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Speaker 1: This is taking Stock. Coming up on taking stock, Oh
Speaker 1: Great one, A little story about the awesome power of recognition.
Speaker 1: We're gonna be speaking with David Novak. He is the
Speaker 1: founder of Oh Great One, O g OH. He's also
Speaker 1: the former chief executive and the chairman of Young Brands.
Speaker 1: We're gonna get some detailed information about using the awesome
Speaker 1: power of recognition throughout your business career. But right now,
Speaker 1: let's check in our business news with Charlie Pellett in
Speaker 1: the Bloomberg news room. And I thank you very much.
Speaker 1: Pim Fox stocks fluctuating him at a slump in technology shares,
Speaker 1: Apple down two point one percent. Apple now at ninety
Speaker 1: dollars fifty five cents, did trade below ninety dollars today,
Speaker 1: Oil staging a rebound in afternoon trading. Crude oil up
Speaker 1: fifty up twenty five cents now fourty six forty eight
Speaker 1: on West Texas Intermediate, that is a gain of six
Speaker 1: tenths of one percent. Investors are awaiting additional economic data
Speaker 1: for clues about the health of the U. S economy
Speaker 1: tomorrow morning, eight thirty am Wall Street time. We do
Speaker 1: get a reading on retail sales. Now, what about the
Speaker 1: trading session? What about the overall market and the outlook?
Speaker 1: Michael Purvis is chief global strategist at Wheedon has been
Speaker 1: sort of gyrator gyrating around the center of gravity of right,
Speaker 1: which is was resistance now support maybe both um the
Speaker 1: UH and this, this this sideways consolidation trend doesn't seem
Speaker 1: to have a you know, an obvious near term catalyst
Speaker 1: to really go, you know, TV we got to new
Speaker 1: highs or do we you know, roll roll back over
Speaker 1: as a lot of bears would continue, we would. And
Speaker 1: right now, the SMP five indecks at twenty sixty seven,
Speaker 1: up by point one percent, the Dow climbing third nine points,
Speaker 1: up two tenths of one percent, and as stacked down
Speaker 1: thirteen a drop of three tenths of one percent. Coal
Speaker 1: stores down nine point two percent. Coal's following department store arrival.
Speaker 1: Macy's in posting week results today bringing a second day
Speaker 1: of suffering to many retail and apparel investors. After the bell,
Speaker 1: we will be hearing from Nords from Nords from shares
Speaker 1: there down now by three tenths of one percent, Gold
Speaker 1: down four ten the ounce to twelve seventy one a drop.
Speaker 1: There are three tenths of one percent, the ten year
Speaker 1: down seven thirty seconds, looking at the yield of one
Speaker 1: point seven four percent again the SMP up two points,
Speaker 1: a gain of point one percent, and at three thirty
Speaker 1: two on Wall Street. Let's take a look at other
Speaker 1: news from around the world on Bloomberg Radio. Thank you
Speaker 1: Charlie from the Bloomberg News Room. I'm Rami in a
Speaker 1: cent cio. This news update is brought to you by
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Speaker 1: your local Jeep dealer Today. A federal judge rule. Today,
Speaker 1: the Obama administration is unconstitutionally spending federal money to fund
Speaker 1: the president's healthcare law. White House Press Secretary Josh Ernest
Speaker 1: says this is not the first time opponents of the
Speaker 1: Affordable Care Act have tried to win this fight in
Speaker 1: the courts. There are a couple things are unprecedented about
Speaker 1: this effort, though. This UH suit represents the first time
Speaker 1: in our nation's history that Congress has been permitted to
Speaker 1: sue the executive branch over a disagreement about how to
Speaker 1: interpret a statue. Ernest called the Republican led battle unfortunate.
Speaker 1: It's a start. That's from how Speaker Paul Ryan, commenting
Speaker 1: on his meeting with GOP presumptive nominee Donald Trump today
Speaker 1: has heard earlier on Bloomberg Radio, Ryan says, it's part
Speaker 1: of a process. I heard a lot of good things
Speaker 1: from our presumptive nominee, and we exchanged differences of opinion
Speaker 1: on a number of things that you know, everybody knows
Speaker 1: we have. Ryan didn't officially say he was endorsing Trump
Speaker 1: for president. And the n t A is restoring train
Speaker 1: service from Manhattan to Montalk, despite questions raised last year
Speaker 1: about overcrowding and excessive drinking. News Day says the Long
Speaker 1: Island Railroads Cannonball service will resume Memorial Day weekend. The
Speaker 1: train will leave Penn Station every Friday afternoon stop in
Speaker 1: the Hampton's and Montalk and return on Sunday evenings. Global
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Speaker 1: From the Bloomberg Newsroom, I'm Ramie in essentio Charlie, and
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Speaker 1: code broadcast. I'm Charlie Pellaton. That's a Bloomberg business flash.
Speaker 1: You're listening to taking Stock with Kathleen and Pim Fox
Speaker 1: on Bloomberg Radio. When an expert such as David Novak,
Speaker 1: the founder, the co founder and the retired chairman and
Speaker 1: chief executive of Young Brands, writes a book entitled Oh
Speaker 1: A Great One, A Little Story about the awesome Power
Speaker 1: of Recognition, I think it is relevant to pay attention.
Speaker 1: David Novak joins us. Now, thank you very much for
Speaker 1: coming in. It's great to be here him. Now, your book,
Speaker 1: the new book, Oh Great One, A Little Story about
Speaker 1: the awesome power. What made you decide that this was
Speaker 1: the book you wanted to write. Well, you know, I've
Speaker 1: had the great privilege of building a global company, and
Speaker 1: as I've traveled the world, what I realized is there's
Speaker 1: what I call a global recognition deficit. People all around
Speaker 1: the world are craving for recognition and they're just frankly,
Speaker 1: they're not getting it. And one of the things I
Speaker 1: did in my career is I really built a culture
Speaker 1: of recognition at Young Brands, which is Pizza, Taco Bell
Speaker 1: and KFC, where everybody in the company, including myself, we
Speaker 1: have our own individual recog nition awards, and we really
Speaker 1: made recognizing the value of others the most important thing
Speaker 1: that we could do. And you know, as I move
Speaker 1: into my next next chapter, I'm not really retiring. I'm
Speaker 1: I'm refiring and I'm passionate about the the idea that
Speaker 1: recognition really matters. And I'm really going to build a
Speaker 1: brand around the notion of recognition. And it's called ogo
Speaker 1: UH and stands for a Great Man. And the first
Speaker 1: step of building this brand is launching this book, Oh
Speaker 1: Great One, The Little Power about the awesome power of recognition,
Speaker 1: Little story about the awesome power recognition. Now, what I've
Speaker 1: done is I field of research, and sometimes you do
Speaker 1: research just to understand the obvious. But listening to this
Speaker 1: pim of employees in the United States don't even think
Speaker 1: they're supervisors, recognize them for what they do. Six of
Speaker 1: people tell you that they they appreciate recognition as much
Speaker 1: as money. But yet when you look at companies, is
Speaker 1: very rarely given. In fact, you know, if you're lucky,
Speaker 1: somebody's gonna say thank you or you did something well
Speaker 1: about once every two months. And people tell you that
Speaker 1: if you just recognize them, they put more energy into
Speaker 1: the work. So it's clear there's this huge recognition deficit.
Speaker 1: And what O great One does is basically it tells
Speaker 1: the story of my experiences I had in business, understanding
Speaker 1: and leveraging the power of recognition to get results. Is
Speaker 1: it because recognizing an employee is not directly quantifiable, what
Speaker 1: is holding back managers and owners of businesses or enterprises
Speaker 1: from doing exactly as you described. There's two to two
Speaker 1: reasons why people don't recognize number one as they feel
Speaker 1: like if I recognize you for doing a good job,
Speaker 1: you're gonna take the pedal off the metal. And you're
Speaker 1: not gonna work as hard anymore. That's crazy. That basically
Speaker 1: says I don't trust you. That's the worst thing you
Speaker 1: can do as a as as a leader is to
Speaker 1: send that that that kind of kind of message. The
Speaker 1: other thing is is if I recognize you, that means
Speaker 1: I might have to recognize somebody else. I might make
Speaker 1: somebody else upset because they're not getting recognized. And what
Speaker 1: I found is when you recognize the behaviors that drive
Speaker 1: the performance in your business, then people know that you're watching.
Speaker 1: It says that what you do really matters. And when
Speaker 1: that happens, that means everybody knows that the coach or
Speaker 1: whoever is running the company is watching. And they want
Speaker 1: to get recognized too, and they work harder to get
Speaker 1: that recognition, and they also celebrate the fact that other
Speaker 1: people are getting recognition. You know, recognition is really a
Speaker 1: secret weapon, and leaders just don't use it. And and
Speaker 1: oh great, when the little story about the awesome power
Speaker 1: of recognition, I talk about all the experiences I had
Speaker 1: really implementing recognition and making it happen and making it
Speaker 1: be a catalyst for results. And you want to make
Speaker 1: recognition fun. You want to make it personal. You want
Speaker 1: to celebrate other people's ideas more than your own. You
Speaker 1: want to make it something that's contagious and creates more
Speaker 1: excitement and enthusiasm in your work environment. Where did you
Speaker 1: first come into contact with this idea of recognizing employees
Speaker 1: or people that you worked with. Well, I've always had
Speaker 1: a lot of success team building and valuing people. You know,
Speaker 1: when I was running marketing at the Pizza that, I
Speaker 1: gave away a little pizza pan and I had a big,
Speaker 1: big pizza pan that traveled from person to person. It
Speaker 1: was a lot of fun. But when I was running
Speaker 1: operations for PEPSI I went out and I always went
Speaker 1: out and talked to the front line and ask him
Speaker 1: for ideas. And and uh, I was at this meeting
Speaker 1: in St. Louis once and and this guy I was
Speaker 1: talking about merchandising with Tin Ralse salesman, and they were
Speaker 1: talking about this guy named Bob who was sitting at
Speaker 1: the end of the table, and Bob was the best
Speaker 1: everybody had ever seen. And they were laying all this
Speaker 1: praise about great Bob was. And I looked down at
Speaker 1: the end of the table and he's crying, And I
Speaker 1: said Bob, why are you crying? These people love you?
Speaker 1: And he said, well, I've been in this company for
Speaker 1: forty seven years. I'm retiring in two weeks, and I
Speaker 1: didn't know that anybody felt this way about me. And
Speaker 1: from that point on, Pim I said, the number one
Speaker 1: thing I'm gonna do as a leader is to recognize
Speaker 1: it's a privilege to be a leader, and I'm gonna
Speaker 1: make sure that I make recognition the single biggest driver
Speaker 1: of any work environment that i'm a I'm I'm a
Speaker 1: part of and let me tell you, it's been a
Speaker 1: great joy and it's a lot of fun seeing people
Speaker 1: get turned on. That's why I loved writing this book,
Speaker 1: Oh Great One, because I want to get the whole
Speaker 1: world focused on the fact that if you can recognize people,
Speaker 1: you're gonna get the joy of recognizing people, You're gonna
Speaker 1: get better results, and you're gonna make the world a
Speaker 1: better place. Thank you for stopping by and sharing this
Speaker 1: all with us. David Novak, the founder of Ogo, writer
Speaker 1: author Oh Great One. This is taking Stock on Bloemberg Radio.
Speaker 1: Coming up on Taking Stop, will be speaking with Jeff
Speaker 1: Soarty as the chief investment strategist for Raymond James helping
Speaker 1: to manage four hundred billion dollars. What should you do
Speaker 1: with your dollars? We'll find out