Monday, November 17, 2008

The Economy and Recognition

The world is a very different place than it was six months ago or for that matter three weeks ago.

People are losing their jobs and unemployment is rising. And it’s only going to get worse.

But if history has taught us anything, these things are cyclical. The economy will get better and people will go back to work.

What will not change is the fact that there will soon be more jobs than people to fill them. Demographics dictates this, not the economy.

But today's economic challenges do offer forward looking companies a great opportunity and that is to embed recognition into your corporate culture.

There is a lot of fear out there right now. Employees are not necessarily looking for pay increases but what they are looking for is open and honest communication. They need to know their work is being appreciated and this is where effective recognition strategies can play a huge role.

Recognition doesn't need to cost a lot. As I mentioned in a previous post, it starts with a name!

Reach out and engage your employees especially in these tough times.

Embed recognition into your culture. Make it part of your DNA and when things turnaround, your employees will remember and stay with you. Not only that, they will become your "recruiting" ambassadors.

George Washington didn't pay his band of revolutionaries a lot but if you study his management style you will see he gave them something far more valuable, he gave them recognition and hope. He turned them into patriots.