how to build productivity through reward and recognition
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Learn why reward and recognition are important for employee productivity. This slideshare includes research on what employees want most, when and how to reward them, and ideas for recognizing employees at small to mid-sized companies.TRANSCRIPT
How to Build Productivity Through Reward and Recognition
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How to Build Productivity Through Reward and Recognition
bamboohr.com cornerstoneondemand.com
Why Focus on Employee Recognition?
How to Build Productivity Through Reward and Recognition
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“Employee recognition is the number one factor when motivating employees in the workplace.” No. 1
How to Build Productivity Through Reward and Recognition
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69% of employees would work harder if they were better recognized.
How to Build Productivity Through Reward and Recognition
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People will improve the things they’re recognized for so they can earn even more recognition.
How to Build Productivity Through Reward and Recognition
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of employees find it annoying when they are not recognized for the accomplishments they contribute to the team and company.
82%
How to Build Productivity Through Reward and Recognition
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of employees would leave their job for a company that recognizes its employees. 49%
How to Build Productivity Through Reward and Recognition
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“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
How to Build Productivity Through Reward and Recognition
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“Organizations that give regular thanks to their employees far outperform those that don’t.”
—Josh Bersin
How to Build Productivity Through Reward and Recognition
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“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
How to Build Productivity Through Reward and Recognition
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Did you know employees want some form of recognition every 7 days?
How to Build Productivity Through Reward and Recognition
bamboohr.com cornerstoneondemand.com
Yet only 12 percent of employees say they often receive appreciation for great work. 12%
How to Build Productivity Through Reward and Recognition
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“Employee recognition isn’t rocket science – it is an obvious thing to do.”
—Kim Harrison, author
How to Build Productivity Through Reward and Recognition
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The workforce is changing. By 2020, half our workforce will be millennials. 1/2
How to Build Productivity Through Reward and Recognition
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Compensation is still important, but these days employees are looking for more.
How to Build Productivity Through Reward and Recognition
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Incentives help engage employees and organizations. With higher than average engaged employees, companies saw 27 percent higher profits. 27%
How to Build Productivity Through Reward and Recognition
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4 basic human drivers that incentives can tap into:
• The Collector
• The Killer
• The Socializer
• The Explorer
How to Build Productivity Through Reward and Recognition
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“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
How to Build Productivity Through Reward and Recognition
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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
How to Build Productivity Through Reward and Recognition
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Big and small wins.
“Regular minor boosts from ordinary activities can have a cumulative and lasting effect.”
—Harvard Business Review
How to Build Productivity Through Reward and Recognition
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Being a team player.
“[Teamwork] is the fuel that allows common people to attain uncommon results.”
—Andrew Carnegie, American Industrialist & Philanthropist
How to Build Productivity Through Reward and Recognition
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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)
How to Build Productivity Through Reward and Recognition
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Most critical: Give honest and justified recognition.
How to Build Productivity Through Reward and Recognition
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“A person who feels appreciated will always do more than what is expected.”
—Author Unknown
How to Build Productivity Through Reward and Recognition
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So . . . how can you best reward employees?
How to Build Productivity Through Reward and Recognition
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Objectively (and transparently) identify who deserves reward
and for what
How to Build Productivity Through Reward and Recognition
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Figure out how much value the work contributed
How to Build Productivity Through Reward and Recognition
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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.
How to Build Productivity Through Reward and Recognition
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Communicate. Communicate. Communicate.
How to Build Productivity Through Reward and Recognition
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Showcase and reward.
How to Build Productivity Through Reward and Recognition
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Don’t wait.
How to Build Productivity Through Reward and Recognition
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Allowing recognition from peers, as well as superiors, goes a long way.
How to Build Productivity Through Reward and Recognition
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“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
How to Build Productivity Through Reward and Recognition
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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!
How to Build Productivity Through Reward and Recognition
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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
How to Build Productivity Through Reward and Recognition
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“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
How to Build Productivity Through Reward and Recognition
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Thank you. Thank you.