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Presented by: Bridget Flanagan, Hilary Gosselin, Bob Kinney, Vincent Koon,

Presented by: Bridget Flanagan, Hilary Gosselin, Bob Kinney, Vincent Koon, Kapil Mayawala, Alina Salgado . Rewards and Recognition. How the carrot beats the dollar: It’s about appreciation The case for non-financial rewards and recognition. Why Employees Leave Their Jobs:.

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Presented by: Bridget Flanagan, Hilary Gosselin, Bob Kinney, Vincent Koon,

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  1. Presented by: Bridget Flanagan, Hilary Gosselin, Bob Kinney, Vincent Koon, Kapil Mayawala, Alina Salgado

  2. Rewards and Recognition • How the carrot beats the dollar: It’s about appreciation • The case for non-financial rewards and recognition

  3. Why Employees Leave Their Jobs: • 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. Why & How To Get Employees to Stay • 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!

  5. Where to start: • 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. Emotional Intelligence 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. Emotional Intelligence • The five components of Emotional Intelligence • Self-Awareness • Self-Regulation • Motivation • Empathy • Social Skills Source: Daniel Goleman, “Emotional Intelligence”

  8. What Employees Want vs. What Managers Think They Want • Employees: • Full appreciation for work done • Feeling “in” on things • Sympathetic help on personal problems • Job security • Good wages • Interesting work • Promotional/growth opportunities • Personal loyalty to workers • Good working conditions • Tactful discipline • Managers • Good wages • Job security • Promotional/growth opportunities • Good working conditions • Interesting work • Personal loyalty to workers • Tactful discipline • Full appreciation for work done • Sympathetic help on personal problems • Feeling “in” on things Source: www.selfgrowth.com

  9. What Employees Really Want! Employee Manager Importance (scale 1-10) Good wages Job security Appreciation Interesting work Promotional opportunities Loyalty Sympathetic help on personal problems Tactful discipline Feeling “in” Working conditions Source: www.selfgrowth.com

  10. It’s all about Engagement! • 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. Let’s be realistic! • 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. Appreciation “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)

  13. The #1 Non-Financial Employee Motivator http://compforce.typepad.com/compensation_force/2007/02/the_1_nonfinanc.html

  14. Appreciation 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. Thank you’s should be.. • 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. Thank You’s • 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. Types of rewards/recognition • 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 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. Examples: • 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. Examples (continued) • Avis: Presents a _____ on an employee’s 25th 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 CLASS EXERCISE: What are some meaningful rewards/recognition programs at your companies/organization?

  26. Feeling translating into action • Employees feel motivatedand satisfiedwhen they are recognized for their efforts • Motivated employees achieve greater results and productivityfor the company • Employees who feel supported by their managers will enhance the morale of their group • If you create an environment of recognition, it encouragesyour employees to do the same!

  27. Feeling translating into action Business Results Behavior that improves results of the company Organizational execution Engagement Degree to which I want to be at my company Team Unity Commitment Degree to which I like my company Individual Satisfaction Satisfaction

  28. Questions??

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