Why rewarding and recognizing outstanding performance is imperative

How do you reward outstanding performance in the workplace?

It is a known fact that organizations are built on performances of its people, which is why rewarding and recognizing outstanding performance is imperative. Creating a culture that helps people feel good about themselves and the company only creates a sense of belonging. Having a mix of explicit and implicit recognition reflects the significance of values and appreciation of them. As per the reports and researchers, 84% i.e US $90 bn yearly was spent on tangible employee rewards, such as vacation trips, gift cards, and merchandise to boost employee productivity as employees would most likely be motivated by rewards that are different from their salary. At Broadridge we celebrate accomplishments and have a multi-pronged approach i.e. recognition happens at an individual, team, group and organization level. ACE Awards are given to people who go above and beyond in demonstrating Broadridge’s values. Essentially it is about going beyond the daily expectations and is self-driven. Ace Awards are redeemable as Gift Cards to choose from various options shopping, grocery, gym , etc. A wall of fame displays certificates of people with their pictures and what they have achieved. This wall is updated quarterly and creates a great sense of camaraderie. Additionally, there is a Most Valuable Person award which is given by the Leadership team to specific individuals. There are monetary awards as well to reward great work by providing a Onetime Payment; World class bonus is given annually to reward associates for their commitment to the service profit chain and achievement of Broadridge’s Client Satisfaction goals. To recognize competence and skill building we do recognize people who have invested in themselves by giving them options to pick from like headsets; soundbars; ipads etc. We evaluate our R&D programs on annual basis and currently we are going to re-launch our basket of rewards the associates can choose from as well.

How do you make sure that your employees understand the mission and vision of the company?

The key for any organization is to be purpose driven and ensure its people also understand and appreciate the mission and vision. We believe that encouraging behaviours and living values which are an integral part of the mission and vision are critical. How we do it is a bit different i.e. we hold the organization wide all hands to keep everyone engaged and appreciate the efforts taken by all to reach the path we have laid down. Being transparent and having an open-door policy help for a two way communication flow. Connect with the Leaders happens at several levels via email; virtual connects and in-person. A special session just on Q&A is conducted in the form of AMA Ask me Anything periodically wherein conversation is candid. We have a Vision team which has been running for over two decades and the core of it is leadership, behaviours and trust. There are peer groups which are assigned to each Vision Team member who then aligns and shares the vision and mission. This covers all people leaders, who then cascade it across. The objective setting has an implicit connect with vision of the organization and each person knows how he/she is contributing to the larger picture and feel the trust.

Where do you envision yourself in terms of growth in five years?

The growth at Broadridge has been focused on the strategy and a strong and resilient business model which of course drives our growth and is a long term trend. Our business model is built to deliver growth to all economic cycles. There are three key opportunities that drive our growth. First, extending our governance business by driving digital engagement; second, leveraging our acquisition to grow our capital markets business and third building on our wealth franchise by delivering capabilities that make up our open wealth platform.