Home > Training Conference > Tuesday Keynote: The Carrot Principle – Chester Elton

Tuesday Keynote: The Carrot Principle – Chester Elton

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This keynote was based on the best-selling book, The Carrot Principle. The speaker was Cheston Elton. They keynote covered how using recognition and appreciation creates results. He asked: What makes a great leader? Some audience members replied that the manager cared about them as a person, not just as employee. Did you trust that manager? They all answered Yes. These were leaders that gave showed appreciation. Some characteristics of great leaders: Goal setting, communication, trust and accountability. It’s a must have if you want to build a great team. When you do not create a carrot culture, employees are not eager to go to work. They are constantly looking at the clock. Finding and Engaging the best people: Create an environment where they love coming to work not going home. The speaker then presented some facts: 65% of workers are looking around for another job.  He asked: How engaged are your employees when their homepage is Monster.com? As a company, do noble acts. Collecting clothes, food drives, etc. Make an impact on the community.

The Book is research based. How large was the study? -10 year study of 200,000 people.  Higher retention of good people-greater sustained productivity. How can good employees be rewarded? Extra with time with their family. He explained that his boss sent his wife flowers to thank his wife for everything she does to take of her husband which allows him to travel and work overtime. How did it impact the way he felt about his boss? What was the reaction of his wife? Gifts and rewards like those mean something and show that you care about the good employees individually.

Bill Gates once stated that 12 people in his whole organization make ‘magic’ happen; his job is to find and retain those 12 people. When companies recognized excellence, they did better financially. Is it a nice thing to do? Yes. Will it make your company better? Yes. Keeping Good People Starts Day One. On boarding: What percentage of employees are still undecided on the first day of class? 96% of people. What percentage of employees are still undecided after the first month of work? 65% of people.  What percent of workers with less than 1 year on the company say their company is not interested in them? 70%. Percent of people who were recognized stayed for 3+ years? 69%. Pepsi, on the 1st day, they give a keyring, ssigne a mentor, have their ID ready, send a small gift to their home, a small symbolic ‘welcome’ award.

How People Feel At Work: 25% driven to tears by stress. 50% complain that it is a place of verbal abuse and yelling. 30% said they had unrealistic deadlines. 52%  said they have to work 12 hour days.

“People join organizations, they leave people“. Lack of acknowledgment – top work issues: 88% of people said. Why do people leave a manager? 79% leave due to lack of appreciation.

People always say we leave for more money? Why do we lie? Most leave for less than a 3% raise.

How to acknowledge: Frequency, Specific, Timely. It can be overkill though – you can get the Thank You way too much. Most hold an Annual banquet? Once a to year feel appreciated? It must be created every day. General Praise has no impact on people = -‘Keep up the good work whoever you are, whatever you do’. Be specific. Be Timely. Praise EFFORT – and coach employees. Reward RESULTS: The more encouragement, the better results. The more you practice, the more you win.

Trophies – difference between FIFA trophy and Stanley Cup. Stanley Cup is better because they etch their names on the actual trophy – specific! Difference between 8 and 7 gold medals. Michael Phelps, 1/100th of a second but him over the top. The carrot gets the extra stroke. How do you know what to give? ASK THEM. Hand Written Note, Box of choclate bars, recognition box, a pat on the back. Hand Written Note takes you 90 seconds. Mail it to their home. Engagement: the workforce itself holds the largest reservoir of potential

Why dont we do more? We know it drives productivity! 46% are statistied with their jobs when they are rewarded and 70% more likely to stay. Drivers: Involment and Well Being, Trust, Organization. hank You is the secret sauce.  People never forget the way you made them feel. VIP – Value, Impact, Person. Informal Seeds of recognition. Top performers love the actual, physical trophies, if you dont give it to me them, they will go somewhere where they get them. You DO want to play favorites to your TOP performers, why? Because they will leave the biggest hole.

Roberto Benigni winning the Oscar goes crazy when he wins the Oscar. The actual Oscar cost about 300 or 400 bucks. Do you think he will sell it? No. Because it makes him remember when how he felt when he won. You can make it  FUN. People want to be recognized.

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