Reward and Recognition

Albert Ferdinand Aalders

Chapter 6 in Cultivating Organizational Excellence, 2023, pp 125-147 from Springer

Abstract: Abstract Excellent organizations apply reward and recognition, including elements of target setting, as behavioural drivers for performance as well as transformation. Translation of organizational objectives to personal and team objectives in the organization is essential. The scales (organizational as well as temporal) at which the overall reward and recognition schemes are applied are key design parameters for overall effectiveness. Consequences of organizational transformation and contextual dynamics will be covered to demonstrate how flexibility can be embedded in the approaches followed. Target setting should anticipate the volatility of the circumstances, and its robustness helps the people in the organization to keep a steady course during the changes that are going on. At the same time, recognition needs to be given for those achievements that contributed to shorter-term organizational success as well as those over a longer period of time. A balanced award scheme can cater to this. All of these factors make reward and recognition a key instrument to drive excellence in the organization. External recognition which is an essential component of excellence, will follow. Several examples of that are given.

Keywords: Awards; Business dynamics; Collective performance targets; Employee engagement; External recognition; Hall of Fame; Individual targets; Management Agenda (MA); Peer recognition; Performance review; Reward and recognition; Reward system; Servant leadership; Stage gating; Targets; Teamwork; Team targets; Transactional leadership; Transformational leadership; TransparencyTransparency (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/978-3-031-26289-0_6

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