Filed under: Behavioral Economics,Downloads,Employee Engagement,Employee Recognition,Human Resources,MBlog,Management,Operations,Recruit & Retain
The economic rationale for non-cash reward and recognition programs is predicated on increased employee engagement, which in turn has been proven to increase business performance. Engaged employees are more productive, more customer focused and, as a result, more profitable.
Business leaders want engaged workforces, but they struggle to articulate how an engaged employee will better their business in recognizable terms. My take on that is simple: I see an engaged employee as an owner. They don’t take the risk of course. They don’t invest the capital and they don’t need to answer to stock holders, but they are as focused and committed to the business’s success as any owner is. In other words, an engaged employee doesn’t think of their job as a place where they go, or a thing that they do. They think of it as their business. They are owners.
Today’s talent-dependent working situations don’t have much use for workers who are only comfortable following set routines. Businesses need employees who have both the capability and the desire to respond to the wide range of opportunities and challenges they deal with on a day-in, day-out basis. They need to own every issue or situation as if it will make or break the business. Ask yourself, who is more likely to do that? Someone who sees their job defined in the narrowest of ranges, or an employee who thinks like an owner?
Getting employees to make the migration from an employee who is merely enthusiastic, to one that is heavily involved, to one who takes complete ownership delivering on your mission and values is what Madison does better than anyone. Guided by the science of behavioral economics, our solutions employ tailored communications, incremental goal setting and effective rewards systems to get your employees to move beyond engagement and become your business’s co-owners.