Why Recognition Awards for the Hospitality Industry Are That Important?

As with any industry, recognizing employees in the hospitality industry is very important to maintain great operations and to stay ahead of the competition. Any business owner in the hospitality industry can really take note of the Taj Hotels Resorts and Palaces, for instance, in how they maintain unprecedented service to their guests.

The Taj Hotels Resorts and Palaces Criteria and Examples

One key factor that distinguishes the Taj Hotels from others is how they recognize their employees. This organization have 93 luxury hotels throughout India and 16 more hotels worldwide. When they recognize their employees, they know that the timing to recognize employees is very important. It has been proven many times that a non-monetary award immediately given to a well-deserved employee is better than awarding him/her with a monetary award six months later. At this time, that employee may not care about being with the company for not being appreciative of his/her extraordinary work, the employee may have lost morale due to not being appreciated, etc. At least giving quick recognition without any money involved will show employees how they are appreciated, and thus, will be motivated to keep working hard for the company. This recognition will also encourage workers to work hard.

Another great observation about the Taj Hotels Resorts is that they have a Special Thanks and Recognition System (STARS). With this system integrated in their company, managers and other supervisors must recognize their outstanding employees many times to keep them happy with the company and to keep being productive for the company. And with this system being known throughout the organization, many employees definitely work hard for this awarding system.

The Taj Hotels Resorts and Palaces also have a system where accumulated points are awarded to employees yearly in three areas: their own suggestions, compliments from colleagues, and compliments from guests. Even though one’s manager would be the most important factor in engagement and recognition, appreciation from peers, in this case, is powerful. In these cases, everyone would be more on their toes in work performance, and in many cases, it will be like iron sharpening iron amongst each other.

Other Key Factors to Effectively Recognize Employees

A recent study performed by MarketTools Inc. confirmed that showing a lack of sincere recognition to employees is a main cause of turnover. During the study, a solid correlation between the employee’s loyalty and the level of recognition delivered were identified. Therefore, the invested manager’s effort in getting to know employees and seeing what makes them tick to go above and beyond in performance can lead into a dramatic increase in loyalty as well as the guest satisfaction score. The positive energy will transfer from employees to guests as the guests notice how they are working proficiently in providing the best service possible for them.

Another thing to note is that leading by example is always imperative. To have employees to smile sincerely at guests, the manager must smile sincerely to the guests. Another great example to show them is to say please and thanks to the guests as well as to lend more of a helping hand to show the desire and concern of total guest’s satisfaction. Being sincere and heartfelt to employees and guests goes a long way.

Unique Recognition Awards for Customer Service Employees

It’s horrific to business owners to think about what their companies will be like without their customer service team. This team handles customer requirements efficiently and quickly. This is done by finding information for customers, providing assistance, and answering their questions. And because of all of this, it’s important to recognize their efforts. Showing this team that they are really appreciated goes a long way. They will want to remain with the company, and they will keep up the hard work.

In considering what awards to give the customer service team, reviewing the metrics utilized within the department is a vital. This include the number of calls taken or made, issue resolution, customer feedback, repeat orders, new account additions, or upsell opportunities. Additionally, it’s a good idea to give awards for the quality of work, attendance, number of orders processed, or the suggestions for improvements. When applying these metrics or more, the customer service team will have incentives to remain productive, and other employees will also which is very good for the company.

Ideas for Customer Service Awards and the Wording

Some good choices in customer service awards include the following: You Rock Award, Customer Service Gem Award, Platinum Service Award, Diamond Service Award, Customer Hero Award, the Consider It Done Award, Service Star Award, and more. Customer service teams could be given awards, gifts, and plaques.

Another thing to consider with customer service awards is the award presentation. They can be recognized during a team meeting, a company get together, or department event. These occasions will be more memorable for the customer service team, and thus, they will be encouraged to keep being productive for the company.

Some good wording examples of customer awards are as follows:

  • Company Logo, customer service award, presented to, recipient name, date, for meeting and exceeding standards, commendation of the performance, and thanks for always reaching above and beyond.
  • Company name, excellence in customer service award, date, recognizing/ambit-art-glass/products award, recipient name, for assisting the team to achieve more, consistently aiming higher than before, and logo
  • Company name, service with a smile award, presented to, recipient name, date, recognizing the outstanding service to clients
  • Company name, customer service rising star award, in recognition of recipient name, date, and efforts continue to make the company stand out
  • Customer service award, company name, date, recognizing, recipient name, for meeting and exceeding all standards of excellence
  • Customers service award, company name, for keeping the customers satisfied every day, name, date
  • Customer service award, presented to, name, thanks for dedicated service to customers, company name, date
  • Excellence in customer service, presented to, name, in grateful appreciation for outstanding service and leadership, company name, or logo, year

Important Stats Regarding Customer Service

SurveyMonkey did a recent survey of over 400 Americans concerning the effects of customer service. The results have shown that 72 % of customers stated that they are extremely or very likely to shop a particular location or company due to their reputation of having outstanding customer service. 97 % of customers also stated that they are likely to recommend the location/company to their family, friend, or co-workers. These stats show why it’s important to take care of the customer service team.

Techniques and Materials of Deal Toy Design

Trying to come up with a creative deal toy by oneself can be a dilemma. For one, doing this can be a daunting task to no avail. Not to mention, trying to accomplish this can take away from the focus of the business. Also, facing the same predictable suggestions can be redundant and ineffective.

By Bardo333 (Own work) [CC BY-SA 4.0 (http://creativecommons.org/licenses/by-sa/4.0)], via Wikimedia Commons

Overlooked Inspirations

Because of these issues, business owners/managers could do further research (as with this article) in finding greatly suggestive ideas. There are innovative ways in obtaining a more memorable deal toy, and one sure way of coming up with a more memorable deal toy is by using some overlooked sources of inspiration, such as the following:

  • Playing Off the Project/Code Name of the Deal- a customized and unique deal toy with the project or code name will resonate for years.
  • Deal Toys including Relevant Locations, especially cross-border transactions- from a Lucite deal toy with a shape of a state, country, or city to flags or other national symbols will resonate if relevant to the deal.
  • Basing the deal toy on the transaction type- it can be a Dutch auction, spin-off, swap, or others.
  • Using an Inside Joke or Bond that Resonates with the Team- this will be meaningful for years to come especially when the inside joke or bond is the focal point of the deal.
  • Highlighting the Deal’s Significance- the deal could be groundbreaking, a barrier, or record breaking, for instance.
  • Playing off the Deal’s Distinguishing Feature- for instance, if the negotiation was grueling, a 3-D display of a Sisyphus pushing a giant rock uphill and bearing the logo of the opposing party is distinguishable in showing how grueling and arduous the negotiation was.

With these inspirations and perhaps more, as one’s imagination can take him/her, the inspiration can be presented in different ways that show significance to that specific deal. The deal toy can be presented at a closing dinner, for instance, and different materials can be used in creating the deal toy.

Different Materials for Every Wish

From the classical crystal bowls and Lucite tombstones to 3-D pieces, the sky is the limit of the different materials to use for deal toys. With the traditional Lucite, it has been used since the late 19th century. It’s a classic that is a translucent and clear material. Lucite is the only material in which something can be embedded in it. Also, it’s 98 % recyclable.

The crystal is another classic in which the crystal bowl was the deal toy used back in the Gilded era. It’s now perfect for 3-D financial and etching tombstones into standard shapes. Glass and crystal are the most popular, non-Lucite gifts within the deal making industry. Other than these materials, the newer materials used for deal toys include the following:

Deal Toys in THE NEW PLASTIC – Lucite

Through the progression of technology, deal toys can be made in different types of ways with Lucite. Companies don’t have to settle for the traditional Lucite slabs with a sheet embedded with relevant details of a financial deal. Lucite deal toys can be of different shapes and designs. As a matter of fact, Lucite deal toys can now be made in custom made designs appropriate for construction, consumer retail, defense & aerospace, education, energy & power, finance, food & beverage, global, healthcare, media & entertainment, real estate & housing, sports, technology, transportation, and more. Also, some Lucite deal toys are eco-friendly.

The Effects of the Economy

Another great thing about Lucite deal toys is the fact that there is no restriction on what can be announced on them. After the crash of 1929, the federal government intervened with the Lucite tombstones which was the only type of Lucite deal toy created in that period. The Securities Act of 1933 placed strict requirements on banks in what advertisements they can run. By that time, the tombstone ad was the format that banks and other companies utilized in publicizing financial transactions, like initial public offerings.

The Lucite deal toys’ business has been booming quite well after the hardship of the Great Depression age, even though there was great anxiety in 2012. In late 2012, there was a fiscal cliff when spending cuts set in and taxes increased. However, the deal toy market started back growing as various mergers and acquisitions surged in 2013. According to the investment banking consulting and technology firm, Dealogic, the total US value in mergers and acquisitions for January and February 2013 grew 93 % in comparison to the previous year. Also, normally companies may order at least 20 Lucite deal toys for employees who were involved in the deal.

Other than that, the following are examples of how the Lucite deal toy market has gotten back on track since 2012:

  • GDN, a deal toy company located in Manhattan, stated that orders doubled in January and February 2013.
  • GDN now has deal toys’ orders for six deals that are worth $1.3 billion to over $20 billion.
  • The Corporate Presence, a deal toy company, has been having a significant growth in 2013 in orders throughout the US and abroad.
  • Refresh Creations, another deal toy company, stated that they have seen fewer orders for restructuring and bankruptcy deal toys and more orders for mergers and acquisitions.
  • Big banks still have strict budget regulations, but they are little more flexible in deal toys for some larger deals.

The Bottom Line

The deal toy business is still thriving; however, they are far from the pre-financial crisis budget or mentality. Smaller boutique firms didn’t have severe budget cuts as the big guys. These small companies utilized deal toys as branding tools and as a way to compete with bigger companies. Harsh lessons were taught from the Great Depression Age, and with certain economy fluctuations and nosedives, such as in 2008 and 2012. Therefore, there will be skepticism for some time to come when it comes to regulating budgets.

Short History of Financial Tombs

Many professionals, such as bankers and other financial pros, have been displaying plaques and other commemoratives with engravings of their big company’s deal accomplishments in their offices for ages now. These deal toys are used by the upper echelon in the financial world.

The Transformation of Deal Toys

These commemorative trinkets included objects, such as engraved clocks, crystal bowls, and silver plates. Since the Gilded age, different deal toys were displayed in these financial professionals’ offices. However, deal toys started to change in the 1950s with the introduction of easy to mold plastics. And at that time, the commemorative object market shifted toward the use of Lucite tombstones.

Lucite Tombstones

Lucite tombstones are simply tombstone looking blocks of Lucite that has a sheet embedded on it with relevant details of a huge financial transaction. These details normally were newspaper ads’ reprints on heavier paper. The tombstone ads came from Wall Street executives in papers for the announcement deals until the intervention of the federal government.
After 1929, the Securities Act of 1933 took extra limits on financial companies about the way they can promote themselves. Since then, deal toys were the kind of method that banks and other companies used in making financial transactions public.

Eventually, designers learned to embed clear and printed acetate sheets in Lucite. The Lucite was sold in the 1950s in craft kits which gave home hobbyists the ability to encase mementos in polished Lucite, and coin collectors adopted this technique soon afterwards.

New Possibilities with New Techniques

Additionally, this meant that announcements could be applied in various ways besides the miniature or paper of deal books. And furthermore, Lucite tombstones didn’t have to be a block with these new techniques. For example, the principals’ names and transaction details are able to float in thin air. They could also be various shapes and have various textual details to fit each type of design. In the 1960s, banks and law firms created Lucite that encased tombstone ads announcing new partner classes. And by the late 1960s, the financial companies started to commemorate new partner classes with the partnership announcements engraved in Lucite.

One early form of the Lucite tombstone was cut in the form of the Liberty Bell with a realistic looking crack as a finishing touch. Another early form included two brass balls that are suspended in a clear block. With such toys, it was suggested that the financiers and bankers’ ambitions could be encapsulated in forms suitable to each unique accomplishment.

How These Transformation Influenced Today

Deal toys in these types of forms work like that today. Each piece is meticulously designed in the reflection of key players, the importance and nature of a financial deal, and the essence translating into physical form. Acrylic and Lucite can be poured at room temperature; therefore, deal toys can have practically anything embedded on them. Also, these plastics can be made in tons of shapes, thus giving deal toys the ability of being chameleons. From downright traditional to the hottest design trends, the abilities are now limitless in creating deal toys.

Relative Stats and the Benefits of Recognizing Employees

Research by Bersin & Associates has shown that companies recognizing their employees perform beyond and above those companies that don’t, and these companies that perform better have a 31 % lesser voluntary turnover rate. This is very important for companies because a lower turnover rate of valuable employees will assist greatly in the growth of the company. Also, a lower turnover rate will save the company tons of money that it would take to hire new employees.

Another great reason why recognizing employees with rewards is crucial for companies is due to the improvement of the team culture. Being in a relationship where one is ignored, run down, or abused will cause the person being harmed to want to end the relationship. This also applies with work relationships. Positive environments lead to great relationships, and a culture full of recognition leads the engagement of employees in a positive manner that will encourage employees to want to remain with the company while at the same time producing lasting impacts on their peers.

Awarding employees will also give them and others incentives to be and remain motivated in their work. These valuable employees will be driven to produce outstanding results for the company. Also, these traits will have infused them with a sense of passion, purpose, and mission. And they will take pride in knowing that their work means something valuable to the company’s goals and values.

Due to these reasons, it will behoove any organization to recognize their valuable employees. Recognizing employees in a great way is a main factor in staying ahead of the competition. Having a great brand is reachable to consumers, but poor customer service will drive customers away. And many times, poor customer service is caused by the company not recognizing their employees. In such cases, employees will feel like the company is not looking out for me, so they shouldn’t do their best for the company. Therefore, many of these employees will do just enough to keep the job which includes inferior customer service, for example.

Better Ways to Reward Valuable Employees

There are better ways to reward valuable employees besides having the “employee of the month” announcement and photo hanging up on the business’ wall. Acknowledgement of a job well done in this way or through other public display is appreciated sometimes by most key employees. However, more beneficial rewards are in order sometimes that will be an incentive to keep up the good work. Also, other employees will be even more motivated to utilized their skills with hard work and perseverance. Overall, this will be a win-win situation for the employees and the company because the hard work and skills of the employees will contribute to more company growth and sustainability.

With all of this said, the following are better rewarding incentives for employees:

  1. Peer to peer recognitions- having other employees to recognize their peers will build and strengthen office relations.
  2. Sharing success stories- during award ceremonies, the manager or higher ups should share the story of success of the employee. Handling out certificates and calling out names are not enough.
  3. A small monetary gift/promotion- whether it’s an appreciation gift/lunch or a promotion, these rewards are always great incentives to keep up the good work as well as encourage other workers to do their best.