It is one of the most crucial parts of Human resource management, which refers to the program in which the employees are recognized and rewarded for their contribution to organizational success or constant growth. It helps the companies attract and retain top talent. The company must value the employees and appreciate and motivate them to achieve a specific goal.
Types of reward and recognition
Additional hour reward
Profit related pays
Job promotion
Recognition
Bonuses
Commission
Performance related pays
Benefits that rewards and recognition provide
It assures job satisfaction for the company
Develops employee happiness
Accelerates higher retention
Assures employee loyalty toward the company
Enhances overall productivity of the team
Enhances positive culture in the company
