The Differences Between Rewards And Recognition In The Workplace
You might be inclined to think the only thing that matters to your employees is money.
They are happy as long as they get their salary, right?
To feel completely happy with their work, employees need both rewards and recognition.
So, What is the difference between rewards and recognition?
And when is a reward suitable and when is the best time for recognition?
Rewards and Recognition Explained By Shreya Sawant
In this podcast, Shreya Sawant talks about the differences between employee rewards and recognition. According to Shreya, the basic difference between rewards and recognition is that rewards are physical/monetary, whereas recognition is invaluable. She further explains when rewards are necessary, and when recognition is appropriate.
People may take a job for more money, but they often leave it for more recognition - Bob Nelson
She also points out how we can best recognize and reward our employees for their efforts. Here are some tips that Shreya shares for creating a great rewards and recognition program in our podcast:
Know your Audience: There’s simply no such thing as a one-size-fits-all approach to developing a successful reward programme.
Know the budget: Depending on whether it’s a short-term or long-term reward, and the number of the target audience, the budget varies. And of course, it is most important to determine the cost of the reward.
Communication: It is important for all levels of employees to acquaint themselves about the reward programme. After all, it is they who are going to take part in the programme and only with sufficient communication can the management review its effectiveness on a regular basis.
Set the right targets and rewards: Depending on your company’s actual situation, you may offer monetary or non-monetary rewards to your employees.
Read our blog on: Top 9 Non-monetary Incentives To Motivate And Retain Your Employees
Shreya Sawant is an HR professional with 10 years of expertise in managing a full spectrum of human resources programs, services and functions. She has a strong understanding and hands-on experience in Business Partnering, Talent Acquisition, Talent Management, Employee Engagement, and Training and Development. She is suave and pragmatic with excellent interpersonal and communication skills, competent to work in highly diverse environments. She has focused on building and scaling up the organizations for new geographies/products, she has been a part of multiple start-ups within the companies she worked in.
She is highly regarded for her consistent commitment, ownership of deliveries and getting things done attitude. Shreya is someone who feels at ease when connecting with new people and generally has a well-developed network. She displays empathy towards colleagues and finds it important to listen to their point of views. Shreya has worked with the best firms in Agency, Broadcast, Digital, Music Label, Film Production and Print.
She has worked with companies like Dentsu Aegis Network, Star TV Network and Hotstar, Times of India to name a few. Her last stint was with RP- Sanjiv Goenka Group as HRBP for Saregama India Ltd., known as a strategic partner with the ability to influence and manage stakeholders in a complex matrix environment that are integrated and aligned with the business strategy. Strong recruitment, leadership ability and demonstrated ability to plan, direct and ensure staffing needs to drive talent acquisition strategies across multiple functional areas and at all levels.
Alongside, she takes some time off from her corporate rat race and indulges herself in family driven farming activity wherein she has brought in a few modern strategy and cultivation methods to fruit farming.
She holds a PG in Human Resources Management degree from Welingkar Institute of Management Development and Research. She also holds a certificate in LinkedIn Content Marketing and currently she is pursuing a course from ISB on A Life of Happiness and Fulfillment.
She is a volunteer at AMTM (Animal Matters to Me) Mumbai. She is actively looking forward to pro-bono work/consulting assignments in the area of ‘animal safety.’
Connect with Shreya on Linkedin
(01:20) Please let us know a brief about your journey in the corporate world and your areas of interest.
(03:50) What kinds of rewards and recognition are offered by the organizations today?
(05:15) It will make a huge difference to our wider HR thinking if we realize the difference between our reward and recognition strategy. What are the key differences between recognition and rewards?
(06:00) Recognition is typically the right way to go when it comes to employee motivation. A 2015 study also showed recognition as the most significant motivating factor in employees. This is before monetary benefits or a package of incentives. It is not the only approach, however. Reward systems too, have a special place in the workplace culture and it can also be a way of empowering the workers. So, how do we know when rewards are necessary, and when recognition is appropriate?
(09:57) According to you, reward vs recognition: which is better?
(11:00) Hard-working people are what every company looks for in this pandemic and post this pandemic. But when all is so broken, how can you best recognize and reward them for their efforts?
(14:15) What should be the end goal of any reward and recognition program?
(15:55) Tips for creating a great rewards and recognition program.
(18:25) Any suggestions for our HR managers/ work experience managers who chalks out Rewards and recognition strategies within their organizations?