Importance Of Employee Recognition

EMPLOYEE RECOGNITION
Employee recognition is the timely, informal or formal acknowledgement of a person’s or team’s behavior, effort or business result that supports the organization’s goals and values, and which has clearly been beyond normal expectations.
Appreciation is a fundamental human need. Employees respond to appreciation expressed through recognition of their good work because it confirms their work is valued. When employees and their work are valued, their satisfaction and productivity rises, and they are motivated to maintain or improve their good work.
Praise and recognition are essential to an outstanding workplace. People want to be respected and valued for their contribution. Everyone feels the need to be recognized as an

These recognition forms also include events held for the celebration of achievements. Formal recognition often has some legal and policy requirements.

Importance of Employee recognition
• Encourage engagement – One of the ways in which recognition of your employee’s efforts or hard work can benefit is by encouraging or inspiring further engagement and boosting overall performance. When one gets some praise or pat on the back, he/she automatically tries to give the same level of performance and improves efforts further.
• Encourage better business results – The simple gesture of praising or rewarding your employees at work can have a direct impact on your bottom-line and can lead to better overall results that are a consequence of better individual performances.
• Increase loyalty & Retain the best talent – When one is recognized for his/her hard work, he/she tends to be more loyal towards you and the work he/she is doing. This is something that can help to retain important and skilled employees in the long run.
• Build a supportive work environment – The more your employees feel encouraged and valued, the more will they be supportive to your cause, hence building a supportive and active work

STEP 3: Set a Committee
The third step in this process is to set up a committee and appoint a few employees or managerial level executives to handle the functioning of the reward program.
STEP 4: Set criteria and guidelines
Every successful and effective employee recognition program has a set of guidelines and criteria on the basis of which it functions and goes on smoothly. It is important to create core values and guidelines so that it remains fair and unbiased. Make rules, discuss exceptional cases of recognition and have a list of points according to which an employee will be recognized or rewarded.
STEP 5: Select the rewards
The reward must be chosen in such a way that it suits your budget and is given keeping in mind the needs and interests of your employees.
STEP 6: Communicate with Your Employees
The next step is to tell all your employees about the idea or initiative. If employees know and understand the program and the way it will work, they will be encouraged to pump up their performance. This will encourage them to be at the top of their game and may automatically improve the overall