Employee recognition plays a very important part in today’s fierce competition to attract and retain employees. Companies work hard to find and hire top talent. HR professionals have started to use advanced marketing tactics to attract top talent and persuade to take their job offer. Once top talent is hired, their work is far from over. Now they have to work hard at keeping their top performers happy, productive and loyal. This is where employee recognition programs come in.
Employee rewards and recognition system is not just a positive action towards employees. If it is implemented effectively, it proves to be an efficient tool in encouraging the employees to create and bring business for the company.
Recognizing the efforts of employees and encouraging their morale results in increased productivity and decreased attrition rate. It is a documented fact that an encouraged and dedicated workforce can change the fate of a company.
Establishing and executing a reward system needs careful analysis of the company policies and procedures. Deciding how to recognize employees’ efforts and what to provide them needs thorough analysis of duties and risks involved in a particular job.