WEBVTT - Novak on Culture of Recognition (Audio)

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<v Speaker 1>Broadcasting live to New York, Bloomberg even to Washington, d C.

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<v Speaker 1>This is taking Stock. Coming up on taking stock, Oh

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<v Speaker 1>Great one, A little story about the awesome power of recognition.

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<v Speaker 1>We're gonna be speaking with David Novak. He is the

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<v Speaker 1>founder of Oh Great One, O g OH. He's also

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<v Speaker 1>the former chief executive and the chairman of Young Brands.

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<v Speaker 1>We're gonna get some detailed information about using the awesome

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<v Speaker 1>power of recognition throughout your business career. But right now,

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<v Speaker 1>let's check in our business news with Charlie Pellett in

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<v Speaker 1>the Bloomberg news room. And I thank you very much.

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<v Speaker 1>Pim Fox stocks fluctuating him at a slump in technology shares,

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<v Speaker 1>Apple down two point one percent. Apple now at ninety

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<v Speaker 1>dollars fifty five cents, did trade below ninety dollars today,

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<v Speaker 1>Oil staging a rebound in afternoon trading. Crude oil up

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<v Speaker 1>fifty up twenty five cents now fourty six forty eight

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<v Speaker 1>on West Texas Intermediate, that is a gain of six

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<v Speaker 1>tenths of one percent. Investors are awaiting additional economic data

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<v Speaker 1>for clues about the health of the U. S economy

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<v Speaker 1>tomorrow morning, eight thirty am Wall Street time. We do

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<v Speaker 1>get a reading on retail sales. Now, what about the

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<v Speaker 1>trading session? What about the overall market and the outlook?

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<v Speaker 1>Michael Purvis is chief global strategist at Wheedon has been

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<v Speaker 1>sort of gyrator gyrating around the center of gravity of right,

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<v Speaker 1>which is was resistance now support maybe both um the

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<v Speaker 1>UH and this, this this sideways consolidation trend doesn't seem

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<v Speaker 1>to have a you know, an obvious near term catalyst

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<v Speaker 1>to really go, you know, TV we got to new

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<v Speaker 1>highs or do we you know, roll roll back over

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<v Speaker 1>as a lot of bears would continue, we would. And

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<v Speaker 1>right now, the SMP five indecks at twenty sixty seven,

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<v Speaker 1>up by point one percent, the Dow climbing third nine points,

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<v Speaker 1>up two tenths of one percent, and as stacked down

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<v Speaker 1>thirteen a drop of three tenths of one percent. Coal

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<v Speaker 1>stores down nine point two percent. Coal's following department store arrival.

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<v Speaker 1>Macy's in posting week results today bringing a second day

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<v Speaker 1>of suffering to many retail and apparel investors. After the bell,

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<v Speaker 1>we will be hearing from Nords from Nords from shares

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<v Speaker 1>there down now by three tenths of one percent, Gold

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<v Speaker 1>down four ten the ounce to twelve seventy one a drop.

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<v Speaker 1>There are three tenths of one percent, the ten year

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<v Speaker 1>down seven thirty seconds, looking at the yield of one

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<v Speaker 1>point seven four percent again the SMP up two points,

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<v Speaker 1>a gain of point one percent, and at three thirty

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<v Speaker 1>two on Wall Street. Let's take a look at other

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<v Speaker 1>news from around the world on Bloomberg Radio. Thank you

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<v Speaker 1>Charlie from the Bloomberg News Room. I'm Rami in a

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<v Speaker 1>cent cio. This news update is brought to you by

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<v Speaker 1>the Jeep Grand Cherokee, the most awarded suv ever. The

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<v Speaker 1>the Obama administration is unconstitutionally spending federal money to fund

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<v Speaker 1>the president's healthcare law. White House Press Secretary Josh Ernest

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<v Speaker 1>says this is not the first time opponents of the

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<v Speaker 1>Affordable Care Act have tried to win this fight in

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<v Speaker 1>the courts. There are a couple things are unprecedented about

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<v Speaker 1>this effort, though. This UH suit represents the first time

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<v Speaker 1>in our nation's history that Congress has been permitted to

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<v Speaker 1>sue the executive branch over a disagreement about how to

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<v Speaker 1>interpret a statue. Ernest called the Republican led battle unfortunate.

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<v Speaker 1>It's a start. That's from how Speaker Paul Ryan, commenting

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<v Speaker 1>on his meeting with GOP presumptive nominee Donald Trump today

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<v Speaker 1>has heard earlier on Bloomberg Radio, Ryan says, it's part

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<v Speaker 1>of a process. I heard a lot of good things

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<v Speaker 1>from our presumptive nominee, and we exchanged differences of opinion

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<v Speaker 1>on a number of things that you know, everybody knows

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<v Speaker 1>we have. Ryan didn't officially say he was endorsing Trump

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<v Speaker 1>for president. And the n t A is restoring train

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<v Speaker 1>service from Manhattan to Montalk, despite questions raised last year

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<v Speaker 1>about overcrowding and excessive drinking. News Day says the Long

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<v Speaker 1>Island Railroads Cannonball service will resume Memorial Day weekend. The

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<v Speaker 1>train will leave Penn Station every Friday afternoon stop in

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<v Speaker 1>the Hampton's and Montalk and return on Sunday evenings. Global

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<v Speaker 1>From the Bloomberg Newsroom, I'm Ramie in essentio Charlie, and

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<v Speaker 1>we thank you, and we are brought to you by

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<v Speaker 1>Carbonite your You never know when disaster will strike your business,

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<v Speaker 1>dot com today to get two three months with offer

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<v Speaker 1>code broadcast. I'm Charlie Pellaton. That's a Bloomberg business flash.

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<v Speaker 1>You're listening to taking Stock with Kathleen and Pim Fox

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<v Speaker 1>on Bloomberg Radio. When an expert such as David Novak,

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<v Speaker 1>the founder, the co founder and the retired chairman and

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<v Speaker 1>chief executive of Young Brands, writes a book entitled Oh

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<v Speaker 1>A Great One, A Little Story about the awesome Power

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<v Speaker 1>of Recognition, I think it is relevant to pay attention.

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<v Speaker 1>David Novak joins us. Now, thank you very much for

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<v Speaker 1>coming in. It's great to be here him. Now, your book,

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<v Speaker 1>the new book, Oh Great One, A Little Story about

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<v Speaker 1>the awesome power. What made you decide that this was

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<v Speaker 1>the book you wanted to write. Well, you know, I've

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<v Speaker 1>had the great privilege of building a global company, and

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<v Speaker 1>as I've traveled the world, what I realized is there's

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<v Speaker 1>what I call a global recognition deficit. People all around

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<v Speaker 1>the world are craving for recognition and they're just frankly,

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<v Speaker 1>they're not getting it. And one of the things I

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<v Speaker 1>did in my career is I really built a culture

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<v Speaker 1>of recognition at Young Brands, which is Pizza, Taco Bell

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<v Speaker 1>and KFC, where everybody in the company, including myself, we

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<v Speaker 1>have our own individual recog nition awards, and we really

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<v Speaker 1>made recognizing the value of others the most important thing

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<v Speaker 1>that we could do. And you know, as I move

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<v Speaker 1>into my next next chapter, I'm not really retiring. I'm

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<v Speaker 1>I'm refiring and I'm passionate about the the idea that

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<v Speaker 1>recognition really matters. And I'm really going to build a

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<v Speaker 1>brand around the notion of recognition. And it's called ogo

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<v Speaker 1>UH and stands for a Great Man. And the first

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<v Speaker 1>step of building this brand is launching this book, Oh

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<v Speaker 1>Great One, The Little Power about the awesome power of recognition,

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<v Speaker 1>Little story about the awesome power recognition. Now, what I've

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<v Speaker 1>done is I field of research, and sometimes you do

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<v Speaker 1>research just to understand the obvious. But listening to this

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<v Speaker 1>pim of employees in the United States don't even think

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<v Speaker 1>they're supervisors, recognize them for what they do. Six of

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<v Speaker 1>people tell you that they they appreciate recognition as much

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<v Speaker 1>as money. But yet when you look at companies, is

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<v Speaker 1>very rarely given. In fact, you know, if you're lucky,

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<v Speaker 1>somebody's gonna say thank you or you did something well

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<v Speaker 1>about once every two months. And people tell you that

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<v Speaker 1>if you just recognize them, they put more energy into

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<v Speaker 1>the work. So it's clear there's this huge recognition deficit.

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<v Speaker 1>And what O great One does is basically it tells

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<v Speaker 1>the story of my experiences I had in business, understanding

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<v Speaker 1>and leveraging the power of recognition to get results. Is

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<v Speaker 1>it because recognizing an employee is not directly quantifiable, what

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<v Speaker 1>is holding back managers and owners of businesses or enterprises

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<v Speaker 1>from doing exactly as you described. There's two to two

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<v Speaker 1>reasons why people don't recognize number one as they feel

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<v Speaker 1>like if I recognize you for doing a good job,

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<v Speaker 1>you're gonna take the pedal off the metal. And you're

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<v Speaker 1>not gonna work as hard anymore. That's crazy. That basically

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<v Speaker 1>says I don't trust you. That's the worst thing you

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<v Speaker 1>can do as a as as a leader is to

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<v Speaker 1>send that that that kind of kind of message. The

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<v Speaker 1>other thing is is if I recognize you, that means

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<v Speaker 1>I might have to recognize somebody else. I might make

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<v Speaker 1>somebody else upset because they're not getting recognized. And what

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<v Speaker 1>I found is when you recognize the behaviors that drive

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<v Speaker 1>the performance in your business, then people know that you're watching.

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<v Speaker 1>It says that what you do really matters. And when

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<v Speaker 1>that happens, that means everybody knows that the coach or

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<v Speaker 1>whoever is running the company is watching. And they want

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<v Speaker 1>to get recognized too, and they work harder to get

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<v Speaker 1>that recognition, and they also celebrate the fact that other

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<v Speaker 1>people are getting recognition. You know, recognition is really a

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<v Speaker 1>secret weapon, and leaders just don't use it. And and

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<v Speaker 1>oh great, when the little story about the awesome power

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<v Speaker 1>of recognition, I talk about all the experiences I had

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<v Speaker 1>really implementing recognition and making it happen and making it

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<v Speaker 1>be a catalyst for results. And you want to make

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<v Speaker 1>recognition fun. You want to make it personal. You want

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<v Speaker 1>to celebrate other people's ideas more than your own. You

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<v Speaker 1>want to make it something that's contagious and creates more

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<v Speaker 1>excitement and enthusiasm in your work environment. Where did you

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<v Speaker 1>first come into contact with this idea of recognizing employees

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<v Speaker 1>or people that you worked with. Well, I've always had

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<v Speaker 1>a lot of success team building and valuing people. You know,

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<v Speaker 1>when I was running marketing at the Pizza that, I

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<v Speaker 1>gave away a little pizza pan and I had a big,

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<v Speaker 1>big pizza pan that traveled from person to person. It

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<v Speaker 1>was a lot of fun. But when I was running

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<v Speaker 1>operations for PEPSI I went out and I always went

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<v Speaker 1>out and talked to the front line and ask him

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<v Speaker 1>for ideas. And and uh, I was at this meeting

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<v Speaker 1>in St. Louis once and and this guy I was

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<v Speaker 1>talking about merchandising with Tin Ralse salesman, and they were

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<v Speaker 1>talking about this guy named Bob who was sitting at

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<v Speaker 1>the end of the table, and Bob was the best

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<v Speaker 1>everybody had ever seen. And they were laying all this

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<v Speaker 1>praise about great Bob was. And I looked down at

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<v Speaker 1>the end of the table and he's crying, And I

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<v Speaker 1>said Bob, why are you crying? These people love you?

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<v Speaker 1>And he said, well, I've been in this company for

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<v Speaker 1>forty seven years. I'm retiring in two weeks, and I

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<v Speaker 1>didn't know that anybody felt this way about me. And

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<v Speaker 1>from that point on, Pim I said, the number one

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<v Speaker 1>thing I'm gonna do as a leader is to recognize

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<v Speaker 1>it's a privilege to be a leader, and I'm gonna

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<v Speaker 1>make sure that I make recognition the single biggest driver

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<v Speaker 1>of any work environment that i'm a I'm I'm a

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<v Speaker 1>part of and let me tell you, it's been a

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<v Speaker 1>great joy and it's a lot of fun seeing people

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<v Speaker 1>get turned on. That's why I loved writing this book,

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<v Speaker 1>Oh Great One, because I want to get the whole

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<v Speaker 1>world focused on the fact that if you can recognize people,

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<v Speaker 1>you're gonna get the joy of recognizing people, You're gonna

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<v Speaker 1>get better results, and you're gonna make the world a

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<v Speaker 1>better place. Thank you for stopping by and sharing this

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<v Speaker 1>all with us. David Novak, the founder of Ogo, writer

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<v Speaker 1>author Oh Great One. This is taking Stock on Bloemberg Radio.

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<v Speaker 1>Coming up on Taking Stop, will be speaking with Jeff

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<v Speaker 1>Soarty as the chief investment strategist for Raymond James helping

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<v Speaker 1>to manage four hundred billion dollars. What should you do

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<v Speaker 1>with your dollars? We'll find out