Public Recognition- The New Currency
In the media age, whether it’s print, television, radio or social media, everyone wants to be seen. After realizing this, it made me wonder. “How can we turn this fact and use this to our advantage?”
In this age, most employers are profit driven. Employees are paid minimal wages for maximum work effort. This is because there is competition in the work place. We have an aging workforce which has clogged the opportunity pipeline, and employers have found it is easier to keep people in middle management, and hire people to do entry level positions. They accomplish this by offsetting turnover and training costs by hiring cheaper employees – those paid at lower wages seeking opportunity.
How can public recognition be used as currency?
First and foremost, employees should receive raises for their performance. If the employees are covering their costs as well as bringing in profit for the company they should be compensated for it.
At Aiken Personnel Services, we use the PPO model (Pay, Praise, Opportunity). We start by paying our employees appropriately, then we praise them for hard work. If they are receiving praise, then we give them more opportunity, which in turn increases their pay. Our philosophy: The more you do the more you earn.
We conduct employee reviews every 30 days in order to determine our employees’ performance. We also let them know if they are doing a good job or if there is room for improvement in some areas. Following these reviews, we give a small raise to keep our employees motivated to perform and to raise their standards of performance as they are moving forward. This model has led to high employee retention and remarkable success when it comes to employee conversions.
Praise is a positive incentive tool. Public recognition maximizes this concept. By doing this, you are creating culture in which employees are both proud to work for you and proud of the work they do. This will make other employees want to put forth the same amount of effort so they may also receive recognition.
Have you ever noticed how people love cameras, or idolized stars? Who doesn’t want to be a star?
When you create stars within your own company, you create a culture of excellence. Doing so will foster a public identity for each recognized employee, will produce long term benefits for the employer, and employees will strive to be recognized. This small investment will bring you sizable returns in respect to employee stake as well as lower your company turnover.