Although recognition and rewards are similar, many people make the mistake of assuming they are synonymous.
Recognition can be as simple as a thank you or a plaque. Rewards are usually larger offerings given or received in recompense for worthy behaviour.
- Rewards identify past performance;
- Recognition is in the now, promoting continued engagement and encouraging continued performance.
Both are important and the My Rewards Unlimited points-based program allows an employer to issue a small number of points in recognition and larger numbers as rewards.
Recognize and Reward Often
Part of the Beyond Boardrooms philosophy is that employee rewards programs are more effective when rewards points are assigned in smaller amounts on a regular basis instead of in one lump sum.
When points are assigned frequently, employees see their points balance grow and become motivated to produce the desired behaviors and results required to continue that growth.
Improve Employee Loyalty and Productivity
Recognition in the workplace is a key driver that creates employee loyalty and drives productivity. Effective reward and recognition programs enhance employee engagement by providing them with the incentive to reach their potential.