In a study by the Labor Relations Institute of NY, managers selected what they thought employees valued most, and then asked employees what they valued:
Manager /Employee rank- Job Reward
- 1/ 5- Good wages
- 2/ 4- Job security
- 3/ 8- Promotion and growth
- 4/ 9- Good working conditions
- 5/ 6- Interesting work
- 6/ 7- Personal loyalty to workers
- 7/10- Tactful discipline
- 8/ 1- Appreciation for work done
- 9/ 3- Sympathetic help with personal problems
- 10/2- Feeling “in” on things
You can see that the TOP 3 for employees were listed as the BOTTOM 3 in the eyes of managers. Hmm.. I wonder how much time and effort these managers put into these “bottom” rewards if they consider such each a low priority?
As a specialist in compensation, we regularly visit prospective clients who are convinced that their organization needs to pay more to attract, retain and motivate their team members. (And some of them do indeed have issues with pay below the market or internally inequitable.)
However, if your pay is fair for the work you expect and compared to others in your organization, one of the best investments you can make in building a terrific team is with recognition.
Recognition is practically free and creates an immediate impact such as:
- reinforcing company values
- aligning employee efforts to achieve organizational results
- appreciating specific employee efforts (then they continue to do these)
- modeling what ABC- attitudes, behaviors and contributions are valued (others start doing these)
- creating a positive work environment and culture (as more employees demonstrate the desired ABC’s and are recognized for them)
(Manager Survey Source: Foreman Facts, Labor Relations Institute of NY, 2004)
For a Quick recognition template view our 4/23 blog post
Image courtesy of watcharakun at FreeDigitalPhotos.net
