There aren’t many companies around that wouldn’t argue that their most treasured asset is their staff, or their talent or their people.
However, this has been sorely tested in recent times, what with the economic climate, banking crisis, Eurozone and….and….causing many businesses to resize, downsize or re-organise resulting in redundancies.
But still too few managers or leaders seem to understand the need for and even fewer actively show their most treasured asset the appreciation and recognition they deserve.
Employees are motivated by many different things but feeling appreciated and being recognised for their efforts ranks towards the top of the list.
People naturally want to feel valued and appreciated, not only when their contributions are significant, but throughout the year.
Verbal praise and appreciation is easy and delivers a big impact.
Small tokens of appreciation stand as reminders that individuals are really appreciated.
These efforts made by managers can quickly improve staff morale, staff satisfaction.
Rainmaker’s Top 5 things to start putting this right
(We cover this and other similar topics in our Performance Management Training Workshop)
1. Describe and agree what behaviour, contribution and results will attract appreciation, recognition or reward – and probably what doesn’t.
2. Make sure all staff are included – this is not for the elite or top 10% – all means 100% of staff and managers regardless of their level.
3. Any appreciation, recognition or just plain feedback must spell out the behaviours, contribution or results that are being appreciated, recognised or rewarded.
4. Make it personal but do it in ways that is seen as fair and consistent across the business.
5. Do it as soon after the event to make sure it’s appropriate and relevant to reinforce the behaviours, contribution or results you previously agreed.
Top 5 things to stop doing
1. Don’t take for granted that staff automatically know they are appreciated.
2. Don’t wait for the annual appraisal meeting to appreciate staff – it’s too late and becomes irrelevant and pointless.
3. Don’t be vague – better describe the behaviours, contribution or results that are being appreciated.
4. Don’t be mealy-mouthed when you give appreciation, at least smile and be sincere.
5. Don’t fall into the trap of thanking everyone just for doing the basics – surprise them from time to time
There is a huge amount of research, case studies and the like that suggests by appreciating more the efforts of your staff:
More of your staff will be satisfied at work.
Satisfied staff produce more – up to 20% more according to different studies
You keep more of your talented and valued asset – especially the higher performing ones
You might just retain more customers – it can cost 5 to 7 times as much to get a new customer as retain the existing ones
Could be another edge over your competitors
So………recognising and appreciating your staff will make a big difference.
When staff feel appreciated, they are likely to be more productive and have a stronger sense of loyalty.
When staff are rewarded, they are more likely to repeat the behaviours, contribution or results that lead to the reward.
Good businesses have nothing to lose and so much to gain by making the effort to show staff appreciation and recognise their hard work and efforts.
Great companies recognise that their staff really are their most important asset and continuously find innovative ways to recognise them appropriately.
How do you recognise and reward your teams?