Recognizing and appreciating employees’ efforts is an important way to keep them motivated to keep up the good work. Studies have proven that employees perform their best when they get timely rewards. There are various forms of employee recognition and appreciation of the employees used by companies, which can be either in the form of rewards or recognition or appreciation. There are various ways of employee recognition which are used at TWS to its employees to keep them going and growing.
At TWS, we are using various matrixes which provide a clear picture regarding the data and information of their work performance, which facilitates recognition of the employees. Following are the ways in which employees are recognized at Tekki Web Solutions Pvt. Ltd. Basis the trends being followed at TWS, we can divide the rewards and recognitions into four major forms:
Recognition and Appreciation
- Intrinsic Rewards
- Extrinsic Rewards
- Financial Rewards
- Non- Financial Rewards
INTRINSIC REWARDS: The word Intrinsic means something which can be felt and does not exist physically. Intrinsic rewards are the non-tangible rewards provided to employees to motivate them and keep them going. Intrinsic rewards can be like- providing the opportunity to the employee to develop a new skill via any new course/certification etc., any praises to the team member by the senior in front of the team, collaboration with any new team member in the form of mentorship, announcements within the team for recognizing the efforts of the employee etc. At Tekki, we recognize the best performers as ‘Employee of the Month’ and ‘Appreciation of the Month’ to appreciate them, which includes some other extrinsic and financial rewards along.
Intrinsic rewards are mentioned as a source of high motivation for employees; it creates a sense of belonging within the employee. Team members feel valued when praised, and their efforts are noticed.
EXTRINSIC REWARDS: Extrinsic rewards are tangible rewards, or as per its dictionary meaning, we can say that something whose presence can be sensed. The major examples of extrinsic rewards can be Gifts, Bonuses, etc. At TWS, we always take advantage of every chance to recognize the efforts of our employees. If they are showing some effort in achieving something, they must be appreciated so that the employees should show more involvement in bringing up something new in their work to meet or exceed the expectations. Lately, Tekki gifted one of our employees a car to recognize his tremendous efforts to make the company grow and leave a mark in the industry. Understanding the moment’s need for the employee, Tekki gifted him his dream car to recognize his efforts.
Bonuses or Gifts can be provided to the employees when they have performed their job with excellence, finished any assigned task before the provided deadline, efficiently handled or managed any team’s collective task, received any appreciation from the client in the form of good ratings or recommendation on any other common platform etc. These small recognitions by the company in the form of extrinsic rewards always make the employees feel valued and that their efforts are noticed and observed by the senior management.
FINANCIAL REWARDS: Financial rewards are the monetary rewards provided to the team members by the company. These are the monetary rewards the employees can spend directly or in exchange for money. Some examples of financial rewards can be Pay raises, Increments, Incentives, Gift cards, Vouchers etc. Increments can result as a high sign of motivation for someone to sense that their efforts are getting noticed by the organization, and there is a high probability that they would start performing better than before. However, Gift cards or vouchers can also make the employees better as these would help them to order the things added to their cart from any of their favourite websites, or they can use these to have a treat and pay some quality time with their loved ones by watching any movie or at a restaurant.
At Tekki, One of the major benefits that our employees enjoy is that we need to have a specific time-bound for the increment of our employees. We continuously observe and evaluate their performance and provide increments basis on their efforts and betterment in their work performance. We have a few team members, who have received increments for even 3-4 times in a year, basis their work performance. Financial rewards, as compared to the other forms of rewards, can result in a high form of investment or spending for the company for their employees. But if done efficiently and effectively, it can prove to be the best source of motivation for them. Previous records of TWS have also proven that employees feel more motivated and tend to perform better when they are provided with some monetary or financial rewards.
NON-FINANCIAL REWARDS: Non-financial or non-monetary rewards can be one which isn’t in cash form but is motivational enough for the employees while recognizing their efforts can keep them growing. Examples of non-financial rewards can be Promotions, Change of job title, Team outings, Lunch with the CEO or team, Providing additional authority and responsibility etc. Non-financial rewards are also said to be a great source of creating enthusiasm within the employee and go and grab the available growth opportunity by performing their best. The major non-financial reward is Social Recognition, which is undoubtedly enough for someone to do their best if the efforts are getting noticed and rewarded timely.
OTHER REWARDS: As per the changing market trends and introduction of new perks and incentives, there are a few other forms of rewards being introduced nowadays, like- Employee Incentives, Point-based rewards, Wellness based rewards etc. We at TWS are also now drafting a new system for employee recognition and rewards, which would be point-based, and employees will get rewarded with points as per the number of tasks they have completed out of the assigned work. However, Wellness based incentives are more focused on providing better mental and physical health to the team member, which would undoubtedly be beneficial to them both in their personal as well as professional lives. Examples of Wellness based rewards can be providing a Gym or any sports activity membership to the employees as per their interest or providing any mindfulness activity or classes to them.
To conclude
We can say that at Tekki Web Solutions Pvt. Ltd., we always make sure that every single effort of every employee should be rewarded, and to facilitate that, we don’t leave any stone unturned. We have such performance measurement system or matrixes via which we keep complete track of every employee’s performance so that we can evaluate it all on time, and the best ones should be rewarded as per their interest so that they feel more motivated to perform better in future which would obviously result as the mutual growth of both the employee as well as the organization.
