When companies acknowledge and reward employees, they reinforce the desired actions and behaviors, they expect the people to embrace. The recognition helps employees understand how the company what culture the company is trying to develop. 

Employee recognition is influential for both – the company and the employee when you integrate a system. Such programs make employees feel valued and rewarded. 

There are several ways to make the employees happy and excited at work, and there is a chance you may have heard of some of these before, but they’re worth repeating. 

Some quick and easy to implement strategies include fostering a lively work environment, engaging the employees in regular team-building activities, and providing opportunities to the employees to raise and grow in their careers. 

A Great Reward System Is:

• Fair
• Specific
• Quick
• Well Balanced
• Accurate

Five essential tips for significant recognition:

1. Well-thought-out criteria: Decide on what kind of performance or contribution will initiate the rewards. Make the employees understand the process and clear on the behavior/actions/attitudes management wants to see. Doing so will make them ready for being successful.
2. Encourage participation: For success to happen, all the employees must be a part of the recognition program, and everyone must be able to qualify for recognition. Do not leave out any employee.
3. Clear communication: If you or the employees are not clear on the exact information regarding the desired behaviors or actions, it leads to dissatisfaction at work and failure. Everyone has to understand the importance of good communication. 
4. Give rewards: If you have a recognition program and have promised rewards, make sure that you recognize and reward them. Do what you said you would do.
5. Be Timely: Quick recognition is the key to success. It ensures that recognition occurs as close to the performance or actions as possible. Doing so will help you to motivate and reinforce the desired behavior in your employees. 

Bonus Tip: Don’t design a process in which managers select the people who will receive recognition. Employees will see this type of approach as managerial favoritism.