HR Glossary / Rewards and Recognition

Rewards and recognition refers to the acknowledgement of the good work of an employee and potential perks.

What Are the Different Types of Rewards and Recognition?

Companies use rewards and recognition programs to show appreciation to their employees and motivate them to continue their good work. There are two types of rewards and recognition: monetary rewards and non-monetary recognition.

Monetary rewards include:

  • Bonuses;
  • Treats;
  • Paid events;
  • Gifts;
  • Additional day offs;
  • Additional fringe benefits;
  • Promotion.

Non-monetary recognition includes:

  • Hand-written notes;
  • Public praise;
  • Time with the CEO;
  • Performance-based awards.

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