University of Minnesota - UMN Executive Leadership Insights
Employee Reward and Recognition Systems
Article

Employee Reward and Recognition Systems

Inc. Editorial
Inc., 2017
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Editorial Rating

7

Qualities

  • Applicable
  • Well Structured
  • For Beginners

Recommendation

For many small business owners and entrepreneurs, employee reward and recognition programs might seem like something best put off for later – after the  firm has grown. But according to this article, reward systems give small firms an advantage in attracting, engaging, and retaining talent. The article doesn’t go into the specifics of reward program design and addresses only a small range of nonfinancial recognition options. Nevertheless, it offers a solid overview of the fundamentals and an excellent place to start an investigation of the subject.

Summary

To attract talent and motivate employees, even small businesses are developing reward and recognition systems.

In an environment of tight competition and low unemployment, employee rewards and recognition can give entrepreneurs a boost in attracting, motivating and retaining talent. Just like larger firms, though, start-ups should design their reward systems thoughtfully. Rewards and recognition systems should align with company values and goals and should encourage the behaviors they want from the workforce.

Good reward and recognition programs spur...

About the Author

Inc. is an American business magazine serving the small and private business community. Inc. was founded by Bernie Goldhirsh, and its first issue appeared in April 1979.

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