It is simple reward is a prize and recognition is appreciation. A prize is something tangible when appreciation is an abstract noun. But, leaving aside the difference in their literary meanings, this article is all about the usage, or rather application of Reward and Recognition at your workplace. Jobs are not about just the paychecks but the end of every month. Salaries are a major part but rewards and recognition help people to feel more included and acknowledged.
Reward and Recognition program is a psychological way that people are more invested in their work if they feel included at their workplace. Even though these two words are often used together, they both have their separate meaning. Let’s de-couple this term and understand it in a minute way:
What is the Key Difference Between Reward and Recognition?
Reward: Synonyms price, bounty, bonus, premium, prize, award, trophy, bonanza, etc
- Tangible, something you can touch
- Transactional, in exchange or outcome of something
- Consumed, employees can use their rewards
- Transferable, this is a temporary pleasure, easily transferable
- Conditional, rewards have conditions like a benchmark performance
- Expected, for good employees they expect to get a reward
- Mostly Economical
- Impersonal, rewards are going to be the same for every employee
Recognition: Synonyms identification, acknowledgment, acceptance, realization, appreciation, certification, accreditation, validation, etc
- Intangible, you cannot touch it
- Relational, is based on the relationship between two employees
- Recognition is meant to be experienced
- This is not at all transferable
- This has no conditions
- Mostly unexpected
- Mostly emotional, like a piece of praise
- This is a free-flowing Personal gesture
How to Create a Success Employee Reward and Recognition Program?
You need to understand that the Reward and Recognition Program should have both of these aspects. And a compilation of these two almost contradictory aspects you can create a successful Reward and Recognition Program.
Tangible with Intangible – For your next R&R make sure you give them both, some words appreciated with a token that they will appreciate.
Transactional Yet Relational – While rewards or incentives will attract more talented people to your company, recognition is essential for retaining your valuable employees.
Economical and Emotional – Offering something economical will boost the enthusiasm of your employee while emotions will deepen their relationship with your organization.
Consumed and Experienced – For your next reward and recognition program you should arrange something personalized to balance both. Like a token of gratitude with a box of chocolates.
Fixed and Free-flowing – It doesn’t need to have to be a well-decorated hall to appreciate your employees you can either appreciate them while you are rewarding them or you can also appreciate their work in their daily office days.
Expect the Unexpected – When any of your employees perform well they know that his or her work will be rewarded. But when you become vocal about how they have excelled in their field and appreciated their job this is more unexpected and they are bound to feel happier.
Impersonal and Personal – Rewards are meant to be the same for everyone, you cannot personalize a reward. But recognitions are personal and differ from person to person.
Best Practices of Utilizing R&R Program:
Identify this as a Rewards and Recognition Program
- Arrange it timely – Quarterly, annually, twice a year, but try to do it often
- Make every feel included and genuine
- Personalize the process
- Be transparent, be creative, and above all be fair
- Don’t forget about remote workers
- Recognition is not criticism keep your resentment for some other days
The interchangeable term, Reward, And Recognition is a term often used by professionals to address a program to appreciate and encourage their personnel. A successful R&R program is a sign of health and a prosperous working environment.
