Business Trends

Nupur Chine

Published on October 14, 2020 Less than a 1 Minute read

Why is Employee Reward and Recognition So Important?

Overview

Employee recognition is the timely, informal or formal acknowledgment of a person’s or team’s behavior, effort or business result that supports the organization’s goals and objectives, and which has clearly been beyond normal expectations.

Companies engaging in employee recognition programs experience 50% higher levels of productivity from their employees. SAVIC Technologies Pvt. Ltd. a SAP Platinum Partner focused on Digital Transformation; encourages their employees with various awards and recognitions every month as well as every year. Mahesh Kadam , Chief executive officer at SAVIC Technologies Pvt. Ltd. who has been awarded as Employee of the year, 2019 says, “I am extremely honored to be receiving such an important award Employee of the year 2019.I am earnestly grateful for the recognition I have received for my work, because I am very sure that every other nominee for this award was as capable if not more, of winning this award. I have faced several challenges on my way here, but each one of them has only strengthened me to make me the person I am today. Winning this award would not have been possible without the inspiration.”

Retain top talent

The number one reason why most people leave their job is because they don’t feel appreciated. A person’s career is a huge part of their life, so without enjoyment, they aren’t going to be motivated. Similarly, without them, you would have no business or livelihood!

Increase employee engagement

Regular reward and recognition can help engaged employees progress even further. What's more, they can also help to improve the motivation of disengaged employees altogether. Recognition boosts employee engagement, which then increases productivity as well as profitability.

Build Culture

Your employees may pick up on your culture long before you do. They’ll understand whether the company fosters collaboration, teamwork, innovation, risk taking and other characteristics. This matters because an environment that doesn’t fit with employees’ personalities and needs will create discord and stress. When culture aligns with employee values, you’re much more likely to have satisfied, relaxed, comfortable employees.....

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