“People work for money but go the extra mile for recognition, praise and rewards.” – Dale Carnegie, writer and lecturer

There are many reasons why people are motivated to do things.  Sometimes those reasons are due to internal desires, other times behaviors are driven by external rewards.  One of the major theories of motivation is the incentive theory – that people are pulled into action and toward behaviors that lead to gaining rewards.

Incentives can be a powerful tool used to drive behaviors once an individual is attracted to that incentive and places importance or value on the reward.  Rewards needs to be obtainable to be motivating and not all incentives are created equal:

Implementing a culture of recognition as part of business strategy seems obvious – focusing on employee recognition will be positively reflected in performance and on your company’s bottom line.  Company culture is defined as the values, ideals, attitudes and goals that characterize an organization.  That culture becomes part of your organization’s identity so it’s important to get it right.  A winning company culture has numerous benefits – it attracts elite candidates, retains that talent, and is attributed to improved levels of employee engagement, performance and loyalty.  While components of a culture – non-existent dress code, unlimited vacation policies, travel opportunities – may vary by company, the fact remains that a strong one is invaluable to any company’s success.

“A great employee is like a four-leaf clover – hard to find and lucky to have.”
~ Tammy Cohen, Author

The way we work changed suddenly and significantly in 2020, but the positive impact recognition has on a company’s culture remains true in good times and bad.  When employees and partners feel valued, appreciated and an integral part of any organization, their loyalty will remain with that company.