BAUU 23 - How To Motivate And Retain With Recognition
Rick Yvanovich FCMA CGMA FCPA MSc CCMP CCMC CBC
Certified Chief Master coach, entrepreneur, author, and speaker | Bridging technology, accounting, and people, I’m a catalyst inspiring human transformation for consistently higher achievement.
In this issue 23, we explore the crucial role of recognition in motivating and retaining top talent within your organisation.
The format for this edition is:
I'll only share the underlying TL;DR if you ask. If you have a problem you want a TL;DR solution, let's hear about it in the comments.
"People work for money but go the extra mile for recognition, praise, and rewards." (Dale Carnegie)
Problem
In many organisations, employees feel undervalued and unappreciated, leading to low morale, decreased productivity, and high turnover rates. Effectively recognizing and rewarding employees can be a game-changer in boosting motivation and retention.?
How can leaders implement a culture of recognition that keeps top talent engaged and committed to the organisation?
"Recognition is not a scarce resource. You can’t use it up or run out of it." (Susan M. Heathfield)
TL;DR Solution
The answer is R.E.W.A.R.D. – a framework designed to help leaders create a culture of recognition that motivates and retains top talent.
R.E.W.A.R.D. Framework:
R = Regular Acknowledgment
Best Practice: Consistently recognise employee contributions and achievements.
Practice: Implement daily or weekly recognition practices, such as shout-outs in meetings or thank-you notes.
Impact: Keeps employees feeling appreciated and motivated.
E = Encourage Peer Recognition
Best Practice: Foster a culture where employees recognize each other’s efforts.
Practice: Introduce peer-to-peer recognition programs and platforms.
Impact: Builds a supportive and collaborative work environment.
W = Well-Defined Criteria
Best Practice: Establish clear criteria for recognition to ensure fairness and transparency.
Practice: Develop guidelines that outline what behaviours and achievements will be recognised.
Impact: Ensures all employees understand how to earn recognition and feel the system is equitable.
A = Authentic and Specific Praise
Best Practice: Deliver recognition that is genuine and specific to individual contributions.
Practice: Train leaders to give detailed praise that highlights specific actions and their impact.
Impact: Makes recognition more meaningful and encourages repeat behaviour.
R = Reward Beyond Words
Best Practice: Complement verbal recognition with tangible rewards.
Practice: Offer incentives such as bonuses, gift cards, or extra time off.
Impact: Provides additional motivation and reinforces the value of recognition.
D = Development Opportunities
Best Practice: Recognize employees by offering opportunities for growth and development.
Practice: Provide access to training programs, mentorship, or new project assignments.
Impact: Demonstrates investment in employees’ future and promotes long-term engagement.
领英推荐
"Recognition is the greatest motivator." (Gerard C. Eakedale)
Try This – Practical Steps for Cultivating a Culture of Recognition:
1 - Implement Daily Acknowledgments
Action: Encourage leaders to give daily shout-outs or send thank-you emails for small achievements.
Frequency: Daily
Impact: Keeps recognition top-of-mind and maintains high morale.
2 - Launch Peer Recognition Programs
Action: Introduce platforms or initiatives where employees can nominate peers for recognition.
Frequency: Monthly
Impact: Fosters a collaborative and supportive work culture.
3 - Develop Clear Recognition Criteria
Action: Create and communicate guidelines that outline what behaviours and achievements will be recognised.
Frequency: Quarterly reviews
Impact: Ensures fairness and transparency in the recognition process.
4 - Train Leaders on Effective Praise
Action: Conduct workshops to teach leaders how to give authentic and specific praise.
Frequency: Bi-annually
Impact: Enhances the quality and impact of recognition.
5 - Provide Development Opportunities
Action: Recognize top performers by offering training, mentorship, or new project assignments.
Frequency: Ongoing
Impact: Invests in employees’ growth and promotes long-term engagement.
"Recognition is a powerful motivator because it confirms our value to others."? (Rick Yvanovich)
It’s a Wrap
That's it for today, see you next week. Comment, follow, like, and share this Newsletter.
As always, be happy, healthy, joyful, and wealthy.
/Rick
#Recognition #EmployeeEngagement #LeadershipDevelopment #TeamMotivation #TalentRetention #BusinessAsUnUsual #BAUU #BAUUnewsletter
This edition aligns with "Business As UnUsual: How to Thrive in the New Renaissance."
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