Employee Rewards and Recognition are always a challenge for employers worldwide because of having a financial impact. HR Recognition Budget Worldwide equals an amazing figure of $46 Billion! But there are other ways too!
The words like employee rewards and recognition are usually used in HR to reward someone for something exceptional or extraordinary, calling it recognizing the most inimitable human resource, for employee achievements, at an organizational level.
The significant increase in employee numbers, in organizations and businesses globally, has put forth challenges for HR managers:
Here we remind our readers that HR Management is the managing of people resources who are ordinary to perform extraordinarily at desired possible level(s) the achievements of goals are pre-determined at the individual, group, and team levels in professional setups.
Recognizing and rewarding human resources is considered among good practices worldwide, and in HR language it is also known as pay for performance. In professional organizations there exist reward system(s) consisting of reward and recognition program(s) having employee recognition ideas to make employees compensated for employee achievements and further them to feel as worthy team members as important for the work environment.
The good company culture(s) are recognized as ever having reward program(s) in place, for example, gift card(s) provision on the occasion of work anniversaries, the establishment of encouraging work atmosphere; and recognizing its HR for the tasks done well.
Employee / HR Recognition is there to possibly support:
The latest research concerning HR Recognition: at HBR as of March 2021 shows that Employee Recognition, though a little one, boosts the morale of the employees amid budgetary constraints and burnout conditions at an organizational level, hence this becomes the support to HR management.
When faced with how HR department(s) can recognize employees during financial problems, never panic. HR departments can recognize employees amidst financial crunch through:
It is agreed without a doubt that these are not substitutes for financial recognition but then again research say the titles go along and they keep the spirit-de-corps at high levels for HR Management purpose(s) – (HBR, 2021)
HR Recognition Budget Worldwide equals an amazing figure of $46 Billion!
Global research survey unveils the USA statistics about the employee recognition programs, whereby claiming that:
37% of employees in the USA have the most important employee reward and recognition programs
34% Employee engagement increases through reward and recognition programs
59% Employee turnover rates decrease if employees are rewarded and recognized through reward and recognition programs
A Survey discloses that 63% of employees are more likely to be retained through HR Recognition programs in practice.