For years, I have been discussing the importance of recognition and emphasizing that people are your biggest asset. Take a look at this article in Fortune Magazine, “What makes the most admired companies different?”
What makes these companies admired is their dedication to understand that people are an asset, not an expense. This research was conducted by the Hay Group who annually assists Fortune Magazine in determining the World’s Most Admired Companies. The companies appearing on the top of the admired list are Apple, Google, Berkshire Hathaway, and Johnson & Johnson.
As stated by Fortune Magazine, if you think your employees are an asset, then you will keep investing in them. Creating and sustaining a culture of recognition within your organization could be a way to motivate your employees to keep performing at top levels. On the flip side, if you think employees are an expense, then you’re likely to cut the expense. This is especially true in a downsizing economy.
This new research conducted shows that top companies are making sure their employees feel engaged by their work. These firms are more likely to have stated what engagement means, how to measure it, to have managers accountable for it, and to align business objectives to it (efficiency, productivity, etc). Not only more admired, but more profitable as well.
Another lesson learned from these top companies: this is not something they learned overnight; it has been a practice in place for years. Champions know what their most valuable asset is, and they give it the attention and investment it deserves.
What can your company do to make it more admirable? Would creating a culture of recognition be on your list?
I think what some organizations don’t understand is that how you treat your workers has a direct correlation on how they represent your company to clients, customers and prospects. Taking the extra step to show employees that they really are valuable goes a long way toward the bottom line.