Afraid of losing your star employees to the competition? Instead of worrying yourself to death, start recognizing and rewarding high performers in your team for their brilliant work. Watch the video to learn more!
If you don’t want to lose your best people to the competition, recognition and reward should go hand in hand.
But, using them is a double-edged sword.
If you are not careful, you will create egotistical and spoiled people in your team.
Using them well can propel your business to growth.
Here’s how you can effectively use recognition and reward to build your team up.
Recognition is not just about giving your people a pat in the back when they accomplished something significant. Nor is it about giving them shallow lip service.
Here’s what strategic recognition looks like:
Specifics are important
It should be deliberate, relevant, and specific. Don’t generalise your praise nor give it ambiguously. Recognition becomes more meaningful if you tie it to a specific accomplishment.
Different strokes for different folks
Recognition comes in different forms. Some people are happy with words, some with gifts, and some with money.
The only way to do this is to know each person in your team — their likes, dislikes, strengths, and weaknesses.
Here at Loading Growth, for example, we are all required to take the DISC and 16 Personalities tests so we can understand a bit of each other.
Not only does it give me insight on their personalities and work styles but it also tells me a bit of what motivates my team.
Transparent Reward Mechanism
It should be clear to your people the benefits they can earn for exceptional performance. And it should be given without question when they earned it.
If they qualify for a raise or a promotion, give it. Don’t delay it.
Otherwise, you will lose your best people to the competition.