compensation only satisfies the most basic of needs. In the average company today, the way people are compensated has very little to do with great performance.
The good news is you don’t have to spend more money to get great performance; you just have to redirect some of what you’re currently spending. The social technology revolution – and it’s a genuine revolution – is empowering HR and executives to create and maintain a unique culture.
The revolution, which means a turning around of the status quo – means that humans are no longer going to change to fit business requirements, but instead business is going to prosper by more carefully harnessing human nature. The top two-thirds of Maslow’s Hierarchy are needs that can only be met by authentic human interaction – shared values, shared esteem, recognition and appreciation.
One of the most powerful methods of conveying meaning and purpose is through recognition and appreciation. And yet, a recent Harvard Business Review report showed recognition is the No. 1 issue preventing effective leadership. That’s the power of social recognition to reinforce your company values, broadcast your culture, empower and strengthen relationships, and energize and inspire all employees.