Rewards and Recognition sounds like a simple concept: engaged employees perform more reimagine recognition program which can assist continuous performance management.
Read more here about best practices of rewards & recognition.
Reward Vs. Recognition
The reason why most people get these two mixed up is that they share a lot of similar elements. However, they are different in nature. When it comes to employee rewards, they are usually a part of the program established by an employer to reward individual employees or teams for their performance and to motivate them to maintain that same level of productivity. They are not the same as a raise, but they can often include some kind of financial compensation, from cash bonuses to leasing cars for your best employees.
In other words, all types of rewards have one thing in common: they cost the employer money or resources.
Recognition programs are primarily psychological in nature, which means they don’t cost startups and companies any money, yet they keep the staff motivated. That is probably the main distinction between rewards and recognitions since the former are financial in nature and the latter is emotional.
Read more about rewards and recognition differences in large & small organizations here.
This section talks about various awards and recognition on Empuls.