How much is it going to cost your organization to retain your best employee? What if you were told possibly nothing (in actual dollars)? Contrary to popular opinion, financial rewards are a satisfier, but not a driver. As a leader, you must provide compensation to allow employees to feel a sense of worth for the work they do (a satisfier). To drive performance and encourage them to do what is best for the organization, you will need to determine incentives (drivers).
In The Advantage, Patrick Lencioni describes gratitude, recognition, increased responsibilities and other forms of genuine appreciation as drivers. In fact, personal feedback is the simplest, most effective, and many times, the most appreciated form of motivation and recognition.
It is the leadership team’s responsibility to ensure that compensation is appropriate and fair. It is also their responsibility to know their team members and implement fair and consistent rewards that encourage and motivate employees to remain on track and focused on what is most important for them to accomplish right now.
In a previous blog, the importance of clarity in expectations and responsibilities was discussed. This same principle holds true for defining rewards and recognition. When a team member receives a raise, bonus, or recognition, it is essential that they understand they are being rewarded for their behavior or performance in support of the organization’s core values, strategic anchors or thematic goals. Personal communication goes a long way in linking performance to recognition and rewards.
So, who will you recognize and genuinely appreciate today?