What is RnR?
The term RnR stands for rewards and recognition. The rewards and recognition programs are aimed at appreciating employees‘ contribution towards the company.
Benefits of RnR Program
Organizations all over the world now understand the importance of employee recognition. When it comes to the products we know that all rights reserved with the company but those who worked for it should be recognised for their efforts.
Top talent in every field likes to work for companies that appreciate their work and make them feel valued as a company. They are always looking for an organization with a good organisational culture. Having a good recognition program helps to attract top talent, as the company gains a reputation as a brand that values its employees.
When the workforce feels like they are recognized and valued for their contribution to the company, they are likely to stay longer. The increased employee retention also means less turnover. It saves efforts and costs in the hiring process.
That way companies have the necessary workforce all the time and there is minimal loss of productivity.
When people are appreciated for their contribution they feel motivated to put more effort. Employees in a company with a good reward and recognition program feel inspired to take initiative and find innovative methods to perform tasks.
They are likely to put additional effort when it comes to business-critical tasks and projects. Those who feel like a valued part of the company are often the first ones to take initiative to find solutions in case any challenge arises for the company.
Also Read: Do’s and Dont’s Of Employee Recognition
Kindles Competitive Spirit
The employee rewards and recognition programs motivated employees to put their best efforts to ger recognised as the best performer.
The right reward and recognition strategy makes everyone feel involved and valued at the company. That way the program can be used for positive enforcement of desired behaviour.
The misconception about the reward and recognition programs is that for its success all rights reserved to companies with a big budget and small companies can’t implement them.
Truth is that big-budget and monetary rewards are not always necessary. A simple ‘thank you’ or telling employees that they did a good job in front of their colleagues can be equally impactful.
As discussed above, reward and recognition program has multiple benefits and a good strategy can increase your productivity.