The fourth and final pillar in an employee engagement framework for the banking industry is reward and recognition. The model, beautiful in its simplicity, can be relatively easily applied outside of the banking industry.
Earlier I described training and career development, co-worker relationship, and perceived organizational support. Now, let’s take a look at reward and recognition.
Reward and recognition.
A very straightforward yet complicated principle. Credit where credit is due, and a sincere thank you will get you a long way. Back in 1998, Flynn claimed that rewards and recognition activities help the organization build up the confidence level of the employees and improve their motivation and morale. The ultimate aim of a recognition and reward program is to make the employees believe that the organization truly values their contributions.
If done well, this will boost employee engagement and productivity.
The challenge for larger organizations is to reward and recognize their employees sincerely, at scale.
A system that maps professional preferences and soft-skills, is required so managers or HR professionals can tailor their rewards and recognition to a market of one, the employee on the receiving end.