2013 Orange Paper - 6 Insights

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Information about 2013 Orange Paper - 6 Insights
Business & Mgmt

Published on December 17, 2013

Author: OCTannerCompany

Source: slideshare.net


Relevant trends, topics, and issues for your business. Stay smart. Stay Current.

R E L E VA N T T R E N D S , T O P I C S , A N D I S S U E S F O R YO U R B U S I N E S S . S TAY S M A R T. S TAY C U R R E N T. octanner.com/institute AT T H E O.C. TANNER INSTITUTE W E A R E CO M M I T T E D TO RESEARCHING AND SHARING I N S I G H T S T H AT H E L P O R G A N I Z AT I O N S I N S P I R E A N D A P P R E C I AT E G R E AT W O R K . FROM 2013 O.C. TANNER INSTITUTE PRESE NTS: INSIGHTS RECOGNITION THE As the year comes to a close, we’ve analyzed data from more than seven million recognition moments, along with third-party research, to pull relevant, actionable insights. Here’s what we’ve found: O.C . TA N N E R I N ST I T U T E I N S I G H TS 2 0 1 3

INSIGHT NUMBER 1: Recognition drives innovation and great work. Figure 1: Employee’s choice of which benefit would most encourage them to proactively innovate at their company: Global research conducted by the Cicero Group found employees who receive strong recognition are 33% more proactively innovating, generating 2X as many ideas per month. Companies that provide effective performance recognition are 2x as likely to be highly innovative. Employees feel that above and beyond performance recognition does more to encourage them to improve efficiency than an additional bonus of 5% of their salary. Consider the combined impact of driving innovation with effective performance recognition that encourages effort and rewards results. 27% Ongoing effort recognition 32% 5% salary bonus 41% Above and beyond performance recognition 0 10% 20% 30% 40% 50% 60% Source: 'The Effect of Performance Recognition' the Cicero Group, 2013. INSIGHT NUMBER 2: When it comes to great recognition, how much and how often matter a lot. Figure 2: Ideal performance recognition frequency 9% Two client-initiated research initiatives, one correlating recognition frequency to quality and productivity, and one correlating recognition frequency to engagement, had similar conclusions: the frequency of recognition (monetary or non-monetary) that correlated most strongly with the people who demonstrated the highest levels of productivity, quality, or engagement is between two times per month and quarterly. Independent research done by the Cicero Group, correlating recognition to engagement had the same finding. Those who were most engaged indicated that the ideal frequency of recognition is between multiple times per month and quarterly, with monthly representing the optimal frequency. Multiple times a week 11% Once a week 19% Multiple times a month 26% Once a month 20% PEOPLE SHOULD HAVE THE CHANCE TO DO GREAT 7% WORK EACH MONTH OR AT THE VERY LEAST QUARTERLY. If recognition is not happening frequently, question, why not. Managers should identify opportunities to get team members engaged in doing great work as often as possible. Once every six months 9% 0 Once a quarter Once a year 10% 20% 30% Source: 'The Effect of Performance Recognition' the Cicero Group, 2013. O.C . TA N N E R I N ST I T U T E I N S I G H TS 2 0 1 3 40% 50%

INSIGHT NUMBER 3: There is a trend for recognition moments to spike in Q4. The spike in the 4th quarter 2011 and 4th quarter 2012 is apparent—we anticipate the same activity for 2013. Figure 3a: Number of items shipped Figure 3b: Number of recognition moments 2013-4 2013-3 2013-2 2013-1 2012-4 2012-3 2012-1 2011-1 2013-3 2013-2 2011-4 2011-3 Source: O.C. Tanner client data 2012-2 0 2011-4 0 2011-3 200K 2011-2 50K 2013-4 400K 2013-1 100K 2012-4 600K 2012-3 150K 2012-2 800K 2012-1 200K 2011-2 1M 2011-1 250K Source: O.C. Tanner client data G R E AT WO R K I S B E I N G D O N E T H R O U G H O U T T H E Y E A R , but rewarded predominantly in the last two months. While it’s great to have a recognition mindset at year-end what would it mean if people could be more consistently rewarded? Consider communication initiatives or other pushes you could do to promote appreciation throughout the year. INSIGHT NUMBER 4: Although the mix of gift cards vs. merchandise varies by client, there is a trend towards more merchandise. 80% 70% 60% 50% MERCH ORDER: 40% GIFT CARD: 30% 20% 10% 2013-09 2013-07 2013-05 2013-03 2013-01 2012-11 2012-09 2012-07 2012-05 2012-03 2012-01 2011-11 2011-09 2011-07 2011-05 2011-03 2011-01 2010-11 2009-09 0% Source: O.C. Tanner client data T H E R E R E M A I N S T R E M E N D O U S VA LU E I N In performance recognition, for the last two years we have seen about 60% ratio for merchandise versus 40% for gift cards. The top three awards selected this year (in order) have been 1) Headphones; 2) Coffee Products; 3) Luggage. O.C . TA N N E R I N ST I T U T E I N S I G H TS 2 0 1 3 R E C E I V I N G A N AWA R D versus providing a shopping experience. The question to ask is not what employees want but what would make them feel most appreciated.

INSIGHT NUMBER 5: We see anniversary celebrations predominately starting at year 5. Figure 5: Number of clients celebrating anniveraries at this year level. 1 = 13% And yet, research from focus groups conducted by the Cicero Group revealed a desire for recognition in years 1 and 3. 3 = 8% W H AT ’ S T H E O P P O R T U N I T Y M I S S E D when you wait until year 5 to celebrate the impact someone has had on your team and on the organization? Career celebrations provide moments to connect managers and team members and reflect on everything that individual has accomplished. Consider other opportunities or triggers—off years, birthdays, etc.—to reinforce how much you appreciate the great work being done. 5 = 73% 0 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Source: O.C. Tanner client data INSIGHT NUMBER 6: The power of social extends the appreciation experience significantly. Research found that the benefits of recognition were amplified 6 times when integrated with social. Social media recognition’s most dramatic effect is to increase the visibility of recognition efforts—6x as many people are aware of recognition they receive. Greater awareness leads to wider, more frequent sharing of recognition’s many benefits. Figure 6: The visibility of recognition (Number of people who are—or would be— aware of recognition an employee receives.) C E L E B R AT E C A R E E R S 50 60 ANTICIPATED VISIBILIT Y WITH SOCIAL MEDIA RECOG NITION CO N S I D E R T H E B E N E F I TS of extending the recognition experience beyond the 15 minutes of a presentation to a couple of days. How can your system integrate to include social appreciation? O.C . TA N N E R I N ST I T U T E I N S I G H TS 2 0 1 3 127 E N CO U R AG E E F F O R T CU RRENT VISIBILIT Y Source: ‘Social Media Recognition’ the Cicero Group, 2013. R E WA R D R E S U LT S 81 11 CU RRENT VISIBILIT Y ANTICIPATED VISIBILIT Y WITH SOCIAL MEDIA RECOG NITION To continue to receive the latest recognition research and insights, sign up for our publications at octanner.com/subscribe. 20 CU RRENT VISIBILIT Y ANTICIPATED VISIBILIT Y WITH SOCIAL MEDIA RECOG NITION

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