Human Resources Contents Library
The words like employee rewards and recognition are usually used in HR so as to reward someone for something exceptional or extraordinary, calling it recognizing the most inimitable human resource, for employee achievements, at an organizational level.
With the significant increase in employee numbers, in organizations and businesses globally, has put forth challenges for HR managers:
Here we remind our readers about HR Management is the managing of people resources who are ordinary to perform extraordinary at desired possible level(s) – the levels of achievements of goals are pre-determined at individual, groups and teams levels in professional setups.
Recognizing and rewarding the human resource is considered among good practices worldwide, and in HR language it is known as pay for performance also. 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.
How HR department(s) can recognize employees during financial problems?
When faced with the question of how HR department(s) can recognize employees during financial problems, never panic and the answer is simple. HR departments can recognize employees amidst financial crunch through:
It is agreed without a doubt that these are not substitutes for financial recognitions 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)
How much is spent on Human Resource Recognition worldwide?
HR Recognition Budget Worldwide equals an amazing figure of $46 Billion!
What are USA Statistics figures about employee recognition by HR?
Global research survey unveils about the USA statistics about the employee recognition programs, whereby claiming that:
37% of employees in the USA have the most important for employee reward and recognition programs
34% Employee engagement increase through reward and recognition programs
59% Employee turnover rates decrease if employees are rewarded and recognized through reward and recognition programs
Here we have another amazing statistic about HR Recognition and Retention in HR:
91% of HR professionals working in the USA believe that employees receiving recognition from employers are more likely to stay
A Survey discloses that 63% of employees are more likely to be retained through HR Recognition programs in practice.