Race For Recognition
(Do Introduction – then let everyone know that there are clues to Winning the Race for Recognition hidden in this Wells Fargo Recognition Story)
Thinking back to 1852 when Wells Fargo had rushed customers’ important business by any means – steamship, railroad, and where the railroads ended, by stagecoach. Wells Fargo owned and operated the largest stagecoach empire in the world.
In the boom and bust economy of the 1850s, Wells Fargo earned a reputation of trust dealing rapidly and responsibly with people’s money. In the 1860’s it earned everlasting fame—and its corporate symbol—with the grand adventure of the overland stagecoach line.
Since then, Wells Fargo is forever linked with the six-horse Concord Coach charging across the vast plains and high mountains of the West.
In light of our history, our Recognition Team is charging through WF much the same way to earn the trust and confidence of the Managers, Recognition Administrators and Coordinators and in fact, all Team Members in bringing the Best, Darn Recognition this side of the Great Lakes (actually both sides)! We’ll prove that in a few moments when you actually get ready to RACE for Recognition in your very own imaginary Stagecoach!
Does anyone here know how long Recognition has been an important part of our business? In the 1860’s after James Wales Miller saved a $30,000 payroll shipment from an attempted holdup, Wells Fargo rewarded him with a two-pound silver watch on a two-pound silver chain. James received the first documented recognition award!
So recognition has always been ingrained in our culture and values and it is evident in our corporate vision of Going from Good to Great and understanding that People Are our Competitive Advantage.
Dick Kovacevich once said “I believe recognition may well be our country’s single most neglected resource.” Not only that, “Our team members are the single biggest influence on our customers. If our team members… are recognized and rewarded for their accomplishments, and have fun at work then chances are their customers will be happy and satisfied too.” As you can see, this subject is so important to WF that Recognition is mentioned in five sections of our WF Vision & Values
So what percentage of employee should be recognized each year? 100% - that is why it is important to be specific about why you’re recognizing a Team Member. In our last VOTT survey, ONLY 58% of WF team members were satisfied with the recognition they currently receive, and we need to improve that through formal and informal programs. Wells Fargo’s Voice of the Team results reflected a 4% higher ranking for Feedback and Recognition than others in the Banking Industry and 3% higher than those in the Financial Industry.
Earlier, we talked about WF Corporate Strategic Initiatives and our Core Values. The leadership team, managers and team members are responsible for treating our Team Members with Respect and providing them with opportunities. It is also important to praise and thank them for a job well done! How many of you think a Paycheck is recognition enough?
Did you know the #2 reason employees leave companies is because of a lack of recognition – what do you think is #1? (Because of their Manager). When we lose a team member it costs between 70 – 200% of that person’s salary to replace them….Whoa, horses – that is a lot of gold bars!
Not only are we responsible for recognizing our employees for their performance --- but it is important to recognize their Years of Service with Wells Fargo –- so within one week of a team member’s anniversary date, the team member receives a card and award points. Speaking of time, employees say they like to be recognized (in some way) every seven to 10 days. Are you doing that? If so, what are some items that start with the letter “T” you can use to recognize? (Toys, Thanks, Time, Trophies, Trinkets)
It is important to remember as a Stagecoach driver that there are a lot of resources in WF such as: Open Mentoring, Best Practice and the on-line recognition applications.
We are very pleased to be your Stagecoach station hands serving you and your teams in meeting your objectives for informal and formal recognition.
With that said, let’s hitch up the horses and get along on that dusty trail to see who is going to win the Race for Recognition!
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