Steps to Management Success – Step 6: Money Buys Everything, Except Respect

Written By Rick Frishman Published March 28th, 2010


Money Buys Everything, Except Respect

World famous management guru Tom Peters says it well: “Farmer, senator, salesperson, engineer, janitor, CEO, you, me, and the kid who mows your lawn—everybody loves being recognized, in any way, large or small.”

Conversely, when you discount the value of your coworkers or employees by ignoring them, taking them for granted, or giving the impression that they are expendable and readily replaceable, they begin to act accordingly and become less valuable. It’s a self-fulfilling prophecy. People start to unplug.

WHAT IT MEANS: Appreciation, applause, approval, respect—the fact is, people do not work for money alone. We appreciate being appreciated. And although a paycheck certainly is a tangible form of reward and recognition, the fact that it comes regularly often diminishes its motivational impact. Compared to the warmth of personal praise, paychecks are impersonal—and besides, everyone else is getting one! If you’re criticizing or admonishing more than you’re complimenting, you are heading down the wrong path.

ACTION PLAN: Smart managers know that the right words of praise or recognition at the right time can be worth their weight in gold. Actions that get rewarded, get repeated.

Try to catch people in the act of doing something right. And when you do, right then and there, tell them what you’re thinking. Make every person feel like he or she really matters.

EVEN BETTER: Whenever you know you’ll be with a group of your business associates, make it a point to think about and prepare some positive thoughts about others in the group—and then share them out loud. If there’s anything people like more than praise, it’s praise in front of others. You don’t have to “get” everybody . . . that’s a bit too obvious. But over a period of time, no one should be left out.

(Excerpted from: 10 Clowns Don’t Make a Circus. . . and 249 Other Critical Management Success Strategies by Steven Schragis and Rick Frishman)

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