We know that it is not just the employers that carry on the business, the employees also do the same amount of work to make the business as profitable as it should be. Due to this all the praise should not go to the employers, there should be employee rewards for all those hardworking, dedicated people as well.
What are employee rewards?
They are just like any other rewards out there, they are given for pure motivational factors. They are considered separate from their salary, but raises can also be provided as well. So overall it is a system used to motivate.
What are some examples?
There are tons of examples that you can gain, but you have to know there are different types of employee rewards, they are mainly intrinsic, which is more towards feedback and acknowledgement, and extrinsic, which has to deal with the financial incentives, like bonuses and so on. Some of the best rewards that employees can get are office perks, the best parking spot, sometimes free lunch is also a motivator, raises and bonuses and promotions are also a great way.
Why are rewards needed?
Rewards are needed because it shows that employers value their employees, it is also because they maintain adequate efficiency, which helps in increasing the productivity. Plus it gives them a sense of respect and recognition that everyone should have. Nobody should have to feel left out, so the rewards bring in a sense of credibility to that.