Organizations are always striving to maintain retention rate of employees with attractive benefits and rewards. Employee engagement strategies include many other benefits like work life balance, increments, bonus and career development opportunities. Organizations are finding many ways to retain the talented employees and offering many benefits like offering bonus at the end of the year. To maintain the right reward strategy supervisors need to recognize the right people for the benefits like compensation, bonus and promotion and intangible rewards like recognition for work, respect, supporting culture and praise. The reward winning employees fell more responsible and give more in return to the organization which is priceless. A good amount of bonus for excellent performance at the end of the year with confidential will not give satisfaction than an intangible rewards like individual recognition in form of awards from a group of people will boost the confidence levels of employee. An award for an achievement among the group of people, there is peer recognition, there is transparency and there is a high degree of relevance of the award to the achievement.
A non monetary a reward like voucher also give importance and recall. On the other extreme, rewards given out to one and all based on designation or seniority eventually degenerate into being perceived as a right rather than a reward. Young employees don’t prefer rewards and at the same time older employees also they don’t much interested in rewards. Rewards are not implying same rules for all employees in one organization. These will change from one person to other. Cash rewards will have very low recall if it is small amount then it will not be considerable by employees. A right way of recognition with reward will make a difference and gives more motivation. Rewards should always reach the objectives of the organisation and should reflect its culture also.