It is not unfair to say that if rewards or recognition offered to employees were altered, it would bring corresponding transformation in productivity, work motivation and satisfaction. Rewards is a wide concept that is increasingly being re-defined to encompass not just the traditional methods of compensating employees, but also newer aspects such as emotional and physical well-being. A broad range of characteristics and employee rewards tools have to be considered before implementing a total rewards plan. This would include defining metrics and understanding objectives to design a plan that measures and tracks accomplishments against defined goals and expectations.
Most organizations tend to depend on external benchmarking to ensure the competiveness of rewards offered by them but some work out their own employee rewards tools to get relevant data and stay competitive. This can be done through developing an array of reward and recognition programs, cheering peer recognition, offering performance awards at individual as well as team levels, applauding employees for showcasing the values of the company values and so on. It has been seen that recognition has a direct impact on behavior reinforced in an organization, which makes it very essential for businesses to ponder over the areas for which they wish to reward their employees.