Rewards and recognitions are the most effective means for motivating the workforce in an organization so that they work with their best efforts on a continuous basis.
Rewards and recognitions can be of different categories. Many management experts have studied human expectations and what will motivate them in the true sense. Their studies have been presented as various theories as well. For more about the theories, check out our blog posts on motivation theories.
Below are the different categories of rewards and recognitions, that are used:
While we think about rewards and recognition for people, it will be very important to also understand and utilize the various motivation theories which explain 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 parts of employee motivators and enablers. The right combination of financial and non-financial rewards and recognitions with different types of roles, responsibilities, and affiliations 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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This post made an excellent point that one of the benefits of using an ERP system is that it helps monitor and track revenue. I do agree that as a business, this is important.
good article. Well explained!
Well explained. Thank you so much. Continue educating us.