“People work for money but go the extra mile for recognition, praise, and rewards”, rightly said Dale Carnegie.
Rewards and Recognition (R&R) is a system where employees are timely acknowledged for their performance in the organization.
The rewards and recognition differ from each other:
However, this doesn’t mean that they should be considered separate entities when you are planning your system of R&R. There simply cannot be a reward without recognition.
Every leader understands the importance of being appreciated. When it comes to praising others for their work, leaders apply the fundamental principles of recognition. Appreciation is certainly an essential human need that should never be discounted, as employees will respond positively to any sort of appreciation as it is by this way that their work is valued by others; employees feel satisfied and there is a rise in their productivity. R&R acts as a motivator factor.
When employees feel truly valued for their work, it will boost individual engagement and improve their loyalty to the business. It sends messages to the employees of what success really looks like. Improving the overall culture of the workplace can be achieved by implementing systematic R&R.