the carrot principle — how the best managers use recognition to engage their employees, retain...
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Join Halogen Software for an inspiring webcast from renowned author and engagement expert Chester Elton and learn how fostering a recognition culture can motivate your employees and drive business results for your organization. Based on his runaway New York Times best-seller The Carrot Principle, Elton will reveal the groundbreaking results of one of the most in-depth management studies ever undertaken. This breakthrough 10-year study of 200,000 people found dramatically greater business results when managers offered constructive praise and meaningful rewards in ways that powerfully motivated employees to excel. Drawing on case studies from leading companies, Elton will share how the transformative power of purpose-based recognition produces astonishing increases in operating results, such as higher productivity, engagement, retention, and customer satisfaction. This presentation introduces the simple steps to become a Carrot Principle manager and to build a recognition culture in your organization. You’ll also hear about how this culture can be enabled by a best practices-based talent management system that supports better business results.TRANSCRIPT
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The Carrot Principle — How the Best Managers Use Recognition to Engage Their Employees, Retain
Talent and Drive Performance
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Speaker: Chester EltonAuthorThe Carrot Principle
Moderator: Connie CostiganDirector, Marketing & CommunicationsHalogen Software
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The Carrot Principle — How the Best Managers Use Recognition to Engage Their Employees, Retain
Talent and Drive Performance
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Connie CostiganDirector, Marketing & CommunicationsHalogen Software
The Carrot Principle — How the Best Managers Use Recognition to Engage Their Employees, Retain
Talent and Drive Performance
#TMwebinar
Chester EltonAuthorThe Carrot Principle
The Carrot Principle — How the Best Managers Use Recognition to Engage Their Employees, Retain
Talent and Drive Performance
© 2011 Halogen Software Inc. Confidential – Not to be used, copied or redistributed without Halogen’s prior written permission.
How recognition ACCELERATES
employee engagement, retention and performance
with Chester Elton
Who here has worked for a GREAT
leader?
So, what are the characteristics of a
good leader?
The Basic Four
The Basic Four• Goal Setting• Communication• Trust
•Accountability
Accountability
“At first, I think our employees found it hard to believe this was all really happening. Seeing managers being held accountable for employee satisfaction, budgets and training and development is helping to strengthen our organization's employee accountability and to boost overall morale.”
Tim Mulligan, Chief Human Resources Officer
Finding andEngaging
the best people
A Crisis in Business
Why Engagement ?
Managers who ignore their employees have 2% engaged employees and 40% actively disengaged.
“BAF has transformed employee performance management from a once a year chore to an ongoing, year-round process. Managers now provide regular feedback and coaching to employees. This has been instrumental in transforming our entire culture.”
Melanie Rydalch, Regional HR Manager
The Basic Four• Goal Setting• Communication• Trust
•Accountability
GoalsGoal Setting that helps set expectations
“Having employee goals clearly and objectively laid out and the ability to track their progress in real time ensures that there are no surprises during the performance conversation between manager and employee. Employees know what is expected of them and this makes them accountable and the system becomes transparent. This has enabled the Bank to increase employee engagement in the process.”Laura Van Well, HR Officer
20
91%
70%68%
40%
0%10%20%30%40%50%60%70%80%90%100%
Goal Setting: High Favorable Opinion
Goal Setting: Low Favorable Opinion
Recognition: Strong Recognition: Weak
Employee Engagement:Goal Setting
21
Employee Engagement:Communication
92%
69%68%
39%
0%10%20%30%40%50%60%70%80%90%100%
Communication: High Favorable Opinion
Communication: Low Favorable Opinion
Recognition: Strong Recognition: Weak
22
91%
63%65%
35%
0%10%20%30%40%50%60%70%80%90%100%
Trust: High Favorable Opinion
Trust: Low Favorable Opinion
Recognition: Strong Recognition: Weak
Employee Engagement:Trust
23
91%
65%70%
38%
0%10%20%30%40%50%60%70%80%90%100%
Accountability: High Favorable Opinion
Accountability: Low Favorable Opinion
Recognition: Strong Recognition: Weak
Employee Engagement:Accountability
Why Engagement?
Engagement = GROWTH
Growth with vsWithout engagement
Operating Income
Best Buy: a 0.1% increase in employee engagement at a store equals a $100,000 increase in the store’s annual operating
income.
Harvard Business ReviewOctober 2010
What Drives Employee
Engagement?
Percent of Employees “Completely Satisfied” With Their Jobs
By Level of Recognition
Percent With “Very High” Desire To Work For Their Employer “One Year”
From Now By Level of Recognition
Percent of Employees Who Are “Highly Engaged” by Level of Recognition
Opportunity & Well-Being
Trust
Pride in Symbol
Employee Engagement
Top drivers of engagement
Appreciation
Communication
Goal-setting / Accountability
Opportunity
“Turnover rates decreased from 20 per cent to 4 per cent. People feel really good about what they do and what they contribute knowing there are a lot of different promotions and leadership roles that have evolved through our leadership development program, which is part of our performance management and career development approach. 64 per cent of the company's leadership positions are now held by individuals promoted from within.”
Michelle Reid, HR Manager
Develop for the future and employees will be more engaged today!
A Crisis in Business
65% of Workers
are looking around says surveyResponses from 14,000 workers reveal that many are
weighing their options– and employers haven’t caught on.
Research-Based• One of largest workplace
surveys ever conducted• Focus groups• Interviews
HowLARGEwas thestudy?
The Carrot Principle• 10-year study of
200,000 people• 20-year study of
10,000 people• 10,000-year study of
20 people• Half-hour study of
“The Office”
• 10-year study of200,000 people
The Carrot Principle
Ah, the Power of a Carrot• Higher retention, of your good people
• Greater, sustained productivity
• Stronger, more committed employees
• Allows managers to communicate a powerful, lasting way
• And PROFIT!
• It communicates whatmatters most to your organization
Ah, the Power of a Carrot
Appreciate the Family
Personal Recognitiona Coach
Personal Recognition
What Differentiates Your Organization?
How Do You
Measure Success?
49
Why EmployeeEngagement?
• Companies with higher employee engagement deliver higher returns than their peers
• 100 Best Companies with highly engaged employees have consistently outperformed major stock indices. Stock Market Index Fortune 100 Best
25.2%
72.9%
133.8%
Annual List of 100 Best
Companies
Fortune 100 Best vs Stock Market7 year Cumulative Return
Source: Frank Russell Company
50
The Fortune 100 Best
“As for recognition it is probably the fattest pitch that managers miss. Telling employees they are doing a great job costs nothing but counts big And it is so easy to do more”
Fortune Magazine 100 Best Companies issue
Work Environment
=How People Feel
on the Job
At Work25% Driven to tears by stress50% Place of “verbal abuse” and “yelling”30% Unrealistic deadlines52% 12 hour days1 in 12 complain “chair hurts my butt”
NY TIMES
People join organizations
They leave people!
According to research, what percent of workers cite “lack of acknowledgement” as their top
work issue?
A. 88%B. 67%C. 44%
D. Eleventy-one%
A. 88%
According to research, what percent of workers cite “lack of acknowledgement” as their top
work issue?
Why People Leave a Manager?
Society for Human Resource Management (SHRM) survey
A. A fear of alien abductionB. Unwashed “restroom” hands
C. Body piercing policiesD. A lack of appreciation
☛ 79% leave due to
Society for Human Resource Management (SHRM) survey
D. A lack of appreciation
☛ 79% leave due to
Why People Leave a Manager?
But there are
toxic Managers.What happens when we follow
them…?
That’s
Turnover!
Why People Stay With a Manager
and correlated with:
• Higher Retention
• Higher Productivity
• Higher Customer Satisfaction
• Higher Profits
Recognition Praise
Wisdom from your mom
This is stuff mom taught you
This is stuff MUM taught you
Wisdom from your MUM!
• Frequent
• Specific
• Timely
Recognition Basics
Married? Madly in LOVE?
General Praise has NO
impact.
Praise vs. RewardsDo you know how to ride a bike?
• Praise Effort
• Reward Results
Praise vs. Rewards
Reward RESULTS!
Reward RESULTS!
• Create informal recognition moments
Wisdom from the Carrot Patch
Informal /Seeds• Letter of praise to family
• Do least favorite task
• Remember special days
• Wash car
• Parking space for a week
• Hand Written Note• Cup of coffee
• Box of chocolate bars
• Half day off to spend w/ kids
• Scrapbook of memories
• Tickets to movie, play, game
• Recognition box
• Friday inspirational movie
• A pat on the back
Not a slap to the Head!
People may forget what you said or even what you did, but they never forget the way
you made them
feel.
Make powerful presentations!
Wisdom from the Carrot Patch
When it comes to recognition,
is everything!
Presentation
Presentation Objectives
1. Show sincere thanks2. Reinforce organizational values3. Set the standard of Excellence4. Motivate
Dos & Don’ts…
Add Impact to FormalVIP• VALUE
• IMPACT
• PERSON
Anybody Know the best American soccer player in
the world?
Clint Dempsey
Add Impact to FormalVIP• VALUE
• IMPACT
• PERSON
And Recipients Will Go Wild!
Informal /Seeds• Letter of praise to family
• Do least favorite task
• Remember special days
• Wash car
• Parking space for a week
• Hand Written Note• Cup of coffee
• Box of chocolate bars
• Half day off to spend w/ kids
• Scrapbook of memories
• Tickets to movie, play, game
• Recognition box
• Friday inspirational movie
• A pat on the back
• Don’t want to get familiar• I never got any recognition!• What’s in it for me?• Don’t have time• Don’t want to play favorites• They will ask for more money!
VegephobiaWhy People Don’t Recognize
Not in this economy!
VegephobiaWhy Managers Don’t Recognize
What can
you do tomorrow?
You Know how!• Verbal Praise• Thank You Notes• Frequent Specific Timely• Praise Effort / Reward Results• Better presentations / VIP
Do this at
HOME! It works there too
Ah, the Power of a Carrot• Higher retention, of your good people
• Greater, sustained productivity
• Stronger, more committed employees
• Allows managers to communicate a powerful, lasting way
• And PROFIT!
Are You Committed?
Q&AAdditional questions regarding the content from this webinar? Contact:
Chester Elton - [email protected]
For additional Halogen Software inquiries or to request a personalized demonstration, contact:
Connie Costigan- [email protected]
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