A guide to different types of employee rewards programs
An employee rewards program is a unique initiative designed to thank employees who contribute to success. Employee recognition programs that are effective assist in recruiting and retaining top talent by making employees feel appreciated, acknowledged, and encouraged to achieve business goals. A company can provide different rewards to reward its employees for different occasions. Based on the occasion, the years of service, and even the type of service, companies offer different types of recognition to an employee for the service provided to the company that highly helps in a motivating work environment. Let’s look at some rewards that companies offer.
- Public recognition
Many companies give shoutouts to the top employee of the month on various official social media platforms. This gives the employee a form of publicity and helps the work environment push harder to become the next best employee. Many companies also have newsletter features and publicize their best workers.
- Private recognition
You can use this method if you simply want to thank a team after a hectic schedule is cleared up. Keeping it simple and personal, this aims to send personal notes of recognition to employees, highlighting their excellent work and thanking them.
- Promotion
A well sought-after way for good quality employees is promotion. After the employees maintain a certain level of consistency, they can be promoted to a higher level that helps them in their careers.
- Monetary
The traditional way to go about reward systems is through monetary acknowledgment. Companies offer money and incentives to employees who deliver the best quality work to the company to motivate them.
