By: Leilani Quiray
Employee appreciation isn’t a new topic – we’ve all heard about and probably have a set idea of what it means. I want to dive a little deeper and look at it from a different perspective. Less about the “gift” and more about the why.
Appreciation encompasses a deep-seated culture of valuing and recognizing the contributions of every team member. From frontline staff to senior executives – acknowledging and celebrating the efforts of employees can have a profound impact on both morale and the bottom line!
Here’s why investing in employee appreciation is not just a nicety but a necessity for any business looking to thrive:
1. Boosts Morale and Engagement:
When employees feel appreciated and valued, they are more likely to be engaged and motivated in their work. According to a Gallup poll, companies with engaged employees outperform those without by 202% in terms of revenue growth. Employee appreciation fosters a positive work environment where team members feel respected, supported, and motivated to give their best effort.
2. Increase Retention and Reduces Turnover Costs:
High turnover rates can be a significant drain on resources, costing businesses thousands of dollars in recruitment, onboarding, and training expenses. SHRM (Society for Human Resource Management)found the average cost of turnover can range from 50-200% of an employee’s annual salary. Don’t worry – there’s no test at the end of this – but I think we can all agree that we’d rather not spend 50% of any employee’s salary trying to replace an employee. What is that old adage – it’s easier to keep the fish you caught, than trying to hook a new one? That’s probably not it, but you get what I’m saying here.
3. Improves Productivity and Performance:
Studies have shown that when employees feel appreciated, they are more likely to go above and beyond in their roles. A survey conducted by Glassdoor showed that 81% of employees said they are motivated to work harder when their boss shows appreciation for their work. By recognizing and rewarding exceptional performance, businesses can inspire employees to strive for excellence and contribute to the company’s success.
4. Enhance Employer Brand and Attracts Top Talent:
If you’ve tried hiring lately, you know it’s a tough market out there. Attracting top talent is essential for business success. A strong culture of employee appreciation can serve as a powerful differentiator, making your company more attractive to prospective employees. By highlighting employee appreciation initiatives in your employer branding efforts, it’s also worth remembering your current employees are some of your best marketers. When they’re happy, they’ll share that. They all have their own networks and can also be an important part of your ability to attract top talent!
5. Drives Innovation and Creativity:
When employees feel respected and valued, they are more likely to feel comfortable sharing ideas, taking risks, and thinking outside the box. By fostering a culture of appreciation you can unlock the full potential of your workforce, drive innovation, and fuel growth!
While it’s often seen as a feel-good gesture, it’s also a strategic investment in your business’s most valuable asset – its people. If you want to brainstorm about ways to cultivate more employee appreciation – reach out to your PRO, they will be happy to work this through with you. ANDDD – this is also a great topic for your strategic planning session with me. Let’s connect!
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