Welcome to the February 8, 2006 issue of The Total View

Published by Success Performance Solutions, Written by Ira S. Wolfe

Visit our Human Resources Blog and Perfect Labor Storm Blog where we can post daily (and more often) human resource updates, news, and Perfect Labor Storm facts. 

What's Inside:

1.   Poll finds Huge Gap in How Employees Are Recognized and How They Want to be Recognized

Managers have a lot to learn about employee recognition according the results of a recent national Maritz® Poll. Over one thousand full-time employees were asked to compare companies’ reward practices to employee preferences. The results show there is a significant gap between how employees are currently recognized in the workplace and how they actually want to be recognized:

• Only 27 percent who want to be recognized by non-monetary employee incentives, such as award merchandise, gift card or trips, are recognized that way.

• Only 27 percent who want to be recognized by a symbolic award (trophy/plaque) are recognized that way.

• Only 29 percent who want to be recognized by a cash bonus are recognized that way.

• Only 30 percent who want to be recognized by a recognition event are recognized that way.

• Only 40 percent who want to be recognized by written praise are recognized that way.

In addition, even though 70 percent of employees receive verbal praise – the most prevalent form of employee recognition – only 49 percent of them want it; and 21 percent of those who actually want verbal praise still aren’t getting it from their companies.

“Two of the most pressing concerns for companies today are reducing employee turnover and becoming an ‘employer of choice’ because they both impact the bottom line,” says Mark Peterman, vice president, client solutions at Maritz Incentives. “The cost of turnover may be as much as one and a half times an employee’s first year salary. In addition, by becoming an employer of choice, a company attracts a more talented, productive pool of workers. This Maritz Poll reveals that employee recognition efforts greatly affect these issues.”

The research reveals that 55 percent of employees agree or strongly agree that the quality of their company’s recognition efforts impacts their job performance. At the same time, only 10 percent of employees strongly agree that they are completely satisfied with their company’s employee recognition efforts.

2.  Survey: 65 percent of employees to begin new job search

Sixty-five percent of employees indicate they’ll begin looking for a new job in the next three months, a survey by Salary.com shows. More than 15,000 individuals and 373 company representatives responded to the 2005/2006 Employee Job Satisfaction and Retention Survey, which was conducted in the fall.

Workers leave positions for a variety of reasons. Chief among those, the survey finds, are not enough money, not enough room for advancement and a dearth of recognition for contributions and achievements. Here are the top five reasons workers cite when they quit a job. Note that the total does not add up to 100 percent because respondents were permitted to choose more than one reason:

1. Inadequate compensation: 57.2 percent

2. No opportunities for advancement: 37.3 percent

3. No recognition: 34.2 percent

4. Boredom: 20.1 percent

5. Insufficient benefits: 16.9 percent

Download a PDF of the Salary.com survey.   You have to register first, but registration is free.

3.  Employee Engagement Surveys

Employee Engagement is the level of commitment an employee has towards the organization. The primary behaviors of engaged employees are: speaking positively about the organization to coworkers, potential employees and customers, having a strong desire to be a member of the organization, and exerting extra effort to contribute to the organization’s success.

Contact us for a free employee engagement survey demo or custom survey.

4.   Perfect Labor Storm Alerts # 502 to # 503

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Fact #502:   By 2025, one in five Europeans will be more than 65 years old, up from 16 percent in 2002. Across the European continent, the number of working-age citizens will stagnate or shrink while the number of retirees explodes. As a result, household financial wealth, which had enjoyed steady, healthy growth during past decades, will slow drastically over the next 20 years, according to new research by the McKinsey Global Institute (MGI).

Fact #503:   Japan is getting much older. By 2024, more than a third of the population will be over age 65—one of the developed world's largest proportions of elderly citizens. Retired households will outnumber households in their prime saving years, so savings rates will fall drastically. (Source: McKinsey Quarterly)

Don't be caught in storm without all the facts. "The Perfect Labor Storm Fact Book: Why Worker Shortages Won't Go Away" is a must-read leading edge forecast that predicts workforce trends for decades to come. Order your copy today - Only $7.95.

5.   Manager's Guide to Motivating Employees

Hundreds of reports and statistics prove that a motivating workplace is essential to the success of an organization. This practical guide concisely outlines the steps to creating and maintaining a fun, energized and highly motivating work environment where employees want to work - and stay.

You'll discover proven tips for creating an environment which fosters motivation, including how to:

Hire motivated people
Convey the goals of your organization and how employees fit into the big picture
Generate enthusiasm throughout your staff
Set expectations and provide opportunities for growth
And more.

Read more about motivating employees.

6. Understanding Business Motivators

See how easy you can motivate employees in "Understanding Business Values and Motivators". Ira Wolfe writes a book that translates motivation into an easy to understand, modern day version of "why we do what we do." This book isn't about hocus-pocus, rah-rah tricks and techniques to motivate others, but a down-to-earth approach for understanding how people are "wired" and how to tap into those motivators for their success and yours.

Order Understanding Business Values and Motivators.