It is a well-known fact that salary increases and bonuses are short-lived sources of satisfaction. In fact studies show the effect only lasts about 3 months. Although total compensation is extremely important for your resources, you have to find other creative ways to retain your talent. Furthermore, retaining talent has a direct impact on your strategies to attract new talent; people talk, therefore make sure you recognize the importance of treating your workforce with respect, providing a stimulating environment and valuing your team’s contribution. Many companies have recognition programs to highlight employee’s efforts. This is an excellent way to showcase the contribution of your team members. Unfortunately, many leaders will strictly rely on those programs and underestimate the power of “on the spot”recognition. To address the shortcomings of traditional recognition programs, allow me to share a simple recognition method I have been using for several years now. Although you may find it basic, it is effective, and that’s what counts! I joined a new company a few months ago and at the time, the employee satisfaction level index was at 7,2/10 in a team of 200. Fast-forward to four months later and we are sitting at 8.2 and increasing monthly.
So what’s my strategy? Here it is:
Every Friday my directors must come to our weekly meeting with the name of an employee who did something special during the week. It doesn’t have to be a major accomplishment but an action worth highlighting. It could be as simple as someone who helped out a colleague, someone who resolved an important issue for a client or someone who’s positive attitude is contagious. I then pick up the phone and call them personally to thank them for their action/contribution. If we are located in the same office, I call them into a meeting room and thank them on the spot. The reaction is priceless! It gives me as much satisfaction to highlight the contribution as it gives them t receive it. Not only does it have an immediate positive impact, the good news spreads! It is a simple action that goes a long way. A small act of recognition costs NOTHING and goes such a long way.It mobilizes teams and creates an environment where people want to do their best as they know their organization values and recognizes their efforts, at the macro AND micro level. I urge you to try it for a few weeks…I guarantee you will quickly see a positive impact. I also invite you to listen to a French podcast of an interview I gave a few months ago on leadership…learn other small tips you might want to explore.
Click here to listen to the podcast.
About Michel Beaulieu
Director at Desjardins Michel Beaulieu understands the intricacies of leadership, having held many senior leadership positions in the IT and telecommunications industry in his nearly 35-year career. Before joining Desjardins as Director of Telecommunications and Security Infrastructures, Michel was Vice President of Customer Service at Syntax. He began his journey at Bell where he was Vice President of Operations for Bell Business Markets. Michel currently works in Montreal but his home base is Ottawa where he resides with his partner and 2 daughters. Learn more about Michel Beaulieu – click here.