1HRM

REWARDS & REWARDS & RECOGNITIONRECOGNITION

2HRM

Importance of Importance of Rewards & Recognition Rewards & Recognition

Purpose- share the VERY BASICSPremise- they ARE WORTHWHILE

SPECIFIC ISSUES…

Multiple Expectations

Increased Responsibilities

Organizations’ R & R Structures

Lack of R & R → Stress & Low Morale

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DefinitionsDefinitions

Rewardsdirect or indirect compensation  

Recognition

psychological benefits

Can’t some things be both or either?

4HRM

Distinction Between Distinction Between Rewards & Recognition Rewards & Recognition

REWARDS RECOGNITION

Fulfills Employees’ wants needs

Effects short-term results long-term cultural change

Percentage of compensation to effect behavior

5 to 25 % 2 % or less

Initiates employee behavior

tradition of performance

Creates target specific activity

individual-to-organization bond

Subject to taxation

are subject to taxation

generally not subject to taxation

5HRM

Why do Employees leave?Why do Employees leave?

Lack of recognition (34 percent)

Low compensation (29 percent)

“In the arena of human life the honors and rewards fall to those who show their good

qualities in action.” --Aristotle

6HRM

Designing a Reward ProgramDesigning a Reward Program

The keys to developing a reward program are as follows:

Identification of company or group goals that the reward program will support

Identification of the desired employee performance or behaviors that will reinforce the company's goals

Determination of key measurements of the performance or behavior, based on the individual or group's previous achievements

Determination of appropriate rewards Communication of program to employees

7HRM

Types of Reward ProgramsTypes of Reward Programs

There are a number of different types of reward programs aimed at both individual and team performance.

Variable pay Bonuses Profit sharing Stock options Group based reward system

8HRM

Different Ways to Reward Different Ways to Reward EmployeesEmployees

Flex those hours Send a hand written note Help them connect Reward efforts as well as success Give them a free pass Dole out cream and sugar Offer a swap Applaud their efforts...literally Spread the love Say it with flowers Walk it as you talk it Pass the bucks Share the memories

9HRM

Elect them to the wall of fame Create your own “Club Med” Stoke their passion Give them a place to park it Remember the spouses Publicize their successes Remember the secret words Let them phone it in Make work fun Blow out the candles

10HRM

Top 10 Reward, Recognition, Top 10 Reward, Recognition, Award, and Thank You IdeasAward, and Thank You Ideas Motivational Posters for Recognition Engraved Articles for Excellence and Teamwork Thank You Gifts to Please Individual Tastes Gift Baskets for Rewards More Gift Basket and Container Ideas Chocolate Pleases Almost Everyone Gift Certificates Thank You Cards for Recognition Organization Logo Merchandise If You Don't Do Chocolate, How About Dessert?

11HRM

Different Types of Different Types of Recognition AwardsRecognition Awards

Certificates

Trophies

Plaques

12HRM

Creating a Real Recognition Creating a Real Recognition CultureCulture

Money is Not Enough...

Recognition and Relationships...(recognize)+(reward)+(retain)[Relationships]

“I can live for two months on a good compliment.”- Mark Twain

Why Do You Need a Recognition Culture

13HRM

What Exactly is a Recognition What Exactly is a Recognition Culture?Culture?

People not things

Building good relationships

Including everyone

Giving people meaningful work

Allowing control

Celebrating successes

Doing!

14HRM

How Do You Build a Recognition How Do You Build a Recognition Culture?Culture?

The Little Things That Count A person’s name is magical Remember birthdays and celebrate anniversaries Say hello Visit people in their area Just listen5 A’s of Appreciation Awareness Acknowledge Appreciate Accept Action

15HRM

Forms of recognition...Forms of recognition...

Formal

Informal(Birthday Advisor is used for all employees) Everyday

The basis beneath your recognition culture must come from the identification of core values that move recognition into action

Creating a Recognition Culture: Why You Need It • What is It • How to Build It • The Tools to Help

formal

informal

everyday

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20HRM

Recognition ActivityRecognition Activity

The 50/30/20 Rule

Manager50%

Org20%

Peer30%