Rewards and Recognitions (R&R) are key components of employee engagement and motivation strategies. While they often go hand in hand, there are distinct differences between the two:
REWARDS: Rewards are tangible incentives given to employees for achieving specific goals or milestones. They are often financial or material in nature. Examples: Monetary bonuses, Gift cards, Corporate gifts, Paid time off, Stock options, Commissions and performance-based incentives.
RECOGNITIONS: Recognitions are intangible acknowledgments of an employee’s effort, performance, or behavior. They often focus on appreciating the person rather than the output. Read More