Note: RPI’s Seven Best Practice Standards are the cornerstone of successful employee recognition and rewards programs. In 2018, we are taking a closer look at each of the seven standards and RPI members who have been recognized for their practice of those standards. In the first installment, we take a look at Recognition Strategy, and the award-winning way that RBC practices this standard. The RPI Best Practice Awards nominations are now open for nominations through February 1, 2018.
RBC, based in Toronto, was a recipient of the Overall RPI Best Practice® Award in 2017, and is a shining example of how to do recognition strategy right. From their award-winning entry, they offer several samples of the ideas and actions behind their recognition strategy efforts.
All of RBC’s recognition and reward programs under the RBC Performance brand align with their Purpose, Vision and Values to become a leader in financial services wherever in the world they serve customers. That vision and those values help drive their recognition programs and are part of the criteria within the RBC Performance recognition and reward program.
RBC Performance, which is their flagship program, was launched in 1993 as a sales incentive points reward and recognition program and now serves over 75,000 employees. Among the core points of the program are:
- Day-to-Day Recognition – RBC associates give and receive recognition to and from their peers and from retail branch managers and regional leaders on a regular basis.
- InstantThanks – RBC’s social recognition program permits employees so say thanks and send commendation comments and recognition for demonstrating our values and excellent customer service.
- Branch Huddles – These happen before the bank door opens. Here customer service and product information is given. Managers and team members weave in recognition as often as they can.
- Informal Recognition – RBC Performance is a comprehensive recognition system dedicated to improving RBC’s financial and service performance results.
- RBC Performance Nominations and Awards – Employees can recognize individuals and teams who consistently go beyond expectations and make a difference in the business. RBC employees can nominate a colleague or team with RBC Performance’s online nomination feature. Nominations are based on RBC’s values and other key behaviors, and are expected to focus on outstanding performance in these categories. Managers select nominations based on merit and can award point values to send to the employee. The number of nominations and awards received contributes to selecting who attends the RBC Performance Conference.
- Scratch ‘n Win Cards – Managers can give these cards for on-the-spot recognition. Employees virtually “scratch” a bar online to reveal a point value or the chance to be entered into a monthly draw.
- Sales Campaigns – Managers in retail banking can recognize and reward employees and teams with points for achieving highest sales or service activities in any quarterly sales campaign.
The company also believes in more formal recognition, with a series of events and awards:
- Leo Awards – This is RBC’s Academy-award-style celebration event. Employees who showcase the very best in sales, service or support are recognized at a special event during the RBC Performance Conference with “The Leo” Award. Regional leaders select Leo Award recipients from RBC Performance Conference recipients.
- RBC Performance Conference – This is the best-of-the best annual conference for RBC’s top performers. Each region has a set number of eligible nominees to select. Quarterly Point Award winners are eligible candidates. Regional presidents and senior leaders choose conference attendees from across all roles. Conference winners are announced at each Regional Gala event. Each awardee receives a registration package to attend the Conference.
- RBC Service Awards – Employees receive a choice of a gift award item on their milestone anniversary at two, five, 10, 15 years and in five-year increments up to 50-year level.
The results have not only been award from RPI, but recognition of RBC as one of the best places to work in Canada. For more information on RBC and their success with Recognition Strategy, please visit the company culture website at: https://www.rbc.com/careers/people-culture-awards.html