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Formal recognition is a set of established programs or practices that a department adopts to foster recognition.

Recognition is an action it reinforces behaviors you want repeated. A reward or an award is an item that is a tangible reminder of achievement.

Informal recognition is simply what you do regularly to let employees know when you notice and appreciate their work.

Best practice suggests that ALL recognition awards be recorded regardless of value of the award.

When recognition is tied to specific behaviors or outcomes, it reduces the appearance of favoritism. Meaningful recognition is timely, specific, tailored to the person, and connected to the goals and values of the department.

Your credit card may have different rates of interest for purchases, balance transfers and cash withdrawals. You’ll find your interest rates on your statement. Interest is calculated as a percentage on the amount you borrow. The longer it takes you to pay off your balance, the more interest you will have to pay.