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Aligning Recognition Programs with Corporate Goals and Culture

Aligning Recognition Programs with Corporate Goals and Culture. Kevin Cronin Recognition & Reward Executive Bank of America. Recognition Professionals International 2008 Annual Conference Newport Beach, California April 28, 2008. What is the Value of a Culture of Recognition?.

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Aligning Recognition Programs with Corporate Goals and Culture

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  1. Aligning Recognition Programs withCorporate Goals and Culture Kevin Cronin Recognition & Reward Executive Bank of America Recognition Professionals International 2008 Annual Conference Newport Beach, California April 28, 2008

  2. What is the Value of a Culture of Recognition? Associate recognition has been linked to… Reduced associate turnover & stress Improved associate morale & satisfaction Increased associate motivation & engagement Increased performance & productivity Higher customer satisfaction & loyalty Enhanced ability to attract talent Higher organizational profitability

  3. Associate Recognition … Organizational culture is a significant driver of associate engagement Organizations with engaged associates have customers who use their products more, and increased customer usage leads to more profitable customers and higher levels of customer satisfaction. Forum for People Performance Management and Measurement Research at Medill School at Northwestern University

  4. Associate Recognition … Financial Link ... Engaged, satisfied associates ... Increased customer satisfaction ... And bottom-line success Forum for People Performance Management and Measurement Research at Medill School at Northwestern University

  5. Bank of America Company Background & Overview 210,000 associates 6000 branches 29 countries

  6. Because every associate needs to know… ROLECLARITY RECOGNITION & REWARD VISION&STRATEGY RESULTS AND PERFORMANCE MEASUREMENT & FEEDBBACK COMPETENCE & CAPABILITY

  7. Bank of America Recognition and Reward Programs Target associate population % Celebrate Success Managers can celebrate successes with minimal cost and planning by starting every meeting with recognition, recognizing milestone anniversaries and creating an environment that increases teamwork, morale and associate satisfaction. The Bank of America Spirit Card Recognizes individual associates of entire teams for specific actions and behaviors exemplifying the Bank of America Spirit, leadership model competencies and/or core values. This can be awarded to anyone at anytime either by sending an online card or hard copy card. Team Cards are also available. 100% 660,000 Online Spirit Cards Sent in 2007

  8. Bank of America Recognition and Reward Programs Target associate population % Celebrate Success Managers can celebrate successes with minimal cost and planning by starting every meeting with recognition, recognizing milestone anniversaries and creating an environment that increases teamwork, morale and associate satisfaction. The Bank of America Spirit Card 100% The Bank of America Spirit Rewards Rewards associates for going above and beyond relative to their line of business plan or performance plan. These are awarded by managers and line of business leadership teams. 82% of Associates Received Spirit Points in 2007 50-70%

  9. Bank of America Recognition and Reward Programs Target associate population % Celebrate Success Managers can celebrate successes with minimal cost and planning by starting every meeting with recognition, recognizing milestone anniversaries and creating an environment that increases teamwork, morale and associate satisfaction. The Bank of America Spirit Card 100% The Bank of America Spirit Rewards 50-70% The Bank of America Spirit Medallion Recognizes individual associates or entire teams for demonstrating an overall commitment to supporting the core values and The Bank of America Spirit, or whose actions have had a significant impact on the customer, associate or shareholder experience. These are awarded by managers and line of business leadership teams. 10-15% 36,600 Associates awarded Spirit Medallions in 2007

  10. Bank of America Recognition and Reward Programs Target associate population % Celebrate Success Managers can celebrate successes with minimal cost and planning by starting every meeting with recognition, recognizing milestone anniversaries and creating an environment that increases teamwork, morale and associate satisfaction. The Bank of America Spirit Card 100% The Bank of America Spirit Rewards 50-70% The Bank of America Spirit Medallion 10-15% The Bank of America Spirit Award of Excellence The bank’s most prestigious recognition award honoring associates for significant results and productivity gains achieved over the year. Associates are selected by each line of business leadership team: 50% from nominations and 50% from achievement of stated criteria. 1%

  11. Bank of America Recognition and Reward Programs Target associate population % Celebrate Success Managers can celebrate successes with minimal cost and planning by starting every meeting with recognition, recognizing milestone anniversaries and creating an environment that increases teamwork, morale and associate satisfaction. The Bank of America Spirit Card 100% The Bank of America Spirit Rewards 50-70% The Bank of America Spirit Medallion 10-15% The Bank of America Spirit Award of Excellence 1% Anniversary Awards Recognition of associates’ loyalty and commitment is an important principle of The Bank of America Spirit. Associates are recognized on key milestone anniversaries: 1-year milestone is celebrated with a lapel pinthen 5-, 10-, and every 5-year increment anniversaries receive a lapel pin along with a cornerstone award and gift. Log on to the Recognition & Reward Web site: recognition.bankofamerica.com

  12. Recognition Results at Bank of America Increased associate satisfaction Improved associate retention Positive Voice of associate and executive findings Initial Correlation of associate satisfaction and customer satisfaction Initial Correlation of R&R program usage and customer satisfaction

  13. Ongoing Measurement & Feedback at Bank of America Track utilization of recognition tools and programs Public reporting of utilization results by Line of Business Recognizing top users of our programs as role models

  14. Recognition Marketing & Communication Need to promote, advertise and market recognition throughout the organization Capture and share success stories Use recognition publicly, e.g., start meetings with recognition, etc. Unique rewards: Range from Sports to Art offerings R&R Training

  15. Recognition Marketing & Communication • Tools to communicate • Intranet site - Flagscape • Recognition & Reward Web site • Blast emails • Direct communication to key partners • Recent success stories • Hybrid Vehicle program • Associates who had not previously redeemed points

  16. Recognition Marketing & Communication • Hybrid Vehicle Unique Rewards • Launched March 4 • 25 redemptions to date • Associates who had not previously redeemed points • 21,000 associates • 1,206 redemptions in first two weeks

  17. Other Best Practices Used at Bank of America Encourage peer-to-peer recognition Recognize managers who recognize others Highlight (and show) reward items, trips Create special recognition activities, Unique rewards e.g., Americans in Paris, backstage music passes, Spirit Card usage lottery, etc Show Managers/Associates WIIFM

  18. HeadsHandsHearts

  19. Questions? Kevin Cronin kevin.cronin@bankofamerica.com (404) 607-4352

  20. Seize Every Opportunity to Recognize your Associates

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