Reward & Recognition
So, what’s the difference between rewards and recognition? It can be difficult to wrestle with some of the gray areas… but the distinction between the two is real and important.
Reward is what the business offers and has a focus primarily on providing people with economic exchanges for accomplishing some sort of performance goal or set of performance goals – eg: an employee exceeds their sales goals and gets a bonus or they perform well during the year and you receive a raise. It is very impersonal.
Recognition, on the other hand, is what the employee is looking for and is much more focused on contributions and effort. Recognition is personally meaningful because the employee is recognised for providing exceptional service to a customer or for helping to create a positive work environment… even if they are not within their official job description. But recognition means nothing if it is given out wantonly or if it seems insincere. You don’t connect with people that way.
There is pressure on business to do more with fewer resources and even the best and most committed manager can be strapped for time or ideas on how to effectively manage their people or implement a recognition and reward strategy… contact Akyra for an obligation free conversation.`