Rewards and employee engagement
Introduction
Any
type of compensation and benefits both monetary and non-monetary that are
utilized in recognition to motivate employees within an organization referred
to as rewards. The level of
emotional as well as mental involvement employees possess in their work, and
the organization can be described as employee engagement.
When
employees receive rewards for their performance and involvement in their work,
they feel recognized. This results in the engagement of employees.
This blog discusses how an organization practices rewards & employee engagement and the benefits.
Common rewards programs
1. Monetary rewards:
Bonus:
Based on employees’
performance or achievement some companies provide bonuses monthly or annually.
e.g.:
Bravo recognition program by elephant house company.
Incentives: When achieving targets or goals, some
companies provide specific rewards as incentives.
e.g.:
5% sales commission on the total monthly/annual sales target achievement.
Profit
sharing: some companies
distribute a portion of the company’s profits as profit sharing.
2. Non-monetary rewards
Benefits: Mostly public and private
organizations provide Health insurance, paid time off, retirement plans, and
other perks for their employees.
Promotions: Employees can be rewarded for
their career development via the implementation of work evaluation
mechanisms, internal and external benchmarks, and a system of grading.
e.g.: Promotion from Manager position to
Senior Manager.
Opportunities
for Learning and Development: Training,
workshops, and mentorship programs.
e.g.:
Some companies sponsor their employees for training courses for their training
and further skill development.
How
do employee recognition and rewards drive success?
Employee Retention
Engaged
employees take on more responsibilities, work harder, and remain with the
organization because they value, care about, and feel proud of their work
Increased Productivity
Positive
behaviors and performance strengthen when employees obtain recognition for
their achievements. Employees are subsequently motivated to continue and
improve their productivity levels, which leads to higher output and efficiency
Company growth
When
employees are rewarded and recognized, their performance increases and they
contribute their full attention to the overall growth of the organization.
Rewards
for employees may accelerate the growth of businesses
Conclusion
Basically,
individuals thrive on being recognized. Employees are more likely to remain
with a company, perform greater, and contribute to its goals when they feel
valued.
Employee
engagement and rewards involve establishing a workforce which is engaged,
productive, and focused on the company's progress.
References
Fazali,
Rashika, 2013. Daily FT. [Online]
Available at: https://www.ft.lk/article/145969/Rewarding-employees-boosts-company-growth
[Accessed 29 March 2025].
Fields, Jonathan, 2024. Assembly. [Online]
Available at: https://www.joinassembly.com/blog/fostering-employee-engagement-and-performance-with-employee-rewards#:~:text=Employee%20rewards%20are%20at%20the,retention%20rates%20than%20those%20without.
[Accessed 29 March 2025].
Wilson, Madeline, 2024. Bucketlist. [Online]
Available at: https://bucketlistrewards.com/blog/benefits-rewarding-employees/
[Accessed 29 March 2025].
This is a most important article that makes a company sustainable .(TRS )Total reward system as an investment that has been made by the company to their employees in the future.
ReplyDeleteIn my point of view,
Without manpower a company would not be able to complete in the existing market or even in the new market.
Unfortunately, human have several weaknesses as compared to machinery.Employees make errors, employee have feeling,at time they feel uncomfortable or discouraged to perform their tasks.This is usually reflected in their performance.especcially when they are serving the customer (Naude & Rudansky,2016).in order to increase their performance, the company has to support them in any way possible (Peccei et Al,2013).This is where TRS plays valuable & important part.
Thanks for your valuable comments.
DeleteEmployee rewards and engagement are powerful drivers of motivation and success in any organization. When employees feel recognized and valued, they’re more likely to stay, perform well, and contribute to the company’s growth. It’s a win-win for both employees and employers.
ReplyDeleteGreat introduction! You’ve highlighted the importance of rewards and employee engagement in driving organizational success. A question to consider, How can companies ensure their reward programs remain effective and relevant to changing employee expectations?
ReplyDeleteThanks for your comments. Yes. The companies can ensure the reward programs effective and relevant by doing a feedback survey from employees and conduct surveys/analysis of the employee performances before and after the implementation of of such reward programs.
DeleteIt's wonderful to observe how both monetary and non-monetary incentives support worker satisfaction and the general success of the company. Acknowledging workers' efforts improves productivity and retention while also increasing motivation. Which kind of reward, monetary or non-monetary, do you think has the biggest influence on sustained employee engagement?
ReplyDeleteNon-monetary rewards, such as recognition, opportunities for growth, and a positive work environment, frequently have a stronger impact on sustained employee engagement than monetary rewards alone.
DeleteFantastic work on your blog. You've covered both monetary and non-monetary benefits in your thorough explanation of the relationship between rewards and staff participation. Consider include real-world examples from Sri Lankan businesses, talking about the difficulties in putting reward systems in place, and including pertinent data or statistics on how well rewards increase engagement in order to improve your post. The blog would also be strengthened by a succinct ending that highlights your main ideas. Overall, excellent work.
ReplyDeleteThis is a well structured breakdown of how rewards drive employee engagement! I appreciate the inclusion of local examples like Elephant House’s Bravo program, it makes the content relatable for Sri Lankan businesses.
ReplyDeleteOne thought: How can SMEs with limited budgets implement creative non-monetary rewards to boost engagement Also, could you share insights on measuring the ROI of these programs in Sri Lanka’s context? Great read, recognition truly is a universal motivator!
SMEs can boost engagement with non-monetary rewards like public recognition, flexible hours, professional development opportunities, and team-building activities.
DeleteTo measure ROI in Sri Lanka’s context, SMEs can track improvements in employee retention, productivity, absenteeism rates, and feedback from regular satisfaction surveys, comparing these metrics before and after implementing the programs.
your blog provides a concise and insightful overview of how rewards and recognition can significantly enhance employee engagement. By highlighting both monetary and non-monetary reward strategies, it underscores the importance of acknowledging employees' efforts to foster a motivated and committed workforce. The discussion on the benefits—ranging from increased productivity to improved retention—aligns with current best practices in human resource management. Overall, it's a valuable read for organizations aiming to cultivate a positive and high-performing workplace culture.
ReplyDeleteThis blog gives a clear idea about how rewards help to improve employee engagement. I like the examples from Sri Lankan companies like Elephant House. But it could be better if there was more critical discussion about challenges too like what happens when rewards are not fair or when employees feel left out. Also, non-monetary rewards like recognition or flexible hours could be explored more. Still, it’s a good effort to show the connection between rewards and employee performance.
ReplyDeleteThanks for your valuable comments
ReplyDelete"Great post! I really like how you pointed out the important link between rewards and staff involvement. Creating an environment where people are recognized and given real prizes is clearly a great way to keep people working for you. When workers feel appreciated and respected, they not only do a better job, but they also feel more connected to the purpose and values of the company. It was especially helpful to hear about how to make custom award programs that meet the needs and tastes of workers. Businesses that understand that engagement isn't just about rewards should create a setting where workers can do their best work and feel like they are truly cared for. Keep up the great work of putting light on this very important part of modern working life!"
ReplyDelete