Recognition Should Be at the Core of Keeping Your Best Employees

Non-Monetary Rewards and Recognition - Keeping Employees Engaged and Motivated

The best companies have extensive recognition programs that make it IMPOSSIBLE for their best talent to leave.

Best practices in recognition include specific programs at the individual, team, department, and team level.

Recognition and non-monetary rewards should be a key element of your culture, where you celebrate individual, team, and company performance. The rewards should include praise, feedback, opportunities for learning and development, and achievement awards.

Recogition and Rewards to Engage and Motivate EmployeesDo you have an extensive set of recognition and non-monetary rewards that bring outstanding talent to your organization, AND prevent recruiters from poaching your best people?

Have you benchmarked what comparable companies do for recognition?

Do you collect competitive information when interviewing candidates? Do you ask them what recognition programs they are eligible for – and which ones they’ve been awarded?

Have you posed this question about “what other companies do” to your HR and benefit consultants, or labor law attorneys?

Have you researched the on-line libraries in your trade group or association for best practice information around recognition programs?

There is a wealth of content on the web, including in our website, various HR portals, bloggers, and associations on how to craft, design, implement, and execute an outstanding non-monetary rewards and recognition program.

Perhaps, in my next few blog postings, we’ll break down each of the key elements of a great employee recognition program, and I’ll identify some of the best resources I’ve discovered over the last decade.

In my conversations with thousands of professionals and high school athletes (I coach high school girls basketball), everyone wants to be recognized for a job well done. Are you providing this most basic human need?

Barry Deutsch

 

Have you used our 8-Point Retention Matrix to verify you’re doing everything you can do to keep your best people?  If not, click hear to download this self-assessment tool for checking your retention capability score.

What is Employee Engagement AND do you have it?

Employees Engaged in their jobs at YOUR company

Could you define employee engagement?

Can you measure it?

Do you have specific programs and initiatives in place to improve or build employee engagement?

If you answered NO to any of these questions, you're in big trouble with your workforce.

I define employee engagement as employees who are excited to come to work, are learning new skills and capabilities, are intellectually stimulated through challenging work, expectations, and assignments. They get praised when they do an outstanding job, and they are recognized by their peers for going above and beyond the call of duty. They wouldn't think of leaving your company for greener pastures, even if they got a 10-15% salary boost. They have a clear understanding of your well-articulated culture and vision, and buy into with all their heart. They are passionate about what your company does, and the role they play. Your employee surveys, 360 degree reviews, and monthly performance coaching confirms that you've got an engaging culture.

How do you define it?

If you have a large percentage of your workforce, especially your better performers, who are not engaged – then prepare yourself for the upcoming flood of talent leaving your organization.

Companies that recognize the importance of an engaged workforce have specific programs in place. They can talk about during an interview. They can reinforce to retain great talent. It allows them to “recruiter-proof” their company.

What employee engagement programs, initiatives, and tactics have you implemented to create an engaged workforce?

Barry Deutsch

Can You Prevent Your Best People From Leaving?

Your talent is heading for the exit sign - retain them now

Are you at risk from your best people heading for the exit?

I was reading a blog from the Forbes website, and the article struck me that maybe it was time to raise this “elephant in the room” issue that no one wants to address.

I screamed “WOLF” about this issue a couple of times before – but let’s have at it again. Here’s what Edward Lawler said in his Forbes article (maybe you will not believe it when Barry Deutsch speaks – but perhaps an article on Forbes gives the concept some validity):

 

The economy is getting stronger, and as a result, more and more individuals are looking for better jobs. A recent survey by Lloyds found that executives believe a talent shortage is the number two risk facing business today, up from twenty-second place in 2009.

 

Put Retention PROGRAMS in place right now!

Are you putting specific retention programs in place right now. With the economy heating up, everyone acknowledging a talent shortage, and employee satisfaction hovering at depression-era levels, is anyone concerned that the lid may blow and lots of your best people starting leaving like dominos falling?

Once the brain drain begins, many of the folks who “aligned” themselves with your best talent, starting heading to the door with equal speed.

You can prevent your best people from leaving!

However, wishing and crossing your fingers doesn’t work. Nor does leaving it up to each individual manager.

Here are some proactive steps you can start taking today:

  • Identify your high potential/high impact employees
  • Ensure they have stimulating work
  • Sit down with each one and map out a learning and development plan for the next year
  • Assign an executive to be their mentor
  • Come up with a list of projects that will intellectually challenge them
  • Find places in your organization to leverage their best talents and skills
  • Are there non-monetary rewards and recognition you can give this group of “A” performers when they exceed your expectations?

 

Take Care of Your Best Talent

Not taking care of your “A” talent will result in the “A” talent leaving. I know it’s “unfair” to single out this group and give them specific notice, projects, and nurturing. Unfortunately, in most companies, the biggest successes, results, and outcomes follow the Pareto Principle. 20% of your workforce (typically your most talented) generate 80% of the significant change, improvement, and growth in your business. No surprises in that statement.

Are you ready to shift from a mental framework of abundance (typical in poor job market) of “these people should be lucky to have a job” to a framework of scarcity (typical in a good market). It’s been so long since we’ve had a good job market – it’s hard to remember what a struggle it can be to keep and recruit talent.

What’s your plan to keep your very best people engaged and “recruiter-proof” your company?

Read more about the techniques of recruiting and retaining top talent, especially what motivates great performers, in our award-winning and best-selling book, You’re NOT the Person I Hired. The book is available as a FREE digital download on our website.

To read the full article on Forbes, click the link below:

Preventing the Loss of Key Talent

Barry Deutsch