Discover the power of real-time performance management
Many of you are wrapping up your fundraising goals this month. If you are on a fiscal year, you’re at the halfway point. While your eye may be on the waffling donor who’s considering their year-end tax-deductible gift, don’t forget to take this opportunity to recognize your staff. Winning with a Culture of Recognition demonstrates how important authentic recognition is to your team loyalty, productivity, and bottom line. Co-author Derek Irvine had this to say when I asked him why he wrote Winning with Eric Mosley.
CausePlanet: Hi, Derek. Thanks again for this interview for our readers. What inspired you to write this book?
Derek Irvine: This book was an opportunity for us (co-author Eric Mosley, CEO of Globoforce and me) to share recognition best practices we’ve seen working with some of the world’s most successful and admired companies. Our ambition for this book is to change the way company leaders think about recognition. With recognition, HR and business leaders today can elevate employee engagement, increase employee retention, manage company culture and discover the power of real-time performance management.
The authors weave insightful “Myth Busters” throughout their book. I’ll do my best to share some of them this month in our weekly blog since there simply isn’t enough room in our Page to Practice book summary to include them all. Here’s the first of many memorable myth busters:
MYTH BUSTER: Are you only retaining employees or are you creating loyal employees? What’s the difference?
“A survey by the Center for Work-Life Policy, an American consultancy, found that between June 2007 and December 2008 the proportion of employees who professed loyalty to their employers slumped from 95 percent to 39 percent; the number voicing trust in them fell from 79 percent to 22 percent. A more recent survey by DDI, another American consultancy, found that more than half of respondents described their job as ‘stagnant,’ meaning that they had nothing interesting to do and little hope of promotion. Half of these ‘stangators’ planned to look for another job as soon as the economy improved. People are both clinging on to their current jobs, however much they dislike them, and dreaming of moving when the economy improves. This is taking a toll on both short-term productivity and long-term competitiveness: The people most likely to move when things look up are high-flyers who feel that their talents are being ignored. Employees agree to be retained in tough economic environment or in other situations in which options may be limited. But if you’re not fostering employee loyalty, as soon as more options become available, you will see your employee retention numbers plummet.”
In Winning, Irvine and Mosley cover many nuances of successful recognition programs, including the differences between recognition and incentives, and the importance of timing. The holidays are a great time to reflect on your employees accomplishments throughout the year. If not now, kick off 2012 with recognition plan. You’ll thank yourself when the economy improves.