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1-Page Summary of The Carrot Principle
Kick It Up a Notch
Businesses are full of leaders and managers who respect their employees, strive for fairness, and attempt to create meaningful relationships. They attend every seminar on management and read all the latest books on leadership theory. However, they won’t be great leaders unless they add “purpose-based recognition” (a carrot on a stick) to their repertoire.
A study by The Jackson Organization revealed that companies who acknowledge excellence have better financial results and higher customer satisfaction, employee satisfaction, and retention.
- A lot of people are unhappy in their jobs because they’re not appreciated enough. In fact, the number one reason that people quit their job is a lack of appreciation. Therefore, managers should give more recognition to employees so they can be happier and stay with the company longer. Giving cash bonuses isn’t as effective as giving praise or rewards that have meaning to them. A simple thank you goes a long way towards making someone feel good about themselves and motivating them to do better work.
Recognition is also a remedy for turnover. When companies lose their best employees, they are surprised by the loss because those employees were paid well and had excellent benefits. In reality, what people really want from managers are goals that can be achieved, trust in work to be done properly without micromanagement and clear recognition of accomplishments.
Start with the Basics
To motivate employees, managers should set goals for them. Employees need to understand their role in the company and what they’re trying to accomplish. For example, a sales office needs to know how much of the total revenue it will generate compared with other offices within that corporation. Managers also need to communicate effectively and keep people informed about developments within the organization or industry. They should encourage open communication among staff members and find answers when questions arise.
Managers earn trust by listening to their employees, honoring commitments and admitting mistakes. They don’t lie or mislead. It’s more important for them to have a successful team than it is for them to be successful themselves.
Organizations need to be accountable for what they promise. Managers should make sure that employees are held responsible for their mistakes, but also acknowledged when they do something well.
A Right Way and a Wrong Way
Managers come in two varieties: the expector and the altruist. The goal for both of them is to motivate their employees, but they go about it differently. Expectors believe that recognition is part of doing business; they give out awards or tickets to baseball games as a way to motivate their workers. They also need their employees’ loyalty, so they often work overtime or put in extra effort on challenging projects. Employees appreciate these attempts at motivation even if there’s some manipulation involved, although many admit that this kind of recognition isn’t very sincere because it doesn’t always come across right.
Conversely, those who truly care about their employees as human beings and are willing to stand up for them and reward outstanding achievement will inspire their employees to work harder. Employees will feel a greater sense of pride in themselves and the organizations that they’re working for.
As the dynamics of the modern workplace continue to change, employee recognition becomes more important. Today, companies are laying off more employees and outsourcing jobs, putting pressure on fewer people. As a result, employees have less job security and they’re not as fulfilled at work because they have to do more for the same pay.
