Trending Reward And Recognition Programs In Organizations

Abstract

Reward and recognition policies is designed to reward employees who have excelled in their work and convey sincere "thank you" for a specific job done well. The study aims to study different reward and recognition policies adopted by the different organizations. To gain a wider perspective of the reward and retention programs, an industry level benchmarking was done. For the purpose, a structured questionnaire was drafted comprising of both open and closed ended questions. It had 25 items in total. The questionnaire was filled by the employees of different organizations who were selected on the basis of random sampling. The sample size is 50. To conclude, reward and recognition is an integral part of most of the organizations. Organizations reward the employees for performing well which helps in increasing the productivity and motivating the employees. Organizations budget their reward scheme on the basis of the previous year income and investment. But many of the organizations follow the same policy for the certain period of time as mentioned in their HR policy. Organizations provide financial and non-financial rewards both which satisfy the employees to a great extent. Sometimes reward is incurred as a cost. Reward and recognition are the best way of motivating and retaining the talent.

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