The recent study commissioned by the premier recognition solutions provider, O.C. Tanner Company, and conducted by noted research firm, The Jackson Organization, of Columbia, Maryland, shows that from every financial metric, an investment in recognizing excellence is strongly associated with the best financial performance.
“Up until this study, the link between recognition and financial performance was largely anecdotal. Recognition was considered by some to be an emotional afterthought, while those who believed that effective recognition would drive results had no hard data to prove it”
O.C. Tanner recognition consultants Chester Elton and Adrian Gostick, authors of the critically acclaimed, Wall Street Journal best-selling business books "The 24-Carrot Manager" and "A Carrot A Day," note that this study, for the first time, demonstrates a tangible financial benefit for companies that formally and regularly recognize employee excellence.
"Recognition, often thought of as the softer side of business, now can be considered a vital attribute of companies looking to differentiate themselves from the competition. Companies that celebrate employee excellence skyrocket to the top of their industries," said Chester Elton. "It seems apparent that CEOs and CFOs would dismiss this new survey data at their financial peril."
The study yielded scientifically valid data from more than 26,000 employees in health care organizations, with an error range of +/- 0.6%.
"Up until this study, the link between recognition and financial performance was largely anecdotal. Recognition was considered by some to be an emotional afterthought, while those who believed that effective recognition would drive results had no hard data to prove it," said Karen Endresen, Ph.D., President of the Endresen Institute, a research division of The Jackson Organization. "This study takes recognition results and their financial impact from myth to reality."
Chester Elton will present today at the Society for Human Resource Management's 57th Annual Conference and Exposition in San Diego, California. He will illustrate how companies can and should use strategic recognition to strengthen their financial bottom line.
About the Authors
Adrian Gostick is a recognition consultant to Fortune 500 firms. He is director of corporate communications for O. C. Tanner, the world's leading employee-recognition firm. He is also the author of the UPI International best-seller "The Integrity Advantage." He has written for USA Today Magazine and Investor's Business Daily and has been featured on CNBC, ABC and National Public Radio.
Chester Elton is Vice President of Performance Recognition for O. C. Tanner. He has been interviewed by The Wall Street Journal as a motivation expert and has appeared as a guest on CNN, Bloomberg Television and National Public Radio. He is also a recognition consultant to Fortune 100 firms.
Together Gostick and Elton are the authors of best-selling management books, The 24-Carrot Manager and A Carrot A Day.
For more information, visit www.carrotbooks.com.