Episode E4.008 Personal role in Recognition and Rewards programs

Introduction
Good day and hope you are looking forward to a productive week.
This week we are announcing our new community - The Community of Commerce for all insiders. Everyone who has JOINED US and become an inside we are moving off of the weebly web platform to a community site on Tribe. 

This will provide an opportunity to share information, ask questions, and gain support for starting, growing, or exiting your business.

It is our version of the Chamber of Commerce - what it could have been instead of what it has become. This community has one goal - your success as a business owner to build generational wealth for your family. That growth will create more and better jobs in your local community.

It is a stand alone (outside the control of the arbitrary large providers) platform that provides entrepreneurs and business owners a space for the free and open exchange of ideas.

As a member of IBGR's Community of Commerce you can:

1. Follow other users including the OnAir Talent and Executive Team at the station.
2. Ask and answer questions about starting, growing, and exiting the business from our OnAir team and each other.
3. Follow any member of the Community to stay abreast of their latest business insights as well as building your own following.
4. Start discussions to stimulate input from other members of the Community.
5. Create and vote in Community polls.
6. Post and comment on posts and blogs.
7. Access and share content entrepreneurs and business owners can use.

We built this beyond the reach of the 'masters of the universe' so you can speak your mind.

On a closing note, if you want to know what drives everything we do - checkout this article: from Australia (click here).

And that is just restaurants - what about everybody else?
Have a great business week.
​
Listen>Apply>Engage
​​
Show Objectives - The Why
According to a 2017 Gallup poll, 65 percent of surveyed employees reported that they received no recognition over the last 12 months for their work. In the same report, 89 percent of employers feel that most employees leave their companies to earn more money. But, most workers who leave their jobs cite lack of employee recognition as a major concern.

Meaningful reward and recognition programs are a necessary part of building a strong, healthy organization. Good pay and benefits are not enough to retain your best talent in the workplace. Employees also want to be treated fairly, to make a substantial contribution to the organization through their work, and to be valued and appreciated for their efforts. 

Key Issues - Owner Perspective:

1. Creation and participation of informal recognition - attending local huddles or meetings, 
2. Information on people to recognize as part of daily tours of the workspace, 
3. Creation and participation in formal rewards - at company events, 
4. Yearly awards ceremony for top/best performers.

What You Need to Know - The What
Employees need both rewards and recognition to feel fully satisfied with their job. What’s the difference between the two? In a nutshell, Rewards are transactional and tied to goals and accomplishments and recognition is relational and can happen frequently and is inexpensive. There’s no budget needed to write an email celebrating the great work an employee is doing.

Caution: be careful to not create a culture at your company where employees feel entitled to rewards. The rewards should be reserved for excellent work and achievements. 

The most common programs are those that recognize:

• Length of service, generally in five-year increments.
• Exemplary one-time achievement, often with an on-the-spot cash award or additional paid time off.
• Noteworthy performance over a period of time, often for employees who add quality to the work process or product or who provide superior customer or client service.

EPISODE D4.008 REWARDED FOR SPECIAL EFFORT

What You Need to Do​​ - The How

1. Give careful consideration to both formal and informal recognition programs. Formal rewards are run from the top while informal recognition programs should be run at the lowest level possible. 
2. Design and implement a clear, written policy and guidelines describing your company recognition program and its terms or hire someone to design it for you.
3. For formal recognition programs, allocate resources to make it significant
4. Be sure to include an informal recognition program that runs at the lowest possible level 
5. Attend recognition events to ensure they happen and model buy-in from the top down. 

Resources
https://www.shrm.org/resourcesandtools/tools-and-samples/toolkits/pages/employeerecognitionprograms.aspx

Shows

• Previous: Episode E4.007 Shift to 50/50 working ON vs IN the business
• Next: Episode E4.009 Personal attention to sales vs capacity vs cash flow issues - watch working capital

 
Written by Donna Kunde

​