Presentation on theme: "1 Presented by: Bridget Flanagan, Hilary Gosselin, Bob Kinney, Vincent Koon, Kapil Mayawala, Alina Salgado."— Presentation transcript:
1 Presented by: Bridget Flanagan, Hilary Gosselin, Bob Kinney, Vincent Koon, Kapil Mayawala, Alina Salgado
2 How the carrot beats the dollar: It’s about appreciation The case for non-financial rewards and recognition
3 Downsizing or restructuring (54%) Sought new challenges or opportunities (30%) Ineffective leadership (25%) Poor relationship with manager (22%) To improve work/life balance (21%) Contributions to the company were not valued (21%) Better compensation and benefits (18%) Source: Right Management, HR Consultants – June 2008
4 To achieve their strategic goals, companies must: ◦ attract and retain talented employees ◦ rewarding and recognizing those who exemplify the values. Competitive total compensation strategy: ◦ Base Pay ◦ Variable Compensation (Bonuses, etc) ◦ Rewards & Recognition ◦ Employee Benefits Rewards/Recognition is a key component! Why & How To Get Employees to Stay
5 Define the strategic priorities Define the vision/mission of the organization What is the culture of the organization? What values does this organization embrace? ◦ Integrity and Honesty ◦ Teamwork and Collaboration ◦ Accountability for Results ◦ Commitment to Winning ◦ Meritocracy -- Values from The Hanover Insurance Group
6 Class Exercise: The values of an organization speak to Emotional Intelligence at the organizational level Let’s talk about Emotional Intelligence at the manager level and how it relates to rewards/recognition Pop Quiz: What are the components of Emotional Intelligence? Source: www.selfgrowth.com
7 The five components of Emotional Intelligence 1.Self-Awareness 2.Self-Regulation 3.Motivation 4.Empathy 5.Social Skills Source: Daniel Goleman, “Emotional Intelligence”
8 Employees: 1.Full appreciation for work done 2.Feeling “in” on things 3.Sympathetic help on personal problems 4.Job security 5.Good wages 6.Interesting work 7.Promotional/growth opportunities 8.Personal loyalty to workers 9.Good working conditions 10.Tactful discipline Managers 1.Good wages 2.Job security 3.Promotional/growth opportunities 4.Good working conditions 5.Interesting work 6.Personal loyalty to workers 7.Tactful discipline 8.Full appreciation for work done 9.Sympathetic help on personal problems 10.Feeling “in” on things Source: www.selfgrowth.com
9 What Employees Really Want! Employee Manager Importance (scale 1-10) Appreciation Feeling “in” Sympathetic help on personal problems Job security Good wages Interesting work Promotional opportunities Loyalty Working conditions Tactful discipline Source: www.selfgrowth.com
10 Engagement is key to the true success of a company with regards to both: ◦ Departments/teams ◦ individual Employees respond to how they are treated by a company and make decisions to stay based on those reasons.
11 Most people work for financial gain Rewards/recognition don’t replace a sound, solid compensation system/approach. Compensation is “hygiene” – must have. But without the things that make an environment worth working in, people will go elsewhere
12 “For employees, the real driver of engagement is believing a company cares about them.” --Gary Petersen, VP of Research for OC Tanner (rewards and recognition firm)
14 According to Towers Perrin, employees feel their companies care about them when they: Show appreciation to those who excel Observe senior management modeling behavior Perceive a clear connection between recognition and goals of the organization Experience recognition as timely, personal and sincere
15 Spontaneous – Don’t Delay - Thank someone as soon as you catch them doing something great Specific – Praise people for specific accomplishments Private – Go to your employee’s office to give a personal thank-you and praise Public – Praise an employee in the presence of others In writing – Send a letter, memo, or e-mail
16 Class Exercise ◦ Raise your hand if you received a “goodie bag” when you entered class tonight. ◦ Now raise your hand if you didn’t. Can anyone tell us the specific reason(s) you received/didn’t receive this goodie-bag award?
17 Saying “Thank you” via handwritten note, e-mail, or phone call from manager or co-worker Employee of the Month Merchandise/gift cards/certificates Vacation days/flex time Recognition cards: birthdays, anniversaries, etc. Team lunches Casual dress Recognizing a job well done in a team meeting Better yet – ask your employees what they think would be more meaningful
18 Standardized awards and recognition programs can be impersonal. When you add fun & play to the awards and recognition program it will equal a more memorable and personal experience. It is important to think outside the box!
19 No matter what your budget, you can make the reward and recognition process fun. Examples from actual companies: ◦ Hold a lottery where the winner gets driven to and from work one day in the company (or a rented) limo. (Security Life Insurance of Denver) ◦ Create a “Laugh a Day Challenge” where employees are encouraged to bring in a joke or a cartoon to share every day for a month. (Bank of America) ◦ Bring in champagne to work on alternate Fridays, and toast the successes of the past two weeks. (General Foods) Source: #284 from Innovative Leader Volume 6, Number 7, July 1997
20 The case of Dr. Alexander, Youthful Tooth Dental Office Small company – 30 employees Owner calculated that he could give $200 to each employee as year-end bonus. But he realized that adding $200 to their paychecks would not make much difference to them, wouldn't make them feel recognized and rewarded, and they would probably just spend it to pay their bills etc. So he came up with an idea: Take a guess at what he came up with? Source: #284 from Innovative Leader Volume 6, Number 7, July 1997
21 The case of Dr. Alexander, Youthful Tooth Dental Office He closed the office one afternoon and took everyone to the local mall. He gave each of them $200 with instructions that they had 1 hour to buy 5+ gifts for themselves, and any amount left over goes back to him. It turned out to be a huge success. The employees were excited by the idea, rushed through the mall, gave updates on what they got when they crossed each other and had lots of fun. They even brought their gifts at the next team meeting to share their experience and what they bought.
22 Does anyone else have an example or creative idea to bring some fun to the work place reward/recognition process?
23 Wells Fargo Uses “Recognition Coordinators” RCs keep recognition efforts front and center: coordinate events, administer nominations, offer training and coaching, and much more They are included in staff meetings to offer updates on recognition They are asked to lead a “fun committee,” They compile nomination information from business partners and customers. Source: About.com: Human Resources. Make Their Day! Employee Recognition That Works, Cindy Ventrice, www.maketheirday.com
24 Avis: Presents a _____ on an employee’s 25 th anniversary: Rolex Watch Random House: All employees get 10 free _____ each year: Books Anheuser-Busch employees are entitled to _____ each month: 2 free cases of beer
25 CLASS EXERCISE: What are some meaningful rewards/recognition programs at your companies/organization?
26 Employees feel motivated and satisfied when they are recognized for their efforts Motivated employees achieve greater results and productivity for the company Employees who feel supported by their managers will enhance the morale of their group If you create an environment of recognition, it encourages your employees to do the same!
27 Satisfaction Commitment Engagement Business Results Degree to which I like my company Individual Satisfaction Degree to which I want to be at my company Team Unity Behavior that improves results of the company Organizational execution