How to Build Productivity Through Reward and Recognition
Published in: Business
Transcript
- 1. How to Build Productivity Through Reward and Recognition bamboohr.com cornerstonePhootno dbye Gmattao nMdim.mcoo gmioc oso
- 2. How to Build Productivity Through Reward and Recognition Why Focus on Employee Recognition? bamboohr.com cornerstoneondemand.com
- 3. How to Build Productivity Through Reward and Recognition “Employee recognition is the number one factor when motivating employees in the workplace.” No. 1 bamboohr.com cornerstoneondemand.com
- 4. How to Build Productivity Through Reward and Recognition 69% of employees would work harder if they were better recognized. bamboohr.com cornerstoneondemand.com
- 5. How to Build Productivity Through Reward and Recognition People will improve the things they’re recognized for so they can earn even more recognition. bamboohr.com cornerstoneondemand.com
- 6. How to Build Productivity Through Reward and Recognition of employees find it annoying when they are not recognized for the accomplishments they contribute to the team and company. 82% bamboohr.com cornerstoneondemand.com
- 7. How to Build Productivity Through Reward and Recognition of employees would leave their job for a company that recognizes its employees. 49% bamboohr.com cornerstoneondemand.com
- 8. How to Build Productivity Through Reward and Recognition “People who have high self-esteem . . . are willing to take intelligent risks because they have confidence in their ideas and competence.” —Nathaniel Branden, author of The Psychology of Self-Esteem and Self-Esteem@Work bamboohr.com cornerstoneondemand.com
- 9. How to Build Productivity Through Reward and Recognition “Organizations that give regular thanks to their employees far outperform those that don’t.” —Josh Bersin bamboohr.com cornerstoneondemand.com
- 10. How to Build Productivity Through Reward and Recognition “Whenever you are recognized and praised for any accomplishment by someone whose opinion you hold in high regard, your self-esteem goes up, along with your eagerness and enthusiasm to do even better on the job.” —Brian Tracy bamboohr.com cornerstoneondemand.com
- 11. How to Build Productivity Through Reward and Recognition Did you know employees want some form of recognition every 7 days? bamboohr.com cornerstoneondemand.com
- 12. How to Build Productivity Through Reward and Recognition Yet only 12 percent of employees say they often receive appreciation for great work. 12% bamboohr.com cornerstoneondemand.com
- 13. How to Build Productivity Through Reward and Recognition “Employee recognition isn’t rocket science – it is an obvious thing to do.” —Kim Harrison, author bamboohr.com cornerstoneondemand.com
- 14. How to Build Productivity Through Reward and Recognition The workforce is changing. By 2020, half our workforce will be millennials. 1/2 bamboohr.com cornerstoneondemand.com
- 15. How to Build Productivity Through Reward and Recognition Compensation is still important, but these days employees are looking for more. bamboohr.com cornerstoneondemand.com
- 16. How to Build Productivity Through Reward and Recognition Incentives help engage employees and organizations. With higher than average engaged employees, companies saw 27 percent higher profits. 27% bamboohr.com cornerstoneondemand.com
- 17. How to Build Productivity Through Reward and Recognition 4 basic human drivers that incentives can tap into: • The Collector • The Killer • The Socializer • The Explorer bamboohr.com cornerstoneondemand.com
- 18. How to Build Productivity Through Reward and Recognition “What’s absolutely critical…is that the organization celebrates success. Those who perform must be recognized. Their behavior and its results must be reinforced . . . Give positive feedback to those responsible for execution success and making strategy work.” —Dr Lawrence Hrebiniak, Professor of Management in the Wharton School bamboohr.com cornerstoneondemand.com
- 19. How to Build Productivity Through Reward and Recognition Actions that align with company’s goals and strategy. “Too many CEOs and managers focus on bottom line results without thinking about how it feels to slog away and work without anyone saying thanks.” —Kim Harrison, author bamboohr.com cornerstoneondemand.com
- 20. How to Build Productivity Through Reward and Recognition Big and small wins. “Regular minor boosts from ordinary activities can have a cumulative and lasting effect.” —Harvard Business Review bamboohr.com cornerstoneondemand.com
- 21. How to Build Productivity Through Reward and Recognition Being a team player. “[Teamwork] is the fuel that allows common people to attain uncommon results.” —Andrew Carnegie, American Industrialist & Philanthropist bamboohr.com cornerstoneondemand.com
- 22. How to Build Productivity Through Reward and Recognition Types of recognition people really want • 30 percent want opportunity to grow in the company • 28 percent just want praise • 24 percent want a reward (money or gift cards) • 10 percent say no reward is needed (They now need you to tell them they’re doing a good job) bamboohr.com cornerstoneondemand.com
- 23. How to Build Productivity Through Reward and Recognition Most critical: Give honest and justified recognition. bamboohr.com cornerstoneondemand.com
- 24. How to Build Productivity Through Reward and Recognition “A person who feels appreciated will always do more than what is expected.” —Author Unknown bamboohr.com cornerstoneondemand.com
- 25. How to Build Productivity Through Reward and Recognition So . . . how can you best reward employees? bamboohr.com cornerstoneondemand.com
- 26. How to Build Productivity Through Reward and Recognition Objectively (and transparently) identify who deserves reward and for what bamboohr.com cornerstoneondemand.com
- 27. How to Build Productivity Through Reward and Recognition Figure out how much value the work contributed bamboohr.com cornerstoneondemand.com
- 28. How to Build Productivity Through Reward and Recognition Decide—as an organization—if you want to reward only the big wins and successes or the milestone steps and wins along the way. But consistency is important. bamboohr.com cornerstoneondemand.com
- 29. How to Build Productivity Through Reward and Recognition Communicate. Communicate. Communicate. bamboohr.com cornerstoneondemand.com
- 30. How to Build Productivity Through Reward and Recognition Showcase and reward. bamboohr.com cornerstoneondemand.com
- 31. How to Build Productivity Through Reward and Recognition Don’t wait. bamboohr.com cornerstoneondemand.com
- 32. How to Build Productivity Through Reward and Recognition Allowing recognition from peers, as well as superiors, goes a long way. bamboohr.com cornerstoneondemand.com
- 33. How to Build Productivity Through Reward and Recognition “Recognition is not only something executives should do – it should take place throughout the organization. The research clearly shows that top-down recognition is not what makes companies thrive today – it’s recognition by your peers, the people you work with every day.” —Bersin, Forbes bamboohr.com cornerstoneondemand.com
- 34. How to Build Productivity Through Reward and Recognition Not all are about bonuses, raises, or even cash. 46% of incentives offered by US companies are non-cash incentives. Don’t be afraid to get creative! bamboohr.com cornerstoneondemand.com
- 35. How to Build Productivity Through Reward and Recognition Ideas to recognize employees without spending a penny! • Send a personal note that specifies exactly what the employee did • Say a sincere “thank you” • Recognize a job well done in a meeting or applaud • Send a shout-out around in your company’s private social site • Mention their success story in a speech or presentation or even newsletter • Give a long lunch or extra break or “free pass” day • Arrange for higher manager to stop by and say thanks • Offer to swap a task with them • Flex hours or let them work from home • Create a “Wall of Fame” or special award where you recognize them bamboohr.com cornerstoneondemand.com
- 36. How to Build Productivity Through Reward and Recognition “A true leader . . . takes his or her team members' accomplishments as a point of pride, and recognizes that the mark of a great leader isn't creating followers— but instead developing other leaders.” —Bill Murphy Jr., Forbes bamboohr.com cornerstoneondemand.com
- 37. How to Build Productivity Through Reward and Recognition Thank you. bamboohr.com cornerstoneondemand.com