Posted by Genni Fisk on 12 August 2024
The Value of a Medal - what can we learn from the Olympics?
Sunday marked the close of the Paris 2024 Olympics and the shift of everyone’s attention back away from celebrating Team GB’s successes against the medal table. But what people don’t realise is that the Olympics can teach us a lot when it comes to recognising and rewarding employees at work.
So, what is the real value of a medal? Well, for the Tokyo 2020 Olympics the gold, silver and bronze used to make the medals were extracted from recycled materials including old mobile phones. In an article by the BBC, it was revealed that the monetary value of the medals was actually less than you’d think - £540 for the gold medal, £297 for a silver medal, and just £5 for a bronze medal!
The real significance of an Olympic medal doesn’t lie with its monetary worth though. Instead, our world-class athletes compete for the esteemed prize as represents the recognition of years of hard work, dedication and ultimately their achievement of being one of the best in the world at their sport.
But what has this got to do with the workplace? We are by no means suggesting that you need to give your employees medals to recognise their achievements, but there is certainly an argument for ensuring your employees feel celebrated and valued for their efforts. Research conducted by Deloitte found that employee engagement, productivity and performance are 14% higher among organisations that have recognition schemes compared to those that don't. Showing employees appreciation is also shown to have a positive effect on the retention of key talent, as a study by Glassdoor revealed that 53% of employees admitted they would stay longer at a company if they felt more appreciation from their employer.
It therefore seems like a no brainer to embed employee recognition into your company culture if it can support organisational success in these ways, but implementing successful recognition programmes is often easier said than done. In order to succeed, recognition programmes need to be meaningful for employees, so we have put together some useful tips on how to ensure recognition programmes are engaging and effective:
Make it personal
While some organisations may rely on formal, public recognition schemes to hold up their employee appreciation strategy, a lot can be said for incorporating more personalised forms to show employees that their individual work is valued. In fact, a study by Gallup found that recognition from their manager was cited as the most memorable and meaningful form of recognition by employees. Empowering managers to include recognition activities into daily team habits helps to show employees that appreciation is a key part of company culture.
Simple gestures like giving individual shout outs and frequently sharing praise in person or by email can make a significant difference to an employee’s sense of worth within their department. In addition, providing managers with access to a departmental reward budget can be a powerful way to ensure deserving employees are rewarded in a timely manner. The allocated budget can then be used for recognition gestures that are most meaningful for that team, such as team meals, an off-site social activity, or even gift cards that relate to employees’ personal interests, to name some examples.
Deloitte’s report also cites that most employees do not think flashy awards (or medals) are always necessary, as three-quarters of people are satisfied with a “thank you” for their everyday efforts. Organisations should therefore consider offering opportunities for peer-to-peer recognition as part of their recognition strategy. This could include encouraging simple ‘thank you’ emails to colleagues, implementing an employee gratitude page where they can publicly post their recognitions, or offering a recognition platform where employees can send each other e-cards or small monetary gifts to celebrate accomplishments.
Ensure your leadership team are role-modelling from the top
At the very front of most organisations is the Senior Leadership Team (SLT) who steer the organisational direction. If your company is determined to imbed a strong focus on recognition as part of its culture and Employee Value Proposition (EVP), then your senior leaders should role model this behaviour from the top. We see this all the time at sporting events like the Olympics where members of the Royal Family or sporting heroes attend to show their support for a team. Their engagement in activities can provide a real boost to motivation and performance, so why shouldn’t our senior leaders do the same?
The traditional ‘lunch with the CEO’ and handwritten letters from your senior leadership team member have become outdated, providing only fleeting moments of appreciation. Instead, senior leaders should get more engaged in continuous employee recognition by modelling consistent interaction with recognition tools, celebrations, and events. There are many ways senior leaders can achieve this, from walking round the office to connect with individual staff members or joining departmental achievement celebrations, to holding company-wide award ceremonies where SLT members personally recognise staff members that have embodied the company values. This top-down approach shows employees that the business values the work of its workforce and is committed to recognising individuals that contribute to organisational performance.
Define and be consistent
At the Olympics, the rules for winning a medal usually seems straight forward: whoever runs the fastest, throws the furthest, scores the highest, and so on. But in the workplace, where are there are many differing business objectives and priorities at play, it can sometimes become confusing for employees to understand the eligibility criteria of recognition programmes. Ineffective recognition can have the reverse effect on productivity if employees feel it is being awarded inconsistently. The following steps should therefore be considered when planning to introduce any new recognition programmes:
- Set objectives - What are you aiming to achieve with your recognition programme? Outlining the objectives at the start, e.g. improved productivity, promoting wellness, or reducing attrition, will help with determining the direction of the programme and choosing the most appropriate type of recognition.
- Establish objective criteria - To avoid confusion, it is important to specify the types of achievements and behaviours that qualify for recognition under the scheme. A popular way to do this is aligning the recognition criteria to company values, such as teamwork, innovation, integrity, etc. This will help give employees clarity on expectations as well as motivate them to achieve these standards in their day-to-work work.
- Communicate clearly - Ensure recognition programme communications are frequent and clear. The type of communication used will vary depending on the recognition method, for example formal channels may be used for annual awards or events, while newsletters and team calls may be used for management shout-outs and personal success stories. However, weaving recognition communications into daily messaging is the best way to ensure employee participation and motivation.
- Keep track - Regularly review the effectiveness of the recognition scheme against the original objectives. It is also worthwhile asking for feedback from employees to judge whether the scheme is valued and being engaged with. Adjustments can be made in areas that aren’t working to ensure it remains relevant and continues to support the organisation’s aims.
Ultimately, whether you are for or against medals in the workplace, neglecting reward and recognition entirely could have detrimental effects on employee motivation, engagement and productivity. If would like Innecto’s support in creating and implementing an engaging recognition strategy, contact us here and get in touch with our expert consulting team.
Links:
https://www.deloitte.com/ie/en/services/deloitte-private/perspectives/recognition-programmes.html
