Employee reward systems refer to programs set up by a company to reward performance and motivate employees on individual and/or group levels. They are normally considered separate from salary but may be monetary in nature or otherwise have a cost to the company. Experts believe that praise and recognition have always been crucial in improving employee productivity, retention and engagement. Managers, HR and the leadership need to understand its significance and the positive impact it has on business growth.

As more millennial and generation Z enter workforce, the need for reward systems becomes more important because part of doing a fulfilling job is being recognized for the job done. Therefore, it is important because rewarding employees makes employees happier which in turn boosts their morale, increase performance and organizational citizen behavior.

The beauty of this reward system is that it is not necessarily monetary; you can come up with creative and fun ways to reward them.
Here is a list of creative and inexpensive ways to increase engagement and reward your workers:

• Rewards for years of service
• New hire welcome Packages
• MVP/Rookie of the Year Awards
• Rents out movie theatre for employee and their families
• Office free library/ e-library
• Mentorship program
• Work in another department for day/week/months
• Quarterly lunch/dinner with the boss
• Birthday/Anniversary parties

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Busayo Adebiyi.
HR GENERALIST