Companies—like people—nowadays are doing their best to keep afloat amid the fierce competition, the inflation, and instability of markets. Cost-cutting has been more prevalent in most companies than increasing cash flow. While companies strive to achieve the latter, the volatile work environment and markets call for more prudent expenditure of resources.
Companies strive to adopt methodologies to increase efficiency, cut costs, and minimize waste. They strive to retain their customers and employees. They strive to increase their market share. Effort is given to keep stability by avoiding losses and ensuring return of investments.
Companies know that by taking care of their employees, their employees will take good care of their customers. It is then of utmost importance to ensure employee satisfaction across all levels in the company.
Apart from the basic salary which marks basic competence, companies have also come up with rewards systems. Most rewards systems include performance bonuses and cash incentives. Companies that see the need to cut costs have come up with the recognition program. This is in addition to the rewards system that rewards exceptional performance.
Employees truly appreciate monetary rewards. However, there is still that need to be recognized for their accomplishments. While a ceremony can surely cost money, giving a badge or a custom challenge coin to an employee can be enough recognition. The employee then has the option to wear it like his superiors do with theirs.
Employees are more likely to wear their custom challenge coins to signify their achievement because peer recognition is also important. Peers know all the struggles that another peer goes through. Having earned these coins to mark accomplishments—and that being recognized by peers—is truly rewarding to an employee.
Recent studies show that recognition programs should be as frequent as the accomplishments are. It is therefore important for a company to be specific about the behaviors and performance that will merit an employee to earn a custom challenge coin. It must be different and altogether separate from the company’s reward system.
Like the reward system, recognition should also be tied to company goals. Providing custom challenge coins to employees must mean that the recipients have contributed something to reach company goals. The importance of handing them out to employees is that they have overcome that challenge of exceeding expectations.
Recognition programs are important because they meet not just one—but two of Maslow’s hierarchy of needs—the need to belong and the need for accomplishment or self-fulfillment. A custom challenge coin becomes a symbol of attainment that an employee can flaunt to his colleagues or even with his friends.
While monetary rewards may meet physical needs (since they are monetary), recognition meets an employee’s psychological needs. Recognition of one’s achievements certainly does wonders to the morale of employees. They feel fulfilled and they feel that they have a future in the company–the more that they will pour their hearts and minds into their jobs.
It is important for companies to arrive at a recognition program for their employees. Although everyone likes monetary rewards, recognition is also as important because it is one of an employee’s basic human needs. The most cost-efficient way to recognize an employee’s efforts is to give him badges of success–custom challenge coins—to signify his accomplishments. There is no need for pomp or ceremony. Custom challenge coins are given with a good-natured handshake. The company recognizes the achievement of the employee without unnecessarily spending money on venue and food. The priorities of other employees and other departments are also not compromised because they no longer have to attend a ceremony.