Reward and recognition: A little goes a long way
- February 12, 2020
- / Stephana Gaudin
- / leadership-development,Training Development
Last week involved a lot of clapping at the Studer Family of Companies (SFoC). Over the course of a few meetings, my fellow coworkers were being recognized for their achievements during the last quarter, and longevity anniversaries with the organization. This is something that happens a lot at SFoC, and for good reason. Not only does it feel great to honor those who work hard with an actual physical award (and maybe a little cash, too), but research shows that reward and recognition makes a huge difference when it comes to employee engagement.
The talent pool is low at the moment, and your employees know it. “Retaining talent” is a popular topic, and there are lots of ideas out there on how to be better at it. A recent survey by Achievers shows that 64% of workers plan on leaving their jobs in 2020. The most common reason? Lack of recognition.
According to Gallup, “the most effective recognition is honest, authentic and individualized to how each employee wants to be recognized.”
At SFoC, this is easy. On my first day of work, I filled out a small questionnaire. On it, they asked me how I liked to be recognized. There was space to give an example of a time when I was rewarded or recognized that meant a lot to me (if you’re curious, it was when the CEO gave me a “shout out” on a company-wide call due to great customer feedback). Turns out, I’m not alone. Being recognized by a manager or CEO is top of the list for most US employees.
If your organization doesn’t currently have a program for reward and recognition in place, you can make a big difference by starting small. Send a thank you note to an employee that is a high performer and is living the company values. Be specific in your praise and encourage the behavior to continue.
Our next live training session, February 20 – Drive Engagement and Fuel Your Performance Engine – is a great resource and will also be available online! Check out our other online training opportunities here.
Need some more ideas? Reach out to the Leadership Development team.