More and more organizations want to encourage peer-to-peer recognition to provide timely recognition for outstanding company contributions or participation in special projects. Organizations also want to reward years of service or other milestones reached by employees.
SAP SuccessFactors Reward and Recognition provides a way to manage, budget, and administer these spot and milestone award programs.
Types of Reward
The types of rewards are:
- Currency: The award is given in cash.
- Thanks: The award is an acknowledgment of appreciation with no compensation.
- Points-based: Instead of cash, points are awarded. These points can be accumulated and then redeemed by the employee. You set up the points system, how the points can be redeemed, and which vendors the employee can use.
Similar to that of salary and bonus planning, awards are often subject to budget, eligibility, guidelines, and approval process.
High-level Steps in Nominating an Employee for an Award
- Search for the employee you would like to recognize.
- Choose the award program.
- Select the award category and level.
- Enter a message for the recipient.
- Submit for approval.
Once the awards are approved, the recipients are notified.