Rewards and recognitions are the most effective means for motivating the workforce in an organization so that they work with their best efforts in a continuous basis.
Rewards and recognitions can be of different categories. Many management experts have studied human expectations and what will motivate them in true sense. Their studies have been presented as various theories as well.
Below are the different categories of rewards and recognitions, those are used:
While we think about rewards and recognitions for people, it will be very important to also understand and utilize the various motivation theories which explain about what kind of rewards will motivate people. It will be important to understand what will motivate each person and accordingly try to work on them. It will be important to ensure the presence of the minimum hygiene factors and then provide the required motivating factors to the employees. Some of the important motivation theories include Maslow’s hierarchy of needs, Hertzberg’s motivation theory, Vroom’s expectancy theory, McClelland’s theory of needs and so on.
Rewards and recognition are very important part of employee motivators and enablers. A right combination of financial and non-financial rewards and recognitions with different types of roles, responsibilities and affiliation can be used by organizations. Identifying appropriate rewards for each person should be done by understanding their needs. Understanding and putting into use various motivation theories will be necessary for offering effective rewards and recognition for people.
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