time off, fitness subscription cards, premium discounts, and a lot more.

On the other hand, this form of reward includes protecting the health of your employees. So that, they can perform better in an atmosphere that cares for them. 

6. Teamwork Rewards

According to studies, employees who demonstrate a positive work culture by working together foster a happy and healthy workplace. Therefore, providing rewards to your entire team can create an example for your other employees to work together.

This is also beneficial in resolving conflicts in the workplace.

7. Leadership Reward

While, all your employees deserve some kind of recognition and awards for their time and performance in your company. There are only a few employees who perform exceptionally well and take charge of an entire department. They can be your sales manager, HR manager, or departmental managers who are worthy of special attention and awards.

You can award them with non monetary rewards and recognition like "The Boss Performer" award. 

Read More: Top Benefits Of Corporate Training Programs: A Key To Success

Conclusion

The various types of rewards and recognition for employees shouldn't be a one-time deal for you, but you must include them as a part of your work culture. The most valuable assets of your organization are your employees, without whom your company cannot thrive for success and growth.

Therefore, acknowledging and making them feel important can help your organization grow faster in a short time.