Kinds of Rewards & Recognition
Rewards and recognition are important motivators for many people. Social standing and appreciation leave people with a sense of being valued and part of a supportive community. Official rewards can be presented in many different contexts, including workplaces, non-profit organizations, church groups and communities that recognize artists or social activists for their contributions to the common good.
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Financial
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Corporations and businesses commonly reward some or all of their employees financially, often in the form of year-end bonuses. The size of these bonuses is usually linked to the profit margin that the company achieved that year. For top CEOs of major corporations, these bonuses can become quite enormous, sometimes overshadowing their annual salary. Despite the importance of money to many people, it doesn't necessarily create loyalty to an organization. Liz Prudden, writing on the website of San Diego State University, says that, while financial reward has a positive impact on employee retention, it is slightly less statistically significant than the impact of recognition for a job well done.
Public Recognition
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Humans are social animals, and most of us appreciate it when our peer group expresses approval of our actions. Public recognition for success or achievement can happen inside of business entities or in society at large. Recognition in the form of plaques, citations, medals or gifts, sometimes accompanied by financial reward, may be bestowed in the military, in schools or in other organizations. These awards are an organization's way of expressing its gratitude for individual effort, and less directly a means of motivating other people to put out similar amounts of effort. The promise of future recognition is a strong social motivator for many people.
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Annual Awards
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Within the fields of science, art, sports, academia and the performing arts, some awards are given out every year to people who have shown outstanding accomplishment in their fields. Some of the best known of these awards are the Nobel Peace Prize, the Pulitzer Prize, the Stanley Cup, the Grammy and the Tony. The awards for excellence in the performing arts arouse particular interest in the general public because the people receiving the awards are known by millions.
Promotions
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Within the field of business, the most substantial form of recognition that an employee can receive is a promotion to a new position that usually carries more responsibility, more prominence, and a higher salary. Unlike other forms of reward, a promotion entails a permanent and ongoing change in the status of the employee within the organization. Promotions are ideally the result of hard work and superior performance.
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