In the first keynote on Tuesday, Globoforce CEO, Eric Mosley, shared with us the unsung power of humanity at work and the ability it has to positively fuel the future workplace. Here are my top 3 takeaways from his session:
We’re in the human decade. – Eric shared that “change happens slowly and then all of a sudden.” It’s year two of the WorkHuman conference, but the movement is growing rapidly. More companies are reaping the business benefits of creating a human work culture. Take JetBlue, for example. They found that for every 10 percentage point increase in recognition, there was a three percentage point increase in retention and 2 percentage point increase in engagement.
It’s time to change our reward strategies. – Everyone loves cash bonuses, right? Eric suggested that it’s time we think about rewards differently. For a one-time $5,000 cash bonus, we’re really only getting one month of increased engagement in our people. He suggested that if we were to spread that $5,000 throughout the year, we could get 100 times the engagement from the same amount of budget.
A single point of failure. – Eric referred to the annual performance review as a “single point of failure” and a “zombie practice.” No one—certainly not HR people—enjoys giving annual reviews. Forward-thinking companies are looking at new ways of giving feedback and assessing performance. Recognition data, especially when it’s crowdsourced across an organization, can shed light on top performers and serve as a starting point in ongoing performance discussions.
Share with us what else you learned in Eric’s session by tweeting using the hashtag #workhuman.