Tuesday, May 11, 2010

Rewarding Key Employees When Cash is Tight

Finding ways to keep high-potential employees feeling good about your organization with a limited or non-existent budget for cash bonuses and incentives is a challenge many leaders are grappling with. In a recent study released by McKinsey, three ideas emerged as non-financial ways to help talented employees maintain enthusiasm for their position and feel valued and appreciated. They were:
  1. Praise from their supervisor. Genuine acknowledgment of a job well done is always a boost to those who are striving to do their best. This costs nothing and only requires a few minutes to deliver. The payoff in terms of employee satisfaction and retention is huge.
  2. Assignment to a task force or special project lead. This sends the message that your employee is valued for his or her abilities and creative problem solving. It gives them the opportunity to gain valuable experience and visibility, which can pay dividends in the longer term when money is not so tight.
  3. Time spent with senior leadership. When valued employees are sought out for their ideas and opinions by the senior leaders in a organization, they feel seen, heard, appreciated. This can be as simple as saying, "Leslie, I'd like to hear your ideas on how we might approach a new project in the works."
People do their best work when they are inspired. Part of what inspires us is feeling seen and heard, along with the invitation to use our creative problem-solving skills and feel like our ideas land in fertile soil and a welcoming environment. In any economy, people are our most valuable asset, and deserve to be treated that way. The potential return on investment makes the effort a no brainer.

Monday, May 3, 2010

Are You Having a Grand Adventure?

Conversations with clients, colleagues and friends lately have led me to an interesting conclusion about how each of us experiments with just the right ingredients for a satisfying life and career, relative to risk and adventure. Here is an analogy: have you ever been reading a book and it was so predictable it became boring and you set it aside, never to be picked up again? That same book might have just the right measure of description, action and adventure for someone else, but it wasn't stimulating enough for you. Life is like that too.

We think we want stability, guarantees, predictable outcomes for our businesses and careers, especially in light of the last eighteen months or so of financial uncertainty. But do we really? Isn't the uncertainty what makes life interesting? If we were guaranteed the outcome, there would be no surprises, and thus no adventure. Wasn't there a Twilight Zone with this same theme?

I'm noticing that the very uncertainty we have about the success or failure of any initiative is what gives it zest and excitement. Perhaps we might reframe that sense of uncertainty. Maybe we could look at it as the excitement of not knowing the end of the chapter. When we are engaged in a good book, part of the thrill is eagerly anticipating what might happen next. What if we saw our own lives in the same way? We don't know what will happen next, yet we are willing to take some action to bring about the results we want. We are willing, like the characters we love, to rise above our past and call upon our courage to go a little farther out on the edge than we have before.

If you were a character in a book, would you be interesting? Would you garner admiration for acting on your convictions? Would your choices be interesting or dull? We get an opportunity for a blank page every single day. What are you going to put on yours today?