Tag Archives: High-Performance

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How To Use the Pedestal and Prestige Effect To Recognize High Performers

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I am going to be upfront with you about your traditional online recognition programs. They won’t work for everyone.

For example, social recognition programs, sending ecards, and using typical performance reward programs, will not hit the mark with your high performers, senior leaders, your top salespeople, or other high-ranking professionals.

But there is something very interesting that I discovered about these elite people. They still like to be recognized. Just not the same way as everyone else.

I will share with you what I learned from talking with some of these professionals and high performers.

It became very clear to me that giving a professional point rewards, sending them an award nomination, or giving a $25.00 or $100.00 gift card, was not meaningful to them. They didn’t relate to this kind of recognition

That’s when I learned something very important. Your traditional recognition and reward programs are appreciated by the 80% majority of your employees. But they will not appeal to a private banker, the top pharmaceutical salesperson, or the executive vice president of finance.

However, there are still some tremendous ways to recognize them. And I am going to share two simple methods with you on how to recognize these high performing professionals.

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Interesting Insights on The Cash versus Tangible Rewards Debate

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In reading Khim Kelly’s, Associate Professor of Accounting, from the University of Florida, and her team’s research on The Effects of Tangible Rewards versus Cash Rewards in Consecutive Sales Tournaments: A Field Experiment, I learned some fascinating insights.

It piqued my interest because it was a field study and not one of those in the university lab experiments. The setting was selling rugs in retail stores and incentivizing sales people with either cash or tangible rewards (gift cards from a choice of vendors) for achieving high-performance results over two consecutive sales campaigns, each of three months in length. The study was conducted in a Canadian retail store chain. The Incentive Research Federation has shown that companies are relying more heavily on tangible rewards these days over cash, as a reward vehicle with their various incentive and reward campaigns.

Does one work better than another? That is the question I was curious about. (more…)