65% of employees believe they were not recognized at all in the last year. 79% of top performers report that a key reason why they change organizations due to a lack of recognition. A 10-year study showed that organizations that properly recognize their employees are 3x more profitable than those that don’t. Here’s a great resource for discovering tips and techniques for recognizing your employees this week and additional statistics.
Tip: Properly recognizing employees is not all about money and rewards.
The Carrot Principle: How the best managers use recognition to engage their people, retain talent, and accelerate performance by Andrian Gostick and Chester Elton
Key concept: Goal setting, communication, trust and accountability are noted in The Carrot Principle as the four traits of good management and leadership. Basically, recognition acts as a powerful accelerant to increase your effectiveness. Be sure to reward those activities that bring people closer to their goals. Communicate company values by recognizing team members in public when they exhibit them. When you publicly recognize team members it shows that you can be trusted to share the credit. By recognizing milestones towards bigger goals you demonstrate to employees that they are being held accountable.
WATCH THIS: 5-min video (remember to skip the ad) that is a great summary of the book.
TRY THIS: Choose to recognize someone this week for above and beyond performance, or show appreciation for a career milestone. Small gifts of thanks that praise team members can mean a great deal to them. It’s free to say, “thank you” or “Great job on that project you worked on last week. Your contributions made a big difference”.
So, yes, Elton goes a little overboard at the end with keeping a recognition calendar. The best advice I heard was being frequent, specific and timely in your praise can make a big difference towards motivating others!