What Is More Important For Your Team: Money Or Recognition?

What are your thoughts matter more: money or recognition? We would first agree that both are important. Of course, one doesn’t work without the expectation of getting paid except if it’s a charity or volunteer job. Everyone gets a job majorly because of money, but we cannot deny the fact that there is satisfaction from being recognized and appreciated. 

It is arguably known that employee recognition is a vital key motivator that is crucial for the growth of any organization and entrepreneurs may think that more remuneration is what is desired by most employees. However, this is not always true.

Humans are emotional beings and would more likely give in their best in a healthy, strong, and positive environment than in a more compensated one. Successful leaders like John de Ruiter and Richard Branson understand that recognition could lead to employees putting in passion and dedication in their work. 

Why Is Employees’ Recognition Important?

Employee recognition can be the way an organization shows its appreciation for an employee’s dedication towards work. It can take many forms and may or not necessarily involve monetary appreciation. Have you ever heard someone complaining: “My boss appreciates me too much, I am so fed up”. Of course not! That’s because most employees complain when they lack appreciation instead. Employee recognition helps the organization in many ways and some of the few are; 

●    Increase high performance: A staff member who is well appreciated or recognized tends to increase his work performance. They are happy and have gotten the satisfaction they need, so much effort is put into working.

●    Retention of great talents: People go to where they are needed and appreciated. Great talents may be lost if they are not getting their much needed recognition. If the good employees go, what becomes of the organization? Remember, people can only stay till they reach their breaking point.

●    Establishes values: If actions are recognized more frequently, it shows employees are valued by the organization. 

●    It reduces stress: Recognition shows that an employees’ stress isn’t unnoticed. The employee tends to worry less about the amount of stress caused by the job and with the act of recognition; ways would be introduced to reduce the amount of stress. 

Ways to Show Recognition 

  • Leaders like John de Ruiter provide opportunities to enhance skills through training, mentoring, or coaching that goes with the organization’s objectives and their personal needs.
  • Encourage the setting of goals and help them see it is achieved.
  • Thank the team using cards if you are a private person and also use organizations’ social media platforms.
  • Treat employees with respect and dignity.
  • Praise immediately when a goal is achieved because this gives positive feedback.
  • Build healthy relationships with the employees. 
  • Organize recognition periods which could either be monthly or by the end of the year. 
  • Celebrate the little and big achievements and this can also include an employees’ birthday, anniversary, or wedding. 
  • Allow and ask for suggestions.
  • Give employees a day off because rest is needed.
Sudarsan Chakraborty
Sudarsan Chakraborty
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