A Question of Value with David Dillon
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The basic building blocks of agency value are cash flows and risk, but clearly there are many things that impact one or both of these factors. One of my favorites is employee engagement because it impacts many business metrics that affect cash flows and risk. We have mentioned supporting research by Gallup and DecisionWise recently, but the recent update to “Critical Factors Affecting Agency Value” provides another important insight, as they list the quality of agency personnel as the #2 factor affecting agency value.
One key aspect of engagement we can all improve is recognition. Sincere, genuine recognition provides a positive impact for everyone involved – the recipient, the giver, and others that witness the recognition event. This is especially true when recognition is provided in the behavior style (e.g. DISC) of the recipient, because not everyone wants their name in lights or an impressive balloon drop!
Recognition generates positive effects in the brain that impact engagement and performance, including the production of dopamine and serotonin. And while you can stand up a program or initiative if you prefer, the most effective recognition requires no budget because there is no cost, no training needed, and no approvals to secure.
Improving employee engagement provides a positive impact to metrics that improve agency value. Recognition is a key piece of employee engagement. For sustainable recognition results you can start small and people will take notice – the objective should be progress, not perfection.
Next Steps. Consider how your team would answer one of the twelve Gallup questions; “In the last seven days, I have received recognition or praise for doing good work.” What one action can you take next week to improve the answer you get?
David J. Dillon, Principal
Watney Insights Network, Inc.
WatneyInsights.com
ddillon@watneyinsights.com
703-648-0584 (O)
703-785-9440 (M)
