We've talked about the fact that money has long gone as the chief motivator for attracting and keeping great workers. While it's a part of the equation, it's not the No. 1 element.
A study of 200,000 managers over a 10-year period by the authors of "The Carrot Principle: How the Best Managers Use Recognition to Engage Their People, Retain Talent, and Accelerate Performance," again confirms this vital, important fact.
In the book they talk about a case study where the turnover in a business was extraordinarily high.
What they did was got a recognition program enacted within the company where employees were recruited to nominate their fellow workers who made great contributions to the goals of the company. Along with it, managers were mandated to act upon those recommendations made.
The results? Within the first six months of the program, there was a 28 percent drop in turnover. Something to consider seriously with the tight labor market we operate in.
While it's repeated over and over - with some doing it and others not - the simple recognition of people for a job well done is still probably the greatest tool we can use to keep our people happy.
After so much time and communication devoted to this, it's amazing that so many find it so easy to forget this valuable lesson. If we lose enough great people, we may make it more important to our business to create this type of atmosphere to permeate throughout the entire company. Our businesses could literally depend upon it in the not too distant future.
Sponsored link: The outsourcing every manager requires - Tampa Locksmith
» Recognition and Praise, Still Two of the Most Powerful Tools we can Use! from BizzBites.com
The tremendous impact that recognition and praise can have on our people. [Read More]
Tracked on: June 11, 2007 9:17 PM | Permalink to Trackback