Reimagining Performance Recognition🏆
Employee recognition has been in existence for a while. All the same, dedicated technologies and strategy have increasingly been sought after as business leaders have recognized that employees are more likely to stay if they are treated well.
Welcome to the world of social employee appreciation and recognition. In this article, we will explore how businesses can implement relationship capital recognition; communicate the significant and art of appreciation in the organization; and how both conventions can assist in the retention of top talent.
Who Are Relationship Capital Performers?
They amaze customers/clients with their actions. They excite management with their irreproachable work ethic. A relationship capital performer is committed to their responsibilities and eager to learn more. These employees are more than just workers. They are the achievers who make the difference between success, struggle, and failure. A relationship capital employee is essential, even amid the forecast that 47% of current jobs have a high probability of becoming automated as technology becomes increasingly powerful and dependable. It is unquestionable that customers are a necessity. But customers are no more than an ideal without an effective workforce.
When employees are supported and recognized, and their performance is appreciated, they are notably more effective. As per Aberdeen’s The Power of Employee Engagement (November 2013), Best-in-Class firms are 21% more likely than All Others (64% vs. 53%) to view recognition, whether via tools or tactics, as highly beneficial for enabling employee performance. The idea is employee recognition, is a certain requirement in this age of the social employee.
Employees can be reliably productive; they can be inspired beyond their typical performance, and they can be skillful at what they do. All the same, it just takes a little more care and commitment on in the interest of employers. But when employees efforts go unnoticed. When they are disregarded or ill-treated, or when they go above and beyond expectations but do not get recognized for their commitment, it destroys trust and relationship capital. A lack of motivation or inspiration usually leads to disengagement, and then employees have more cause to leave their current positions in search of organizations, managers, and communities that cultivate employee recognition.
Earning Relationship Capital (RC) Recognition
Relationship Capital (RC) is an open standard interaction process for capturing, measuring, and utilizing this intangible asset of credibility and trustworthiness. Leveraging human-focused design or employee recognition techniques is a natural next step for the creation of the Peer SaaS Web APP.
With regards to social interactions, executives, entrepreneurs, and other stakeholders earn RC Points by:
- Building Positive Perceptions
- Fulfilling Promised Commitments
To not only track your progress in achieving your tasks and objectives but to be inspired by the acknowledgment from another person when they “credit” your account with Relationship Capital (RC). Turning the “emotional bank account” into a business game of purpose, commitment, and performance that will enable organizational effectiveness.
Why Relationship Capital Recognition
Even your most purpose-based star performers need to be coached and acknowledged. Capturing their fulfilled promises or “commitments” earns RC. Accounting for it through peer reviews and recognition only reinforces the culture of respect your have for them along with financial rewards and other recognition programs you have already in place.
RC is about sharing your made and kept commitments with others and having others share their perceptions of your proactive trustworthiness by crediting or debiting your account with Relationship Capital (RC).
- It is less about Hierarchy. An RC Interaction is most effective as a peer-to-peer process between people from such key stakeholders such as buyers, sellers, suppliers, and partners.
- The key stakeholders mentioned above are members of an “ecosystem”.
- Earning RC is a reward for building making & keeping commitments and building positive goodwill and collaboration is the metaphor and not war.
- The RC process can be hyper-connected and hyper-transparent. It is your decision how to implement with your business model.
- Organizational cultures of the Do-The-Right-Thing Mindset already earn and build relationship capital. They are just not accounting for it. The natural next step is to capture RC when earned and credit it to the leader’s RC account and roll it up across the organizational structure.
- Having an ecosystem of stakeholders passionate about consistently earning RC with each other in their interactions provides a powerful force for greater engagement and innovation.
- The principles and process for earning Relationship Capital (RC) provide a platform that integrates purpose, principles, and profit that is a competitive advantage to those firms who do not build strong high trust cultures.
- The social reward of Relationship Capital (RC) is an organization’s culture in action supported by time-tested principles that the professional community agrees to follow.
Businesses understand that employees stay with their companies for foundational reasons. Despite the popular notion that a competitive salary is a preeminent reason why employees commit to their positions, the fact, employees commit to their roles because they are vested in their duties and feel interlocked to the business and its goals. The truth is competitive salary ranks fifth on the list of reasons why employees stay with their firms. But having and retaining committed employees does not occur with the turn of a switch. Organizations build this level of relationship capital by interacting, supporting and publicly (and privately) acknowledging individual and team success.
The Relationship Capital (RC) Recognition Game as enabled by the Peer SaaS platform is one reimagined way to acknowledge and reward your employees by leveraging technology, commitment, and cultural mindset. It’s not just the right thing to do for your employees, but it also comes with a high R.O.I.
- The Art of Appreciation: Top-Tier Employee Recognition by Zach Lahey, Aberdeen Group (April 2015)
- Originally Published on September 16th, 2015 on Pulse