Incentive - July 2008 - (Page 41)

recent internal employee survey showed an 87 percent satisfaction rate. This isn’t surprising, considering that 20 years ago, the Scotiabank launched a company-wide effort to focus on personal customer service. It was a maverick move when most other banks were betting their futures on selfservice and new technologies. Company officials knew that a state-of-the-art employee recognition and incentive program would be a key element of their customer-centric focus. The result of keen instincts and impeccable planning is a world-class recognition program that contributes to a steadily increasing profit margin. CEO says, “Being recognized as a global employer of choice enables Scotiabank to attract and retain high-performing employees. We know that satisfied and engaged employees increase customer satisfaction, which in turn generates positive long-term results for stakeholders as well as added value for the communities we serve.” Senior management plays a key role in setting and adjusting the organization’s recognition strategy and policies and is personally involved in the program. The executive vice president of domestic personal banking and distribution approves all substantive employee feedback and any recommended changes to Fast Facts Welcomed its first customer in 1832 60,000 employees 12.5 million customers in 50 countries Scotiabank contributed more than $43 million in sponsorships and donations to a variety of projects last year, primarily in education, health care, social services and arts and culture making Scotiabank a great place to work. “For the past seven years, our recognition platform, Scotia Applause, has nurtured and entrenched a culture of authentic recognition throughout our organization. Scotia Applause has simply become ‘the way we recognize’ at Scotiabank, and our commitment to equitability ensures that all achievements are recognized, both big and small. “As the Scotiabank Group continues to strategically evolve, so too do our recognition practices. Scotia Applause is not simply a sales incentive program, but rather an allemployee engagement strategy, which in turn drives customer engagement.” Recognition at Scotiabank is designed, implemented, evaluated and retooled based on nine strategic elements. Applause recognizes both individuals and teams and is completely online, automated and accessible 24 hours a day from internal Web sites and employees’ homes. All employees can participate in the same program. I hope learning about this award-winning recognition strategy enables you to better allocate your payroll’s 2.7 percent. Don’t just throw money at recognition. Be strategic: Do it right and feel free to walk in the footsteps of a proven success story! s And be sure to read this month’s “Ask Christi,” Christi L. Gibson’s online column where she answers your incentive questions at “We know that satisfied and engaged employees increase customer satisfaction.” —Rick Waugh, Scotiabank Scotia Applause is the bank’s awardwinning recognition program. Four key characteristics have bolstered outstanding levels of employee participation and engagement: 1. The program’s alignment to the company’s vision: By directly aligning with Scotiabank’s customer-centric business activities and behaviors, the Applause program delivers an exceptional customer experience. 2. Senior management engagement: They understand the value of employee recognition so clearly that the annual multimillion-dollar recognition budget does not have to be justified. 3. Effective company-wide application of recognition practice: Since the launch of Scotia Applause in 2001, with 35,000 employees participating, there have been nearly three million peer recognitions. 4. The program’s high degree of relevance: For the past seven years, employee engagement has continued to rise. Rick Waugh, Scotiabank’s president and program design. Other senior management stakeholders are then engaged to collaborate and agree on the recognition strategy. Other executive divisional heads are also engaged during significant ongoing improvements to the core program structure, to ensure that fairness and equitability are addressed across all bank divisions. The company invests nearly $10 million annually in the Scotia Applause program. To date, the program is only available to Canada employees, but will soon be offered internationally. Scotiabank’s Recognition Strategy Statement reads as follows: “At Scotiabank, we recognize that there is nothing quite so important as our nearly 60,000 people. They’re responsible for all of our accomplishments to date. And it’s our people that will help us achieve our full potential—to be the best international financial services company based in Canada. That’s why we’re so committed to INCENTIVEMAG.COM/ RECOGNITIONSOLUTIONS incentivemag.com | July 2008 | Incentive | 41 http://www.INCENTIVEMAG.COM/recognitionsolutions http://incentivemag.com

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

Incentive - July 2008 Contents Editor’s Note: Accentuate the Positive In The News Cover Story: Three Profiles in Good Corporate Citizenship Case Study Incentive Interview Senior Secrets To Thine Own Self be True Incentive Primer Motivation@Work Travel News: Where To Go and What To Do Take the Spa Home Not the Only Game in Town Here and Now Writing and Desktop Gifts Watches and Clocks Gift Cards: Health and Wellness Incentives Good Health Is Not Its Own Incentive Advertiser Index Last Word

Incentive - July 2008

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