Compensation vs. Acknowledgment: Which is worth more?

Which is worth more, compensation or acknowledgment?

Well, since you are asking, I will give you my opinion – based on many interactions with people I have trained in The Power of Acknowledgment. Here is one communication I recently received:

“I really enjoyed the webinar on acknowledgment. I haven’t had a raise in many years but I am well compensated and the acknowledgment I have received has helped maintain my motivation and commitment to my company. I do practice acknowledgment and mentoring and this seminar reinforces the value.” – David R., PMP from Michigan

What David is demonstrating is that acknowledgment serves a need that is more powerful than money. Yes, he says he is well-compensated to begin with, so it is not as if he is suffering financially. But many people who have not received raises in many years, would feel undervalued and underappreciated. Not David. Why? Because he is compensated in a way that really lets him know that he is a valued contributor. Can you feel how engaged in and loyal to his company he is? I see a lot of event and webinar announcements from HR organizations – they seem to always be looking for ways to keep their major talent engaged. They need look no further than making sure that they have created a culture of appreciation in their organizations. A culture of acknowledgment. Letting people know on a regular basis how valued they are. I have heard acknowledgments referred to as “the double paycheck,” which I think is very fitting. Even people who are earning less money than they feel they should be earning will dig in and engage fully if that other “paycheck” is coming regularly.
Please check out my post on the PMI Voices On Project Management Blog, in which I wrote more about the double paycheck!

Let’s all remember to  practice the power of acknowledgment — it is worth more than just about any other tool or reward we can come up with, and it is so simple, so available and so cheap! There is nothing to lose and everything to gain. Thanks for sharing your story, David!