However, rewards can be anything a worker values, including praise, monetary recompense, and promotion. A recent study proposes that effective organizational leaders offer sincere, public recognition to subordinates in the method of ceremonies, awards, and special symbols (Green, 1999). As rewards provide overall satisfaction, reward power is worth doing in an organization, because it can provide a win-win tactic for leadership to adopt.
Whether an individual is a CEO of company or a leader in an organization, an employee rewards program can be a viable device to help fashion a dynamic and innovative business environment.
Listed below are essential steps that I would structure to effectively establish an employee rewards and recognition program:
• Evaluate The Situation – Transparent distinct objectives helps in creating the rewards plan to reach goals and make it easier to communicate to your team (Eells, 2014).
• Quota Based incentive Program – Incentive programs that are reward based would be challenging, measurable, and yet attainable. The contingency would be based on reaching and surpassing these goals from employees.
• Provide Work Value to Employee Personnel – Build viable commitments, empower communication, administer valuable rewards, and continuous support to make contributions of employees