One of the easiest and most effective programs to initiate is peer recognition. Peer recognition gives employees the power to reward each other for doing a good job. It works because employees themselves know who works hard and deserves recognition. After all, managers can’t be everywhere all the time, and employees are in the best position to catch people doing the right things.
For example, in its “Thank You Coupon” program, the Texas Credit Union gives each employee seven coupons a year to give to any employees they wish to recognize for going out of their way to help customers or fellow employees. The coupons are redeemed for $10 certificates for food, movies, golf, and the like. Everyone in the company, from the president and vice presidents down, is eligible for a coupon.
Source: “Reward and Recognition Programs Increase Employee Motivation”
Subjects: Management, Organizational Behavior