Once you have your thumbprints, take care of them! Fortune Small Business recently quoted a study that stated that 40% of individuals leave their jobs due to “lack of recognition.” If that stat isn’t compelling enough, let me just share my own experience.
Cash is King
Small businesses have very limited funds and cash is king. Turning to ‘hard recognition’ such as salary and bonuses on an ongoing basis is simply not possible. If you get into this habit, you could run the well dry. Instead, I set out very early on to truly value “soft recognition.”
Soft recognition means it is intangible; however, this type of recognition is powerful. The summer of 2005, before we launched, I asked my ‘rioters’ (employees) to help me name the recognition program while sitting in a Starbucks. We chose ‘shazam’ and from there on out, I gave shazams at weekly meetings and over email too. Today, everyone gives shazams and it creates a constant energy of positive reinforcement on a daily basis at the firm.
You can imagine in today’s environment, positive energy is priceless. Recognize early and recognize often.