Rewards refer to the incentives or benefits provided to employees by an organization in recognition of their achievements, contributions, or performance. These rewards can be in various forms, such as monetary bonuses, promotions, gifts, or non-monetary perks.
An example of reward could be an annual performance bonus given to employees who meet or exceed their targets. Another example could be a promotion with an increase in salary and responsibility for an employee who consistently performs at a high level. Recognition in HR refers to acknowledging and appreciating the efforts, accomplishments, or behaviors of employees. It involves publicly acknowledging their contributions and providing positive feedback to boost morale, motivation, and job satisfaction.