Now that the experts agree that the recession is over, businesses are looking for ways to gain momentum after taking big hits to budgets, performance, and profits over the past several months. So the question being asked is “Now what do we do” and “Where do we start”?
Well you start to turn things around that’s what you do.
But how do you turn things around?
Well you start with your people. Traditional business turnarounds take 6 to 12 months but you won’t need that long if you follow a proven turnaround strategy. And it won’t even cost you an arm and a leg.
First let’s briefly it on three studies:
•The U.S. Department of Labor released a study that states the number one reason people leave a company is because they don’t feel appreciated or valued.
•Over 5 years of experiments performed at a major power plant proved that the largest impact on increased productivity was the simple act of paying attention to their employees.
•The Gallup organization has documented research from over 2,000 employees that shows that 69% “prefer” praise and recognition from their managers over money.
Are you seeing a pattern here? Good.
Positive praise, appreciation, and recognition are one of the most effective ways to boost employee productivity (it can be and is more effective than money, and free too).
When you praise someone and recognize them for a success or achievement, it doesn’t take 6 months for them to receive the benefit from the praise and you don’t have to wait a week or for a check to clear, or a procedure to change.
They get it instantly!
The results are just as quick as they immediately feel good and their productivity improves. You have to remember employees take a natural pride in their job and the work they do. And simply put, at the end of the day they just want to be recognized for doing a job well done.
While the goal of this blog is to talk about small business turnarounds, the quickest way to do it is through your employees. Everything starts with your people.
So why not boost productivity during the recovery stage of a recession and get a leg up on your competition? The best way to do this is to positively praise and recognize employee performance.
Job satisfaction is at an all time low and productivity is sagging too. Here are 4 ways to effectively use praise and recognition to boost productivity.
1. It has to be True- no one likes hearing something good when they know it isn’t true. And don’t think for one minute that they don’t be able to tell. Be sincere. People know the difference.
2. It has to be Personalized- It’s important to make things personal and when it comes to praise it means a few things. For one make sure you figure out what forms of praise are more effective for your employees. Some will want the whole world to know about their accomplishment, while public praise would scare someone else. Learn what’s effective and make it personal.
3. It should be Specific- “Good Job” doesn’t really say much does it? “Good job getting those reports out on time during one of our busiest days ever. We couldn’t have done it without you”. That’s a little more specific. Be clear. Be specific.
4. It should be Weekly- Studies show that productivity reaches it peak when employees are praised at least once a week. Make yourself a chart, but don’t make it routine or something you have to force yourself to do. Make it sincere
If you’re taking the time to read this I personally want to comment and point out your ability to want to go to a new level as well as take the time to learn how to effectively boost employee morale the positive way.
If you take action on this advice, you’re in a league of your own. We need more people like you in a time like this. A+.
Now that you’ve been recognized for doing something excellent, who are you going to pass it onto? And When?
Remember to hire the best people you can afford and then rehire them every week.
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