When employees feel that they and their work are appreciated, their satisfaction rises, and productivity consequently grows. Employee recognition tends to motivate employees to keep up or raise their high standards for their work. Acknowledgment is an important human need and can prove critical to a healthy, positive and productive workplace.
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Rewarding employees for good work also leads to greater retention rates, thereby lowering costs associated with turnover. Businesses thrive when they have engaged employees who feel personally invested in the company\u2019s success. Employees who have a sense of purpose and receive positive feedback for that purpose are more likely to go above and beyond in their work.
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Providing regular recognition, cheering on employees\u2019 achievements, and coaching them through challenges all make for more engaged and productive employees. Generally, it\u2019s not uncommon for employees who perceive their roles are unappreciated they\u2019re disposable. This is sure to lead to disengagement and performance problems. Consistently recognizing employees is critical for keeping top talent and saving your company and colleagues the cost and stress of an unhappy atmosphere and high turnover.
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In a recent survey, 51% of workers indicated they didn\u2019t plan to be in their current job the following year. A high-turnover workplace can derail projects, cause high recruiting costs, and a sense of volatility. It takes an average of 24 days to hire a new employee in the U.S. That\u2019s crucial time spent finding candidates and interviewing, which is time away from your business.
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However, 80% of workers noted that they would be willing to work longer hours if they had a more empathetic employer, and a vast majority wish to be praised more frequently. Leaders who reward their employees\u2019 wins are more likely to retain talent and have happier, more productive teams. 86% of companies with employee recognition programs report increased worker happiness.
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A survey of North American employees found that more than 70% of employees aren\u2019t engaged and over half are unhappy with their jobs. This cuts businesses\u2019 profits as they absorb the expenses associated with decreased performance by demotivated employees, turnover, and training new employees. One study revealed that 26% of small business owners estimated that employee disengagement costs them $25,000 to $100,000 annually.
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There are myriad reasons to show appreciation to your employees. Consider celebrating work anniversaries like 25 years at your company, successful completion of a major project, promotions, and selecting employees of the week, month or year. Most employees appreciate even very small tokens of appreciation or thank you gifts, but classic personalized crystal gifts can live visibly in the employee\u2019s work space for all to see.
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