There are many benefits in recognizing your employee with an award rather than money. Many managers, specifically human resource managers, have to make these types of decisions and struggle with what suits their company and employees best.
Increase in pay is nice but disappears quickly, in hand and in memory. A crystal award, plaque, or trophy lasts forever. People love adding to a collection of awards they can see on a daily basis, and it will promote them to continue this honorable dedication in their work life.
Benefits of employee recognition
Employee appreciation is a fundamental human need in the workplace.
When employees feel appreciated and recognized for their individual contributions they will be more connected to their work, their team, and your organization as a whole.
Here are a few other benefits of employee recognition:
- Increased productivity and engagement
- Decreased employee turnover
- Greater employee enjoyment of work
- Improved team culture
- Higher loyalty
- Higher satisfaction scores from customers
- Increased retention of quality employees
- Decreased tardiness of employees
And the reason they love this is because it increases their status and gives them something to talk about with their friends and families. It’s the same reason people work four to six years in college. They work hard not just for that piece of paper but what it represents and that they are true champions in their field.