Whenever you have performed in your job, you expect your manager, your colleagues or someone in the organisation to appreciate that hard work, whether it is a simple thank you or an quarterly or yearly reward. As people, we want to be praised for a job well done and it may or may not have a tangible reward associated with it.
This notion of recognition of work has led to organisations changing the why they are rewarding their employees, from mere incentives every month end or a salary raise by the end of year, organisations are looking to invest in their human capital in different manner. Whether it is a sabbatical or flexible work timings, to a thank you note to a lunch with the boss, organisations are recognizing that small efforts mean more to the employees.
It has not happened only globally, the employee rewards and recognition programs in India have also changed significantly. The old era of government job where stability and tag of government job was enough to keep the employee satisfied, is changing. The new generation of employees wants more than job security and promotions at regular interval. They want recognition for the work they put into the organisation.
This generation also demands that their managers or mentors give them continuous feedback which aids them in continuous improvement. This is being achieved through one on one meetings, technology where both the manager and team members can collaborate and communicate on, etc. There also a paradigm shift of valuing the skilled workforce and retaining it.
Valuing the skill of the workforce can come from detailing out how the employee can move up the corporate ladder or training and development for skill enhancement. Even the right environment for growth is a reward for the employee. Whatever factor that leads to the development and overall success of the employee will be considered part of reward management.
Lastly, financial reward may help in keeping the people working in the organisation happy for some time, but for long term goals, organisations have to recognize the employees and carter to them as individuals rather as a collective workforce.