What do employees want most? Compensation or Recognition?
For most of us, once we have our basic needs covered for at least a standard living, then
we turn our attention to a very important and profound factor: the feeling of making a difference.
We look for it, not just in our personal life, but also in our professional life.
To be acknowledged by our contribution is linked with the feeling of fulfillment.
This can include having respect from our peers, receiving a compliment from our manager, and having a meaningful work.
Of course, everybody wants to make money for the job they are hired to do, but that’s not enough to feel fulfilled.
The money the employees receive for their job is the compensation, but …
that alone will never give us the amazing sense of making a difference.
Recognition is what great leaders and wise managers do to go above and beyond compensation. Recognition is free, yet priceless.
It’s such a powerful tool, and yet it’s so underused for lowering employee turnover and increase employee loyalty.
Every employee who works get paid, but not every employee gets recognized.
As Harvard Professor Rosabeth Kanter says:
“Compensation is a right, recognition is a gift.”
Don’t wait for Christmas to give the best gift of all!
Recognition received right after a good job done is not only powerful, but memorable.
Schedule time every month to honor the ones who have been above and beyond.
You will be happily surprised with the loyalty and engagement at work for a price that is a delight.
You don’t have to be Santa Claus to spread the joy with expensive gifts.
You just need to be a Wise Leader to spread the joy with priceless recognition.
The best gifts in life are still free.