Incentive - May 2008 - (Page 39)

“Recognition isn’t just important, it is critically important for companies in early growth and leadership stages.” then some. Listen, watch and train all of your employees on how to deliver recognition in a meaningful and motivational way. Take a look at some basics. According to Gallup Organization, regular recognition and praise of employees leads to: • Lower turnover • Higher overall productivity • Increased engagement among coworkers • Higher customer loyalty and satisfaction • Better safety records and fewer on-the-job accidents Recognition Professionals International (RPI) 2008 Recognition Trends Survey found the primary objective for a recognition program is to create a recognition culture. Cargill Inc., the 2008 RPI Best Practice—Best Overall Recognition Award recipient, is a global company consisting of 70 businesses, operating in 66 countries with 158,000 employees. Cargill named a Chief Recognition Officer (CRO) in 2004, Bill Buckner, who is also one of the eight senior executives of the company. In addition, Cargill has a Global Recognition Steering Team, which provides guidance in the overall recognition strategy and execution. Cargill’s financial results are a good indication that their recognition strategy is working. Their sales and other revenues (measured in millions) in 2003 were $54,390 and have risen to $88,266 in 2007. That is a 62 percent increase in revenues. Senior leaders believe these financial results have been affected positively by the increasing engagement of their employees. This example of recognition success should be enough measurement to get company buy-in from your executives to launch at your organization. Recognition isn’t just important, it is critically important for companies in early growth and leadership stages. As noted above, recognition is a key impact factor in Cargill employee engagement. Cargill uses a four-dimensional pyramid diagram to illustrate the levels of recognition. The pyramid’s foundation is common courtesy and respect, the next tier is day-to-day recognition, above this is informal, and the pyramid peaks at formal recognition. Cargill believes the greatest percentage of time and attention should be spent on the bottom two tiers of the pyramid in order to make the biggest impact on recognition. Recognition is key to Cargill’s success and is reflected not only in executive involvement, but also in attention across the world to Cargill employees, diversity and long-term cultural changes. Cargill is continuously working toward creating and sustaining an innovation culture. An innovation culture is woven from interlacing strands of values, beliefs and practices that together create a strong and enduring organizational fabric. The organization’s values, beliefs and practices include training, recognition, leadership, behavior, collaboration and environment. Together, this makes an extremely strong combination. Why bother recognizing employees? Is it really important? Cargill Inc. knows the answer, and it shows in their bottom line.s incentivemag.com RPI 2008 Recognition Trends Survey What is the primary objective for your recognition program in 2008? Create Recognition Culture Reinforce Desired Behaviors Motivate High Performance Create a Positive Environment Encourage Loyalty Increase Morale Support Culture Change Other 0 10 20 30 40 50 | May 2008 | Incentive | 39 http://incentivemag.com

Table of Contents Feed for the Digital Edition of Incentive - May 2008

Incentive - May 2008 Contents Editor's Note: Turn to Incentives in Hard Times In The News: At IMRA Conference, Trade Show Talk; In Utah, Team-Building Trauma Cover Story: Can Incentives Save the Media Business? Incentive Interview: Our New Columnist, Christi L. Gibson Case Study: Architecture Firm WESKetch Builds a Recognition Plan Incentives in a Recession: Advice on Adjusting Your Plan Office Bullies: The Scourge of the Workplace Can Be Reined In Original Research: Incentive Sales IQ Report Recognition@Work: Stop Driving Your Top People Away Incentive Primer: Ways to Foster Creativity in Your Organization Travel News Puerto Rico: Shining Star's Trendy Makeover Mexico: Cancun and Cabo Still Have It Potentials Here and Now Luggage and Leather Goods Gift Cards: F&B Advertiser Index Last Word: Stanley Bing Gives Wimpy Bosses a Nuggie

Incentive - May 2008

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