(Solution) 5HR03 (AC2.4) Explain the merits of different types of recognition schemes offered by organisations
Solution
Recognition Scheme- This is defined in Li et al. (2024) as a public acknowledgement and praise given for how an employee behave or accomplish functions. This is significantly monetary/tangible with recognition being non-monetary and intended improvement of morale, engaged and motivated.
For Eco-Insulate, dissatisfied staff is evident with introduction of structured recognition scheme assisting reinforcing appropriate behaviours and committed. The examples of formal recognition include rewards and appreciated in public for executing their functions, recognised informally, praising verbally and acknowledged appropriately.
According to Kong et al. (2021), the rewards have a direct correlation with performance metrics/financial outcomes. The rationale of this is initiating a culture of being appreciated hence a sense of belonging initiated and purpose-driven employee’s functions.
Merits of Various Recognition Schemes
Employees of Month Scheme– By issuing this scheme in Eco-Insulate, it is inspiring to high-level productivity owing to attracting highly performing employees and public recognition for the ones who have performed outstandingly. According to CIPD (2022a), by providing this scheme, a feeling of appreciation is achieved amongst the employees boosting how they are motivated and reinforced expectations. Through the public recognition strategy, this boosts how the employees are confident and building strong culture in workplace inspiring the employees in assuming strategies for increased performance. Additionally, lower financial investment is done hence constituting to lower costs incurred in improving engagement.
Peer-to-Peer Recognition- The peer-to-peer recognition is identified as a scheme allowing employees in recognising other employees for their input in an organisation. According to Ho and Nguyen (2021), ……
Please click the following icon to access this assessment in full