Transcript

The Power of Recognition in the Enterprise

THE POWER OF RECOGNITION IN THE ENTERPRISE According to a Westminster College study, 65 percent of surveyed managers believe that money is the primary driver of employee performance. However, the same data shows that employees actually feel differently. This discrepancy had lead to a disproportionate amount of attention paid to financial incentives and not enough spent on simple employee recognition and support. In general, managers can easily over look these non-financial incentives that can be powerful tools for improving employee engagement and performance. Before spending more on salaries, it makes sense to understand the value of a simple pat on the back in the enterprise. THERE'S SOMETHING WRONG WITH THIS PICTURE A 2011 Globoforce WorkForce Mood TrackerM survey reports that: PROPOSAL 85% 52% 39% AND MORE THAN HALF of surveyed U.S. workers like to have their efforts recognized. don't feel appreciated at their jobs. are dissatisfied with the level of don't believe their company recognition they receive at their organization for doing good work. cares about them. SHOW ME THE APPRECIATION! Non-Financial Motivators Have a Bigger Effect on Employees (Percent of respondents who replied "extremely" or "very effective") Increase in base pay Praise and commendation from direct manager 2$ 60% 67% Stock or stock options Attention from leaders Financial Incentives 35% Non-financial Incentives 63% RECOGNIZED WORKERS ARE... MORE ENGAGED Appreciation makes a big difference when it comes to employee engagement in the enterprise, especially in organizations with below-average scores for employee development opportunities and well-being. My manager recognizes and appreciates good work My manager doesn't really recognize and appreciate good work Organizations with high scores for opportunity and well-being: Organizations with low scores for opportunity and well-being: (Percent who gave a favorable engagement score) (Percent who gave a favorable engagement score) 91% 77% 52% | 33% "Appreciating peoples' great work accelerates engagement dramatically. It makes struggling companies better and good companies great." -0.C. Tanner 2008 Global Recognition Study MORE PRODUCTIVE 78% 69% of U.S. workers' say they'd work harder if they felt their efforts were better appreciated. report that being recognized motivates them at their job. MORE LIKELY TO STICK AROUND A CASE STUDY In 2007, Crittenton Hospital Medical Center in Detroit Within two years, the hospital saw their staff turnover rate decrease by HALF. undertook an effort to increase morale and productivity by installing clear communication programs and an Intranet where employees and physicians could recognize one another for exceptional acts. Staff turnover (2007) 10.7% 5% Staff turnover (2009) ..... HOW TO GIVE THANKS THE RIGHT WAY MPLOYEE OF THE MONT PROVIDE SPECIFIC CRITERIA DON'T PLAY FAVORITES TIME MATTERS BE OPEN FOLLOW UP Don't praise employees or colleagues because of an existing friendship or because they belong to a "winner's circle;" justify The process should be transparent to other employees, who should know the identity of those receiving the acknowledgment and reasons why they were chosen. Reward quickly so When improvement is noticed, follow up and reinforce recognition. Criteria for rewards should be specific, clear, and employees and peers consistent so others can understand the direct strive toward them as well. association of the recognition. nominations with fair and unbiased reasons. ISOCIALCAST SOURCES: INC.COM, HARVARD BUSINESS SCHOOL, TOWERS WATSON, MCKINSEY QUARTERLY, 'Globoforce. "Workforce Mood Tracker." 2011 Towers Watson O.C. Tanner 2008 Global Recognition Study. CIALCAST OCIALCAT Gostick, Adrian and Chester Elton. The Carrot Principle. 2009.CATO SOCIALCAST SOCIALCAST CASOCIALCAST SOCIALCAST CIALCAT SOCIALCAST SOCIALCAST A SOCIALCAST A LCAST O 2011 SOCIALCAST INC. ALL OTHER TRADEMARKS HEREIN ARE RECOGNIZED TO BE THE PROPERTY OF THEIR RESPECTIVE OWNERS OCIALCAST OCA sOCIALCASTo A OCIALCAST IALCAST SOCIALCAST ACAT SOCIALCAST LCAST SOCIALCAST ALCAST OCIALCAT

The Power of Recognition in the Enterprise

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The discrepancy in money being the primary driver in employee performance has lead to a disproportionate amount of attention paid to financial incentives and not enough spent on simple employee recogn...

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