Smart companies have known for quite some time now that innovation is not only an R&D function. They understand that innovation in the truest sense of the word doesn’t need to be that sweeping to have value. They believe that any idea that will elevate corporate performance is worth encouraging.
Encouraging new ways of looking at old issues also leads to a more involved and connected employee base and makes work more enjoyable.
According to Debra Kaye author of Red Thread Thinking Weaving Together Connections for Brilliant Ideas and Profitable Innovation, more than 1500 CEOs from 60 countries and 33 industries have all said that “innovative thinking” more than anything else their company does or supports is the key to keeping their businesses ahead of the existing competitors and emerging rivals. On the flip side of the equation, CBS Market Watch says encouraging creativity across the ranks is one of the ways companies can actually make work more fun.
Employees who are encouraged to share their ideas like their jobs better and they flourish in workplaces that openly reward and recognize them for trying new approaches. Studies say that these workers are 250% more likely to develop new ideas on a regular basis.
Rewards can also play a role in mitigating the fear of failure. Employees at businesses who overtly acknowledge and celebrate new ideas are not at all concerned about an idea not working out as planned. They know that the only bad idea is the one not shared.
If you want to capture better ways to doing business—while also making the workplace fun again—start by making your employee environment more rewarding.
According to a blurb published in the Wall Street Journal, consumers have less go-to brands today than they did before the great economic meltdown.
What is a “go-to brand” exactly? It’s a product or service that buyers must have; one they won’t substitute for and are willing to pay a premium for because they believe in its quality and value.
Go-to brands are big money makers for the companies that possess them. Satisfied customers spend more over their lifetimes; they recommend those services or products to others and they continue to remain loyal even in the face of modest cost increases or the occasional service miscue.
And while tougher economic times may have shortened the elasticity between price and blind loyalty, no marketer would argue that a brand’s reputation is not the biggest competitive advantage a company can have. And in that calculation employee actions and attitudes are paramount.
The authenticity of any brand—its perception of being genuine, legitimate and trustworthy—is directly dependent on the willingness of the company’s employees to act and deliver in a manner that is consistent with customer expectations . Here a solid recognition program can help you communicate what it is that your customers except and what role the employees play in satisfying them. Here HR (and marketing) can work together to communicate goals to employees, measure the results, and reward the desired outcomes.
So much is riding on the brand and in today’s economy its reputation can be the difference corporate growth and stagnation. As you think about ways to make your brand a “go-to” choice for your targeted customers, think about the role your recognition program can play in making that happened.
Presented by: Mike Ryan, Senior Vice President, Marketing & Strategy
Wednesday, May 15, 2013
9:00-10:00 AM EDT
Wednesday, May 15, 2013
3:45 – 4:45 PM EDT
Have you heard the term “purple squirrel” yet? That’s what recruiters are calling people with hard-to-find skill sets that are vital to the operation of today’s enterprises. They understand the nuances of their businesses better than anyone and they have strong, value-based buyer relationships. In fact, they stand out with customers and colleagues alike. They are as rare as…well…purple squirrels.
Internet recruiting guru Peter Weddle sees lots of companies in cash-rich positions, who are unable to find the value employees they need to serve their customers and grow. These purple squirrels as he calls them “not only excel at their work; they raise the performance levels of their coworkers, as well.” They are as he puts it, personal “profit multipliers.”
I’m not sure I’m buying into the little varmint metaphor, but I do know that top performers are in big demand right now and you’d be wise to take steps to retain them. A-players crave acknowledgement and want to know that you appreciate their hard work, professionalism and leadership. They appreciate it when you acknowledge their contributions and thrive in environments that celebrate their ongoing successes.
With some many companies looking for a competitive edge the ability to attract and retain top talent will be the deciding factor for most firms. Businesses that win the battle for top talent will be rewarded with market domination and long term growth. In other words, purple squirrels mean profits.
I guess you’d have to be a little nuts not to recognize them more often.
Companies have a lot riding on employee engagement. It can be a catalyst that elevates just about every business measure.
But in a business environment that encourages caution, many business leaders struggle to determine the best path forward. They grapple with both the soundness of their strategy and the construct of their programs; and they debate the sequence each should follow.
While a phased-in implementation may be seen by some as easier to roll out and manage, the reality is it will be missing critical components at various stages of your employees’ lifecycle. And those limitations will constrict your organization’s ability to encourage certain segments of your worker population toward better outcomes.
This Thursday, April 4th, at 2:00PM EST, I will make the case for what I am calling the “Total Recognition Solution” —a more balanced and complete approach that’s offers a comprehensive answer to enterprise-wide recognition.