three ways employee appreciation is a win-win
By o.c. tanner in Appreciation
When it comes to appreciating your employees, many organizations hesitate, considering only the costs. But employee appreciation, when executed correctly, is actually beneficial for both employee morale and bottom-line results.
Here are three reasons why appreciating your employees is a win-win.
In a 2017 press release from The Engagement Institute, it states: “In the U.S. alone, disengaged employees cost organizations an estimated $450–550 billion each year.” That’s a lot of money left on the table.
Taking the time to appreciate your employees increases engagement as it encourages greater in-office energy and effort, thereby increasing your bottom line. In fact, a 2017 Forbes article stated: “A poll by Tjinsite, a division of TimesJobs.com, found that more than 35% of… employees consider lack of recognition of work as the biggest hindrance to their productivity. According to them, rewards and recognition for achievements at (the) workplace act as (a) morale booster, which in turn increase their productivity.”
And, given O.C. Tanner’s recent finding that almost half of employees believe their organization takes them and other employees for granted, it’s little wonder that companies with strong recognition have higher employee engagement. Research also reveals that the number one thing a company or manager could do to cause great work is in fact recognition.
So take the time to let your employees know that you really care—through increased recognition and appreciation initiatives. Employees receive praise and employers experience both better engagement rates and an uptick in great work.
Attract (and Retain) Talent
While this may seem obvious, the more employees feel appreciated, the more likely they are to stay. Higher retention rates and high marks in employee morale will also attract others to your organization. There is an incredible “staying power” associated with employee recognition. In fact, independent research shows that consistent above and beyond performance recognition can add 3.5 years to an employee’s tenure. Likewise, effective career celebrations extend an employee’s tenure by 2-4 years.
Appreciation equals longevity.
When your employees are both happy and engaged, they want to progress through increased knowledge and opportunities to learn. The urge to progress encourages employees to be motivated, and that will help to increase your bottom line. Find ways for your employees to take on tasks that will help them grow professionally. Doing so will both help them enhance their skill sets and increase the breadth of your organization’s capabilities.
Growth opportunities can also come in the form of conference attendance, taking a professional course, or putting together an internal mentorship program. Understand that investing in the professional growth of your employees is actually an investment in your business too. Employees feel appreciated and cared for, which will motivate them to put forth their best work.