Are reward and recognition programs important in a business environment? Studies have shown that rewards and recognition motivate people to do a better job because they know they are valued and realize more and more how important they are to the business. Motivated people offer great potential for success in business projects, teamwork and job performance. A rewards and recognition program helps to better motivate people when it offers everyone in the organization the opportunity to be recognized and the people involved are openly recognized as valuable to the business.

Most business managers realize that there are two types of rewards, monetary and non-monetary. Monetary includes hard dollar incentives in the form of bonuses or raises that individuals or groups can receive for satisfactory or superior job performance. Nonmonetary rewards are what many managers think of when it comes to promotions, high-profile job assignments, or other forms of soft recognition. Whether the reward is monetary or not soft or hard, it should be tailored to the individual or group by determining what would be personally and proportionately best as well as bring pleasure to the recipients.

The rewards should be:

• Personal determining whether they prefer private or public recognition and reaching out to those involved to see what they prefer, whether it be an award, a gift, time off, or money.
• proportional balancing size or type of reward with individual or group contribution and achievement in relation to organizational goals.
• Nice it means making things fun and entertaining through the event in which rewards are given or by selecting a creative reward.

When analyzing recognition, managers must consider the internal and external benefits to recipients. Internal benefits include the sense of pride and satisfaction that an individual or team can derive from a job well done, and their personal motivators to continue to do well. External benefits would be related to what the individual or team can see, touch or use. These types of recognition are used to reinforce a particular behavior in recipients. They can also provide a short-term benefit to the manager by increasing the level of motivation or good behavior of the recipients of the recognition. Both internal and external recognition must be given promptly with an accurate and principled acknowledgment of why it is given.

The acknowledgment must be:

• Precise giving individual or group detailed information about the relevance of what was done, as well as recognizing when, where, why and how it was done.
• of principles showing sincere and honest recognition of an individual or group that supports organizational beliefs and values ​​through their commitment and achievements.
• Righ now giving timely acknowledgment as soon as possible after the event has occurred or the action has been completed.

Rewards and recognition are used to motivate people to do a better job. Motivated people are important to the success of a company through its projects and teams. A rewards and recognition program that helps motivate people should be an important and highly valued part of doing business.