Rewards & Recognition

Rewards & Recognition

The Power of Thanks Is in Us All, If We’re Willing to Share It

123RF Stock Photo

I benefit from my job in the same ways most people do. I earn a paycheck that pays for a roof over my head and food in my belly.

But because my company is focused on creating cultures of recognition and appreciation through the Power of Thanks, I also benefit from both being encouraged to share my gratitude for my peers and their work in a direct and meaningful way as well as receiving similar recognition myself.

And then there’s a third benefit of the work I get to do. Read more…

Compensation, Rewards & Recognition

Can You Make a Case For “Unfair” Pay in Your Organization?

123RF Stock Photo

Laszlo Bock, Senior VP of People Operations at Google, has a new book titled Work Rules! hitting the market this month.

As to be expected, there’s been a good deal of news coverage, excerpts and blogs about it, including this one in Fortune with Mr. Bock’s 10 Things to Transform Your Team and Your Workplace.

Today, I’d like to call your attention to two of these. Read more…

Rewards & Recognition, Talent Management

Hiring Wisdom: How to Give Great Performers What They Want

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When it comes to benefits and perks, what is it that everyone really wants in today’s world?

Time! More time.

How can you give this gift to your extraordinary performers? Here are two ideas: Read more…

Compensation, Rewards & Recognition

A Paycheck Is Not Enough Recognition for a Job Well Done

From istockphoto.com

One statement sure to raise my ire when discussing the Power of Thanks in the workplace is: “They get paid to do their job. That’s recognition enough.”

It’s a patently false statement. Pay and recognition serve very different needs, but they are in a symbiotic relationship when it comes to fulfilling those employee needs.

All the recognition in the world won’t help resolve an underpaid employee’s base needs in terms of Maslow’s Hierarchy. And pay raises, consistently and appropriately given, won’t meet the higher-order employee needs, either. Read more…

Recruiting and Staffing, Rewards & Recognition

Employee Retention: It’s Really a Workplace “Stickiness” Problem

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“People just don’t stick around like they used to.”

How often have you heard that phrase in terms of employee retention goals, usually coupled with statements about “there’s just no loyalty anymore.”

History shows that’s just not true. For the last 25 years, tenure has been consistently low across nearly all age ranges. And the youngest generation in the workplace tends to stay the shortest amount of time (which is not surprising considering where they are in their careers).

More recent data published in The Wall Street Journal shows average tenure across occupations doesn’t even reach five (5) years. Read more…

Rewards & Recognition, Talent Management

What’s More Important to Employees? Base Pay or Recognition?

From istockphoto.com

What’s more to employees important: Base pay, or being appreciated for their work?

A recent survey released by Boston Consulting Group polled more than 200,000 employees around the world to create a definitive list of the 10 top factors for on-the-job happiness.

What employees really value

They found that employees value the following (in order of importance): Read more…

Rewards & Recognition, Talent Management

Why Your Employees Are Leaving (and How You Can Win Them Back)

Iquit

Employee turnover is a fact of life. And as it turns out, not even the most in-demand employers are immune.

Earlier this year, rumors were circulating that “tons of engineers” were ready to leave Google after employees received underwhelming year-end bonuses, and Elon Musk recently claimed that Apple was offering his employees a $250,000 signing bonus to leave Tesla.

Turnover is costly to any enterprise, but especially to high-profile companies like Google and Tesla. Not only do you lose valuable team members, but also an employee who quits can cost up to 150 percent of his or her salary to replace. Read more…

Rewards & Recognition, Talent Management

Creating an Attitude of Gratitude in Your Organization Every Day

employee_appreciation_day

No matter what role an employee plays within your organization – answering the phones, closing sales deals or managing a large team – there is one characteristic that they all have in common: the need to be recognized and appreciated for their work.

Many say that appreciation is just as important as other critical factors like compensation and career development. In fact, for the Millennial generation, feeling appreciated is an absolute must-have to remain engaged.

Regardless of which generation they fall into, employees want to know that you are grateful for their contributions. What’s more, beyond simply making everyone feel good, ensuring your employees feel valued has tremendous benefits for your company’s bottom line. Read more…

Rewards & Recognition

What Legacy Will YOU Leave With Your Organization?

legacy

Someday, you will leave your current organization.

You may retire. You may move. You may choose to continue your career elsewhere.

Regardless of the reason you leave, your time in your current organization will be remembered by others. How will they remember you?

Read more…

Rewards & Recognition, Talent Management

When It Comes to Recognition, Companies Stick With the Tried and True

© iQoncept - Fotolia

Recognition programs are vital tools in an organization’s total rewards strategy, but beyond the knowledge that “recognizing employees is a good thing to do” we can look to data that back up recognition programs as an important part of an organization’s culture.

WorldatWork and ITA Group’s Trends in Employee Recognition 2013 is a good example of a data-driven look into why recognition programs are important.

Their report summarizes the results of a survey sent globally to 5,520 WorldatWork members, which aimed specifically to measure specific types of recognition programs and the impact on the workforce. Respondents were randomly selected members who had designated responsibilities at the executive, top or senior level and members that specified total rewards as their specific function area. Read more…