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Global Work Glossary

Lost in a maze of global employment jargon? Find your way out with our handy collection of work and HR terminology

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What does employee rewards refer to?

Employee rewards recognize and appreciate employees’ achievements and contributions within an organization. They can be non-monetary or monetary, but most often involve praise and awards or benefits such as time off and gift cards.

Employee rewards encourage and incentivize good behavior and contribute to an employee’s sense of purpose at work. This is crucial to retention rates as people who feel part of a wider team and mission are more likely to stay in a position for longer. Financial-based employee rewards such as commissions and bonuses also allow employers to attract staff without paying as high a base salary.

When creating an employee rewards program, organizations should focus on clearly communicating the criteria needed and measuring the impact of different types of rewards to find out which are most effective. An HR solution such as Multiplier streamlines the process by providing a centralized location from which you can manage all benefits.

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