Are Non-Monetary Rewards in the Workplace Beneficial

Forbes credits staff recognition as the “[s]ingle most influential cause of great work”. Staff recognition also creates a positive culture which increases productivity. 2 In turn, this culture improves performance. 1

Good performance is rewarded through timely job promotions, special recognition and in some cases monetary rewards and incentives.

Unexpected awards and rewards- By rewarding employees or giving awards, it makes for great attitudes and work environment. Employees get motivated and excited not knowing what the day may hold if they are working hard, meeting goals, making improvements, going above and beyond for customers. Whether we give out certificates, prizes, money, food, employees get motivated and see what good work habits will get them. Surprises are nice. A good, happy work environment is great for the company and the

Managers are to make all employees aware of the opportunities for profit sharing based on the achievement of goals. Verbal and monetary recognition will be used to reinforce good behavior, to motivate employees, which will increase their performance leading to additional recognition and job satisfaction.

Pay and reward systems exist in the form of pay, bonuses and benefits, financial and non-financial and designed to improve performance, increase motivation, staff retention and increase profitability. Appreciation and gratitude is widely received as reward and the opportunity for training and development for career progression.

Employees deserve recognition for their hard work, creative ideas and commitment to the company. “Employee recognition is the timely, informal or formal acknowledgement of a person’s or teams behavior, effort or business result that supports the organization’s goals and values, and which has clearly been beyond normal expectations” (Wiley & Kowske, 2012). It is important to show employees your appreciation for their work so they can understand how they are valued by the company. The effect of this action helps to increase employee satisfaction and productivity. Rewarding employees

Rewards are set by a company’s reward system to compensate an employee’s performance and are mostly monetary incentives, separate from the salary. Recognition on the other hand, is a priceless value expressed by words, praise, or actions to make someone feel appreciated and valued for their work.NEEDS CITING HEREE****** Recognition supports organizational values, goals and priorities through positive reinforcement of desired behaviours and performance. Employee recognition programs are often combined with reward programs to provide both a psychological and a financial benefit for the

A total rewards system is utilized to motivate, attract, and retain employees whom offer talents to an organization. Total rewards can be either intrinsic and extrinsic rewards, which can include compensation, benefits, and personal growth. It can be somewhat difficult to retain a steady and reliable staff due to the numerous opportunities that are available in today’s workforce and organizations must do all they can to keep their employees engaged and motivated. After companies assess, design, and execute their total rewards programs, the final and most overlooked phase is to evaluate its success, or failure. The evaluation phase shows management the benefits of their total reward system and if the investment has paid off or not. Employee productivity and job satisfaction are two methods which can be used for this purpose.

Employee recognition is an incidence or program by which an employer appreciates and acknowledges the efforts and contributions of an employee publicly. This program is widely used by huge corporations, small businesses or managers as it is related to a number of individual and organizational outcomes. This

Reward and recognition programs must connect the needs and expectations of the workforce with the company’s overall goals and strategies. A program that reinforces important company values and goals will encourage employees to act in line with such goals and emphasize the importance of achieving these goals. Alternatively, rewards which do not connect with organizational goals may convey a misleading message and encourage employees to act in a manner that does not facilitate the

Therefore, the more a manager creates employee incentives the more the company will benefit in the end. Managers have to first start by treating their employees as people and nothing else. In fact, employee recognition programs create an increased sense of worth and improved

Harvard Business School Professor Michael Beer stated “I think there is an implicit negotiation going on between what management wants and expects, and what employees want and expect” (Lagace, 2003). One aspect of the ongoing negotiation between employers and employees in the workplace is the utilization of incentive pay plans. Employers utilize incentive pay plans to motivate and change employee behaviors in order to prioritize behaviors and outcomes that the employer is looking for. Pay for performance appears to be a common sense solution to motivate employees. It creates a reward system for employees that is tied to job performance and meeting criteria that the employer values (Taylor, 2013). While the idea of offering financial incentives to employees appears to be grounded in business principles and ideas that have existed for a long time, they are not always successful. In order to for pay for performance incentive tools to live up to their potential in the workplace they must be crafted to meet the needs of organization as well needs of the employee, the plan must also be maintained and evaluated on a regular basis. Failure to do so can cause more harm than not utilizing one. Furthermore, there is a growing body of research pointing to the idea that incentive or rewards are not the solution for improving employee performance that they were portrayed to be.

“Effective reward management is critical to organizational performance.” Effective reward management, as a system, is the most powerful tool available to reinforce organizational values and translate them into employee actions (read behavior). Here, the ‘organization’ does not only refer to a business structure, but any institution (or activity) that involves people working together, and requires their voluntary contributions in order to operate successfully. Whether it is a school, a hospital, an NGO, a government agency, a political party, or a religious foundation, all require a matrix through which the performance of its individual members can

Incentives presented throughout the year will help drive employees to work their hardest and produce quality products. It will also be able to reward exceptional work as well. Outwardly showing signs of gratitude and appreciation will continue to develop a respectful and appreciative relationship between every employee.

Other than that, the employee recognition is non-monetary reward which is highly implemented in the company because the managers and leaders use to appraise their employees in front of entire staff for their efforts and best performance towards work (Shields et al., 2015).