What Are the Benefits of Employee Appreciation?
As a business owner or manager, showing appreciation to your workers is key to an employee retention strategy. As Gregory Smith, author of a book on workforce issues, states "Employees don't quit their companies; they quit their bosses." Explore the various benefits of making it a point to demonstrate how much you value your employees on a regular basis.
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Boosts Morale and Productivity
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One of the benefits of employee appreciation is that it helps boost morale, which in turn helps increase productivity at the business. When a worker knows that the boss recognizes and appreciates her hard work each day, that sometimes motivates and inspires the worker to continue the positive trend. The worker might start producing even more and better quality work because of displays of appreciation from the employer.
Loyalty
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Another potential benefit of showing appreciation to employees is that it might make workers more loyal to the company. When an employee feels that company management values and appreciates his work, he might start to feel a bond with the company and its ownership. This loyalty to the business is key to employee retention efforts. When turnover (employees leaving the business) does happen, an unsatisfied and unappreciated employee might take trade secrets to other businesses or even start his own business because of a lack of loyalty to the former company.
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Reputation
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When a company prioritizes employee appreciation, it might also start to develop a positive reputation in the business and overall community. Workers who feel appreciated might start to spread word-of-mouth praise about the company to others. When workers help build up the company's reputation in this way over time, it might help draw in new customers or attract new qualified and talented employees.
Ideas for Employee Appreciation
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One of the most basic ways to show appreciation to employees is with a monetary bonus or pay raise. But sometimes nonmonetary appreciation is just as effective. For instance, a handwritten note to each employee who meets or exceeds his production goals can be a morale booster. The employer can also publicly congratulate employees for a job well done. The key is to make the displays of appreciation personal and meaningful to the employee. As business psychologist Debra Condren states, "Especially during tough economic periods, it's important to give people face time and basic human appreciation on a regular basis."
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