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So, you spent countless hours in search of that perfect employee, three to five interviews later you pull the trigger and hire what's a calculated risk, but assumed to be a great asset to your company. Training takes weeks or even months, followed by a learning curve for the practical application of what was taught. You did it! You hired an "ACE"! Now what? How do you keep your All StarÂÂ around for a long time to come? Every company, small, medium and large has at one time or another lost an extremely valuable employee. Obviously more money is a great motivator to keep key employees. However, in a recent poll, money is the second best motivation, the first being genuine recognition for a job well done. Let's discuss the latter and how you can be more effective at recognizing your employees.
Awards and recognition has been around since Adam named the stars above. It's no secret people are motivated by achievement and naturally strive to gain positive recognition. Each industry is different and there are many different ways to motivate and recognize employees. I would like to focus on the top form of motivation. 1.) Awards and Recognition. An award is defined as a gift that is given to a person or a group of people to recognize excellence. Awards cane be a plethora of different things including trophies, certificates, commemorative plaques, medals, badges, pins, or ribbons and personalized gifts to only name a few. An award may carry a monetary value or it may simply carry an emotional value, like a new title or induction in an elite club or it could be a public acknowledgment of excellence, without any tangible token or prize. Awards can be very effective motivator, however they can also be very expensive.
You need to maximize the effectiveness of the awards by following these steps.
a.) Make a huge deal out of the presentation of the award. Hold an all staff meeting, rent a banquet hall or at least have the event catered. The more elaborate the better the effect of giving out an award.
b.) Always give a detailed explanation of why the recipient won the award, how they went above and beyond what is expected. Explain how other employees can receive an award. You are setting the bar to be achieved so make sure you set it high.
c.) The award itself should always be personalized. The value is astronomically higher if the award has the recipients name on it. Remember Dale Carnegie says a persons name is the sweetest word in any language.
d.) Stick with it. Most employee recognition programs fizzle out after a few months. Stay with the program, keep setting the bar higher and higher.
In summery, key employees are tough to find, let alone keep them around for a long period of time. Never underestimate the power of recognition... money never hurts either.
Coach Eddie
Owner of Award Masters Inc.
Eddie Hill
Award Masters Inc.
1-800-800-4808
Awards, trophies, plaques and corporate gifts
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