The Other Direct Deposit Your Employees Need

Rick Capozzi | 09/22/17

When it comes to employee engagement, people have traditionally equated motivation with one thing: money. Whether you wanted to increase performance, change a behavior, or improve retention, it all began and ended with the payroll. Culture was looked at as a secondary concern. Fast forward to today, and we can all see that a great culture is at the heart of any high-performing organization. One thing you can do immediately to build a culture based on respect is recognize people with more than a paycheck by making emotional deposits every day.

In The Growth Mindset, I wrote about how in my 34 years of experience I have learned that people want something deeper and more fulfilling than perks like free food in the office. They want to be valued, appreciated, and respected. These are human needs that will have a much more lasting impact than an espresso and a granola bar, and if they are constantly getting these needs fulfilled by you and your office, that is going to shine through in everything that they do for you and the client. This is the foundation of what creates a great client experience.

So, what can you do to meet these needs? You can make emotional deposits. This can be as simple as writing a thank you note to a member of your team or publicly recognizing them at a staff meeting for their exemplary work. Regardless of your position, you should make an emotional deposit every day with your team, your clients, and everyone else who matters in your life. When I was a manager, I had holiday parties throughout the year, and I invited my staff to bring their family members. I looked for opportunities to give back and say thank you. I wanted them to know that I greatly appreciated their contributions.

Even though everyone knows that great cultures are built on more than money, most people are not focusing on making the emotional deposits necessary to build the right culture. Every other week, your employees are getting their paycheck. How much do you think your business would change if you made an emotional deposit just as often? Make it a habit to live with gratitude and show it. These five words will go far if you mean them: “I appreciate what you do.”

If you want to learn how to build the right culture, click here for a free chapter on Culture from my book, The Growth Mindset coming out on October 7th, 2017.

Rick Capozzi is a highly regarded industry leader in financial services, author, and former National Sales Manager at Morgan Stanley. Rick’s notable 30-year track record of success spans across several channels, including private banking and trust, wealth management, and Registered Investment Advisor (RIA). Holding senior leadership positions with the world’s largest organizations, including TD Private Bank, Merrill Lynch, Wells Fargo and UBS, Rick’s track record speaks for itself. As Regional President at Wells with over $30 billion in AUM and Regional Director at Morgan Stanley with over $35 billion in AUM, Rick led both regions from nearly last to first in the country by applying his sound principles, proven strategies and actionable tactics.

Rick is currently president of Capozzi Advisory Group, LLC, a boutique consulting and training firm. He is quietly opening his playbook to bring real-world experience and deep industry knowledge by offering managers and advisors proven winning strategies and solutions to achieve sustainable growth. Check out his book, The Growth Mindset, out on October 7th, 2017


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