What are the Differences between Reward and Recognition?
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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Currently, there has been an increase in the realization by organizations that they ought to put in place a reasonable balance between the organization’s contribution to the employee and the employee’s contribution to the organization. Once this balance is established in an organization, it makes it easy to reward and recognize employees. When choosing to create this balance in an organization, there are certain components that are recognized by the reward system namely, compensation, benefits, and recognition (Deeprose, 1994). There are a number of studies that have been conducted on this topic and they have all concluded that the most common problem in organizations is that they lack the element of recognition of employees which is low-cost yet the highest returning component to a well-balanced reward system. The primary purpose of recognizing employees is to make employees feel appreciated and valued (Sarvadi, 2005).
Research conducted has proven quite a number of times that employees who get recognized in their workplaces tend to have higher self-esteem, more self-assurance, more willingness to work and take on new challenges and they are more eager to be innovative (Mason, 2001). The primary aim of this study was to investigate whether rewards and recognition have an impact on employee motivation.
The two concepts of reward and recognition are often used interchangeably, but they have different meanings and purposes. Reward systems are designed by organizations to incentivize employees for their performance, either individually or as a team. They are usually separate from salary, but they may have a monetary value or cost for the organization. Recognition systems are ways of acknowledging and appreciating employees for their contributions, achievements, or values. They are usually non-monetary and more personal. Both reward and recognition systems are important for attracting and retaining talent in a competitive market, as well as for enhancing employee performance.
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What are the Differences between Reward and Recognition? a Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the meaning of rewards and recognition and their importance in an organization
- Understand the key differences between rewards and recognition in an organization
- Apply the concepts to real-life scenarios
1.0 INTRODUCTION
Reward and recognition are two terms that are often used interchangeably in the workplace, but they have different meanings and purposes. Reward system refers to the monetary and non-monetary payments given to employees in exchange for their services in an organization. These include; salary, bonus, promotion, praise, or feedback. Recognition, on the other hand, refers to the acknowledgment and appreciation of an employee's contributions, achievements, or values, such as a thank-you note, a certificate, a trophy, or a public announcement. The primary aim of this study is to investigate whether rewards and recognition have an impact on employee motivation. Both reward and recognition are important for motivating and engaging employees, but they have different effects and implications.
The reward system in an organization is usually based on specific criteria or goals that are measurable and quantifiable, such as sales targets, productivity levels, or customer satisfaction ratings. On the other hand, recognition is more subjective and personal, based on the employee's individual efforts, behaviors, or attitudes that align with the organization's vision, mission, or values. Reward is often expected and contractual, while recognition is usually unexpected and discretionary. Reward can create a sense of entitlement or dependency, while recognition can create a sense of belonging or loyalty.
Therefore, reward and recognition are not synonymous, but complementary. They should be used together to create a balanced and effective employee engagement strategy that rewards both the results and the process of work. Reward and recognition should also be tailored to the needs and preferences of each employee, as different employees may value different types of rewards or recognition. By understanding the differences between reward and recognition, managers can better motivate their employees and foster a positive and productive work environment.
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