How recognition ACCELERATES employee engagement, retention and performance

Transcription

1 How recognition ACCELERATES employee engagement, retention and performance with Chester

2 So, what are the characteristics of a great leader?

3 The Basic Four Goal Setting Communication Trust Accountability

4 A Crisis in Business Finding and Engaging the best people

5 The Basic Four Goal Setting Communication Trust Accountability

6 Employee Engagement: Goal Setting 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 91% 68% Goal Setting: High Favorable Opinion 70% 40% Goal Setting: Low Favorable Opinion Recognition: Strong Recognition: Weak 6

7 Employee Engagement: Communication 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 92% 68% Communication: High Favorable Opinion 69% 39% Communication: Low Favorable Opinion Recognition: Strong Recognition: Weak 7

8 Employee Engagement: Trust 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 91% 65% Trust: High Favorable Opinion 63% 35% Trust: Low Favorable Opinion Recognition: Strong Recognition: Weak 8

9 Employee Engagement: Accountability 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 91% 70% Accountability: High Favorable Opinion 65% 38% Accountability: Low Favorable Opinion Recognition: Strong Recognition: Weak 9

10 Why Engagement?

11 Engagement = GROWTH

12 Operating Income Growth with vs Without engagement

13 100,000 Best Buy: a 0.1% increase in employee engagement at a store equals a $100,000 increase in the store s annual operating income. Harvard Business Review October 2010

14 What Drives Employee Engagement?

15 Percent of Employees Completely Sa7sfied With Their Jobs By Level of Recogni7on

16 Percent With Very High Desire To Work For Their Employer One Year From Now By Level of Recogni7on

17 Percent of Employees Who Are Highly Engaged by Level of Recognition

18 Path analysis: Top pre-drivers Appreciation Development & Well-Being Communication Trust Employee Engagement Goal Setting Accountability Pride Organization Symbol 18

19 Research-Based One of largest workplace surveys ever conducted Focus groups Interviews

20 Ah, the Power of a Carrot Higher retention, of your good people Greater, sustained productivity Stronger, more committed employees Allows managers to communicate a powerful, lasting way And PROFIT!

21 How Do You Measure Success?

22 Companies with higher employee engagement deliver higher returns than their peers Why Employee Engagement? Fortune 100 Best vs Stock Market 7 year Cumulative Return 72.9% 133.8% 100 Best Companies with highly engaged 25.2% employees have consistently outperformed major stock indices. Stock Market Index Fortune 100 Best Annual List of 100 Best Companies Source: Frank Russell Company 22

23 The Fortune 100 Best As for recognition it is probably the fattest pitch that managers miss. Telling employees they are doing a great job costs nothing but counts big And it is so easy to do more Fortune Magazine 100 Best Companies issue 23

24 Recognition Pays Towers Watson study 26,000 employees in 31 organizations Commissioned by O.C. Tanner Conducted by Jackson Organization research firm ± 0.6% margin of error Analysis of effective recognition to company profitability Data shows recognition has significant impact on business success

25 Recognition & ROE Survey data showed Return on Equity (ROE) is as much as three times higher in firms that effectively recognize their employees Percentage Return on Equity Performance by Quartile on My organization recognizes excellence.

26 Work Environment = How People Feel on the Job

27 Unhappy Americans The report based on 5,000 households for The Conference Board by TNS found that only 45% of those surveys found that they were satisfied with their jobs, down from 61.1% in Jan The Conference Board

28 Why People Stay With a Manager Recognition! and Praise correlated with: Higher Retention Higher Productivity Higher Customer Satisfaction Higher Profits

29 Wisdom from the Carrot Patch This is stuff mom taught you

30 67% say their moms could run their business better than their boss Parenting Magazine

31 Carrot Basics Frequent Specific Timely

32 Praise vs. Rewards Praise Effort Reward Results

33 WOW!!!!

34 How Do You Know What To Give? me it is Chester@chesterelton.com

35 Wisdom from the Carrot Patch Create informal recognition moments

36 Informal /Seeds Letter of praise to family Do least favorite task Remember special days Wash car Parking space for a week Hand Written Note Cup of coffee Box of chocolate bars Half day off to spend w/ kids Scrapbook of memories Tickets to movie, play, game Recognition box Friday inspirational movie A pat on the back

37 Wisdom from the Carrot Patch Make powerful presentations!

38 Dos & Don ts

39 People may forget what you said or even what you did, but they never forget the way you made them feel.

40 Add Impact to Formal VIP VALUE IMPACT PERSON Goal: Bond employees to your organiza7on

41 Informal /Seeds Letter of praise to family Do least favorite task Remember special days Wash car Parking space for a week Hand Written Note Cup of coffee Box of chocolate bars Half day off to spend w/ kids Scrapbook of memories Tickets to movie, play, game Recognition box Friday inspirational movie A pat on the back

42 Vegephobia Why Managers Don t Recognize Don t want to get familiar I never got any recognition! What s in it for me? Don t have time Don t want to play favorites They will ask for more money!

43 Vegephobia Why Managers Don t Recognize Not in this economy!

44 What can you do tomorrow?

45 You Know how! The Survey - FREE Verbal Praise Thank You Notes Frequent Specific Timely Praise Effort / Reward Results Better presentations / VIP

46 Do this at HOME! You will feel great too

47 Ah, the Power of a Carrot Higher retention, of your good people Greater, sustained productivity Stronger, more committed employees Allows managers to communicate a powerful, lasting way And PROFIT!

48 Thank