Reward Vs Recognition: Do You Know When To Use Each Motivator?

Reward vs Recognition: Do you know when to use which motivator?

bamboohr.com 1-866-387-9595



Ben Peterson, co-founder and CEO of BambooHR



Most of the time,reward and recognition go hand-in-hand. What are the differences?



Why focus onemployee recognition?



“Employee recognition is the number one factor when motivating employees in the workplace.”



69% of employees would work harder if they were better recognized.



of employees find it annoying when they are not recognized for the accomplishments they contribute to the teamand company.



“Organizations that give regular thanks to their employees far outperform those that don’t.”

—Josh Bersin



Did you know employees want some form of recognition every 7 days?

Yet only 12 percent of employees say they often receive appreciation for great work.



Actions that align with company’s goals and strategy.

“Too many CEOs and managers focus on bottom line results without thinking about how it feels to slog away and work without anyone saying thanks.” —Josh Bersin



Big and small wins.

“Regular minor boosts from ordinary activities can have a cumulative and lasting effect.”

—Harvard Business Review



Being a team player.

“[Teamwork] is the fuel that allows common people to attain uncommon results.”

—Andrew Carnegie, American Industrialist & Philanthropist



So . . . how can you best use recognition?

• Be simple

• Be sincere

• Be consistent

User

Please see slide 26 design for reference (we kinda want them to coordinate)



“You have to use recognition again and again to build people up. It is one of the many tools and practices available to each manager to boost people up and elevate work performance.”

—Barbara Ann Corcoran, Shark Tank



11 Ideas to recognize employees without spending a penny!

Send a personal note Say a sincere “thank you”Recognize in a meeting or applaudSend a shout-out on a social siteMention their success in a speech or presentationGive a long lunch or get-out-of-work free dayHave a higher manager say thanksSwap a task with themGive a team lead role or title promotionOffer flex hours or work-from-home optionsCreate a “Wall of Fame” or white board

1.2.3.4.5.6.7.8.9.

10.11.



Why focus onemployee rewards?



The workforce is changing. By 2020, half our workforce will be millennials.



• 44 percent of employees said tangible (type financial rewards) highly or very highly increased their engagement.

• 63 percent of employees said intangible rewards highly or very highly increased their engagement.

Employees want to be rewarded for their hard work.

— The Hay Group



Not all are about bonuses, raises, or even cash. 46% of incentives offered by US companies are non-cash incentives. Don’t be afraid to get creative!



“It’s impossible to win the hearts and minds of people unless you clearly establish goals and values and reward people if they act in a way that leads to the fulfillment of those objectives.”

—F. Robert Salerno, CEO of Avis



So . . . how can youbest reward employees?



Objectively (and transparently) identify who deserves reward

and for what



Figure out how much value thework contributed



Decide—as an organization—if you want to reward only the big wins and successes or the milestone steps and wins along the way. But

consistency is important.



10 reasonably priced ideas for rewarding employees:

Stock options Gift cardsTime offLate in/early outGrowth opportunitiesFunTickets A massageA personalized giftFree food

1.2.3.4.5.6.7.8.9.

10.



Selecting what’s best for your company



Who should be rewarded and recognized?



Start today! Think about why, when and how to best motivate your people.



Follow BambooHR on social media:

bamboohr.com/blog

Thank you!



Questions?BambooHR

Receive a free job posting on our ATS and full HRIS for one week.We will contact everyone within the next few days to set this up.

Leadership & Management

Reward Vs Recognition: Do You Know When To Use Each Motivator?