Employee Reward and Recognition Systems

Employee Reward and Recognition Systems

HRMN 300 Section 6981 Semester 0709

Table of Contents

Types of rewards 3

Determining goals 7

Measuring performance 8

Measuring the effectiveness of programs 9

Matching rewards to employees 10

Guidelines to an effective program 12

Why a rewards program works 12

Employee Reward and Recognition Systems

Human resource management has many responsibilities one of which is to maintain a top-notch workforce. This involves not only the hiring of the best employees, but also keeping them. Retaining employees is hard and focused work, but there are methods to achieve this goal. One of which is to reward and recognize. In today’s fast-paced business world it is easy for management to hold a blind eye to this simple yet effective practice. However, if utilized and strategically planned a rewards and recognition program can enhance retention, as well as boost performance.[i] There are many things that go into starting a successful rewards and recognition program. The following aspects are all important to keep in mind when determining the right program for a business:

• Types of rewards

• Determining goals

• Measuring performance

• Measuring the effectiveness of programs

• Matching rewards to employees

• Guidelines to an effective program

• Why a rewards program works

Every company will have different needs and different approaches to achieve these needs, but the basic concepts above are all valid concerns when creating and maintaining an employee rewards and recognition program.

Types of Rewards

The first concept to take into account when determining a program is the various types of rewards and recognitions. There are a number of ways to categorize the many different types...