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 Today's advice comes from Barbara Corcoran, real estate mogul and business expert, via Inc.: "Let me tell you, [recognition] drove the sales force to think differently. And so, what I found, is I learned to use recognition again and again to build people up." It's no secret that recognizing and encouraging one's employees can help a company in innumerable ways. Once an employee feels valued, he or she will feel invested in the business' success. Especially in these lean economic times, when many workers are fearful of financial cutbacks and pink slips, a superior's words of encouragement can boost morale and productivity. A business should go to great lengths to avoid what has been dubbed a "psychological recession," where a state of "fear, stress, anger and focus on rumors and uncertainty drive employees’ morale and energy down." Employee recognition can be as simple as a handwritten note or e-mail, or as elaborate as Corcoran's "giant gold ribbons" and trophies she awarded for high-priced sales. "I saw that again and again, recognition will buy you time...whatever you can do to give people recognition of their uniqueness and success, people will marry you forever." Want your business advice featured in Instant MBA? Submit your tips to tipoftheday@businessinsider.com. Be sure to include your name, your job title, and a photo of yourself in your email.
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