The Impact Of Rewards And Recognition Program On Employee Engagement At A Fortune 500 Financial Institution Essay

Employee engagement is today’s leadership priority. However, the catchphrase goes a long way back in the beginning of the 21st century. It has gained interest to this date, which can be credited to Gallup’s first version of the Q12 in the 1990s commonly termed as the Gallup Workplace Audit (Gallup Consulting, 2006). Subsequently, Gallup has continuously refined and expanded their Q12 for current business challenges. Furthermore, several literatures, surveys and evidence-based studies abound that exhibited positive results with employee engagement such as increased performance, safety, retention and profits among others.

Employee engagement and motivation can be increased by providing clear line of sight, providing right job knowledge with required resources, supportive supervision, incentives and rewards.

Employees deserve recognition for their hard work, creative ideas and commitment to the company. “Employee recognition is the timely, informal or formal acknowledgement of a person’s or teams behavior, effort or business result that supports the organization’s goals and values, and which has clearly been beyond normal expectations” (Wiley & Kowske, 2012). It is important to show employees your appreciation for their work so they can understand how they are valued by the company. The effect of this action helps to increase employee satisfaction and productivity. Rewarding employees

Additionally, policymakers should consider the merit of including employee engagement metrics as part of a pay for performance strategy for larger health systems. While the mechanics of the deployment of an employee engagement strategy are beyond the scope of this paper, clearly a good starting point is to foster an environment which emulates aspects of the private practice

In the workforce, employees turns to be more involved in the successful results when they know that they will share in the rewards (Wilkinson, 1992). There have to be a well established incentives for better creation of ideas and efforts which would lead to increased business. Rewards allows employees to see themselves being valued and recognize their involvement in the business. Employees' morale and motivation is boosted and the staff progress on with higher level of creativity and

Total Rewards reflects what employees’ value from its employer. It focuses on five elements that attract, motivate, and retain the talent to achieve business goals. These elements are: Compensation, Benefits, Work- Life, Performance and Recognition and Development and Career Opportunities (WorldatWork, 2007, p. 4). This paper describes the five advantages of a total rewards approach, five ways a total rewards strategy can go astray, six steps involved in the design of a total rewards program and eight steps involved in the communication process of a total reward program (WorldatWork, 2007, p. 15-64). Finally, the paper

“Employees said that it is the personal relationship with their immediate supervisor that is the key. The attitude and actions of the immediate supervisor can enhance employee engagement or can create an atmosphere where an employee becomes disengaged” (“What Drives Employee Engagement and Why it Matters”). Jiffy’s employees are no longer engaged to go to work because their incentives have been shortened and even if they sought to find employment outside of the organization, they would have to look in a different industry. Employee engagement is easy to conquer. Some of the ways that Jiffy can attempt to rekindle the engagement and morale of its employees are through recognition, use of intrinsic rewards, and employer support. Employees value a sense of belonging to an organization, so it is imperative that they are recognized for their work. Recognition can incur costs; however, there are many inexpensive (and even free) techniques for recognizing employees. For instance, Jiffy can demonstrate their appreciation to the employees during a companywide meeting or cater a luncheon for the staff. The key to ensuring that the employees are recognized in order to feel engaged and with high organization morale is to ensure that this is done on a day-to-day basis, so that the employees would be convinced that they are a valuable asset to the organization. As previously stated, the main priority and assets to an organization are its employees. With that said, in order for employees

Robinson D, Perryman S & Hayday S. (2004). The drivers of employee engagement. Institute for

Successful organizations demand satisfied employees. Figure 1 below shows a theoretical one-way linkage chain called the "Engagement-Profit Chain." This chain directly shows how active employee engagement leads to good service which ensures that customers will to continue coming back, providing a solid foundation on which the company can grow. As employee effort is indeed discretionary, it has been observed that higher levels of engagement, or the way management commits itself emotionally to employees, pushes a higher level of discretionary effort (Kruse, 2014). It is not by chance that

Institute employee reward systems- employee reward programs help in boosting employee morale and increasing their engagement within institutions. Rewarding the employees also makes them feel that their efforts within the organization are appreciated. This helps a lot in enhancing employee

Companies that have higher levels of engaged employees have higher earnings per share (EPS) than companies that have lower engagement levels (Kelleher, 2011). Engaged employees are more productive, have higher levels of customer loyalty and help their employers become more profitable. An engaged employee is less likely to leave their current position. This saves their company money because there is no need to spend money to hire and train new personal. These saving can be passed along to the employees for increased wages, bonuses, and benefits. All of these items help in motivating employees, to attempt to engage the disengaged.

Reward and recognition programs must connect the needs and expectations of the workforce with the company’s overall goals and strategies. A program that reinforces important company values and goals will encourage employees to act in line with such goals and emphasize the importance of achieving these goals. Alternatively, rewards which do not connect with organizational goals may convey a misleading message and encourage employees to act in a manner that does not facilitate the

Secondly, the research is by a Havard Business Review Analytic Service that features in depth interview with 12 company leaders and 550 executives around employee engagement. As the result, 71% of respondents agreed that employee engagement is master key to the overall success of the organization. In the research, most leaders understand the importance of engagement but most of employees are not highly engaged in their organization. According to Bates (2004), it is necessary to recognise that employee engagement is on the decline and there is a strongly disengagement among employees today. For example, a half of Americans in the workplace are not strongly engaged or they are disengaged to the business in order that U.S businesses lost $300 billion per year in productivity (Bates, 2004).

Recognize & Reward Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Being rewarded and recognised for their work or contribution is what keeps an employee motivated to work towards achieving the organisational as well as personal goals. When the employees is motivated by rewards, they will have job satisfaction consequently increasing the productivity of the organisation. It necessitates the need of managers to pay more attention in understanding their employees and come up with suitable types of reward systems for the organisation so that the employees are intrinsically and extrinsically motivated all the time. The hypotheses that I put forward here is to support this statement that effective reward management is critical to