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Program Description
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Proposed Program: Employee Recognition and Rewards Program

The Employee Recognition and Rewards Program is a program that acknowledges and

rewards employees for their contributions to the company and their demonstrated commitment to

company values. It will be implemented on a monthly or quarterly basis, with a specific award

given to the employee who best exemplifies company values and has made significant

contributions to the company. This award could come with a monetary prize or additional time

off. There will also be a program where employees can nominate their colleagues for

recognition, with the top nominations receiving an award (Assadullah, 2017). A points system

will also be implemented, where employees can earn points for completing certain tasks or

meeting certain goals, and can then redeem those points for rewards such as gift cards or

additional time off.

Cost/Benefit Analysis:

The main cost of this program will be the awards and rewards that are given to

employees. This could include monetary prizes, gift cards, and additional time off. However, the

potential benefits of the program outweigh the costs. Implementing a recognition and rewards

program can increase productivity, reduce turnover, and improve customer satisfaction. It can

also increase job satisfaction, morale, and loyalty to the company (Assadullah, 2017). Therefore,

the costs of the program are likely to be offset by the increased productivity and retention of

employees.

Possible Risks:

There are a few potential risks associated with this proposal. One risk is that the program

may be perceived as unfair or biased by some employees. To mitigate this risk, it will be

important to have a transparent and objective process for selecting the award recipients and
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determining the points earned through the points system (Assadullah, 2017). Another risk is that

the program may not be perceived as valuable or meaningful by all employees. To address this

risk, it will be important to solicit feedback from employees and tailor the program to meet their

needs and preferences (Assadullah, 2017). Finally, there is a risk that the program could be too

costly for the company to sustain in the long term. To address this risk, it will be important to

carefully monitor the costs of the program and make adjustments as needed to ensure its

financial viability.
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References

Assadullah, M. M. (2017). Considerations in establishing a rewards and recognition program for

a multi-generational digital workplace in the United States: A critically appraised topic.

SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3027106