Too often companies and leaders waste time, money and energy on rewards and recognition that does not drive results.
Today, more than ever, your talent wants personalization.
Here are five principles to help you execute rewards and recognition in a manner that will matter to your talent and make a difference to your business.
1. Personalize so that you don’t marginalize!
A one size fits all approach to R&R can make your talent feel as unappreciated as if they weren’t getting rewarded or recognized at all. The best leaders take the time to understand how each team member likes to be recognized and what makes each individual feel recognized for exhibiting valued behaviors.
2. Recognition that works goes in every direction!
Leaders do not have to be the only ones handing out R&R. The best of breed companies practice peer-to-peer recognition as well as cross functional team work. By delivering total recognition you will create a virtuous circle of positive, personalized meaning. The good news is that stimulating such powerful recognition can be relatively simple.
If you are a leader it is important for you to recognize people who are recognizing people.
3. Good R&R is worth repeating!
In my three decades of business consulting I have never heard people complaining that they are receiving too much recognition or too many personalized rewards for work well done! And interestingly enough, the best talent that gets the most praise can sometimes still be insecure–it’s what drives them to perform at a high level. If you stop and think about it for a minute, your missed opportunities to reward and recognize are missed opportunities to energize and engage your talent.
To maximize engagement to higher performance, be sure to celebrate customer and business results, not just activity or effort. Provide personalized experiences for key milestones that, when recognized, will drive memorable meaning and lasting engagement for your talent.
4. Celebrate and reward progress as well as outcomes!
In addition to creating the right frequency of R&R, it is important to support the right FOCUS as well. Whenever major results are achieved, there are obviously many important milestones that happened along the way that enabled the major achievement. The members of the support teams and “behind the scenes” teams supporting the results that led up to the major result should also be celebrated in addition to the major result itself.
Too often the real heroes are the invisible heroes.
5. Be strategic and situational with delivery of R&R.
The presentation and the way you deliver rewards and recognition to talent can make it memorable and personal, or make them feel like just a number.
You should be very strategic and situational with the delivery of rewards and recognition. One size fits one; creating personalized meaning with R&R experiences creates a halo effect.
Finally, the one thing I know for sure your talent wants is skills that will make them more marketable.