What Is Your Budget for “Recognition and Acknowledgement”?by Dr. Ron Arndt
Coach Ron, are you nuts?! Are you aware that we are in a recession?
I don’t know what else to call it. However, our government has a definition for it, the unemployed have a definition for it, and businesses have a definition for it.
It seems glaringly obvious that in these interesting economic times one of the most important line items we could have is a budget for recognition.
Adrian Gostick and Chester Elton, the authors of “The Carrot Principle” suggest an annual budget of 2% of payroll or $1,000 per employee for day-to-day recognition, team events, gifts and “above and beyond” rewards.
In various blog posts, I’ve offered suggestions on team recognition such as:
- Provide two movie tickets and a gift card for dinner
- Hire college students to wash your team’s cars in the parking lot
- Gourmet foods (think Omaha Steaks)
Pull out your financial statements and see how much you’ve spent in the past year on recognizing and acknowledging the staff members who make your dental practice successful.
Do you need to double – or even triple – it?