A report by Harvard business review analytic services stated that “72% of businesses said recognition given for high performers within a workplace significantly impacted employee engagement.”
Employees today are looking for more than just a good salary to feel fulfilled with their careers. People want to feel respected and "seen" by their managers, mentors, and colleagues for the work they do. You will most likely see a drastic rise in employee disengagement unless the company culture is guided by constant, timely, and frequent appreciation to the people who work for you.
When your people don't feel valued and appreciated for their contributions, its impact can be seen and felt in the business results as well. That in itself makes employee appreciation a top priority for major organizations worldwide.
To simply sum up employee appreciation, it is the act of thanking your employees for the hard work, efforts, and commitment that they put towards their work and the company.
Why does employee appreciation matter?
“69% of workers agreed they will work harder if their efforts are better appreciated”.
Humans are emotional creatures by nature. No matter the position, everybody wants to hear simple terms like "great job" and "thank you" occasionally.
People will gradually feel alienated and show signs of disengagement from their workplaces if they are not properly recognized for their accomplishments and efforts.
A culture focused on appreciation can see a range of positive business results, such as:
- Increased productivity and efficiency
- Higher engagement levels
- Heightened job satisfaction
- Higher retention and lower turnover
- Low rates of burnout
- Lower absenteeism
Most organizations make the common mistake of appreciating their workers infrequently or only during specific days, such as work anniversaries and birthdays. But here's the thing: just like motivation must be a consistent process to be efficient, celebrating your people must be a constant process as well.
Employee loyalty and commitment aren't something you can achieve in a single day or by saying "great job" every now and then. Rewards and appreciation practices should be seen as a crucial part of the company core values in order to achieve the goal of empowering employees and ensuring their happiness.
Such a culture of appreciation aims to drive profit by focusing on your company's biggest assets- your employees.
How employee appreciation impacts productivity?
Tying the act of performing a good piece of work to getting appreciated for it is a powerful form of motivation. When people know that their efforts are seen, acknowledged, and appreciated, it encourages them to provide outstanding performances continually.
Similarly, the culture of recognition promotes healthy competition among peers where everyone acknowledges others' achievements while trying to improve their own. This creates a healthy sense of competition that ultimately makes people go the extra mile and boost their productivity levels.
This creates an atmosphere that promotes not only productivity but also innovation and creativity. People are more likely to be excited and pleased with what they do since regular appreciation will build a sense of fulfillment.
To boost a culture of recognition, we have designed a SaaS-based solution, called Vantage Rewards, to make everyday recognition an easy task to do, manage, and run.
Some great ways to show appreciation to your employees
Making your people feel valued is not as difficult as it seems. Seeing how expensive recruiting a new hire can be, it's more efficient to invest the same efforts and resources into retaining your current workforce. Here are some effective ways to do so:
1. Say The "Thank You's"
Even the smallest of courtesies like a leader saying “thank you” to an employee can act as a huge morale booster for them.
Traditionally, leaders or bosses are expected to be bossy and unreachable to a general employee. But when you take the time out to appreciate them for their efforts, it can be an extremely memorable moment for your staff and will inspire true loyalty from their side.
2. Recognize Publicly
To make recognition more effective, ensure that you are doing it in a public manner.
Take the help of social media, in-house communication channels, or even face-to-face appreciation in front of peers and colleagues.
3. Timely, Regular, Specific
As mentioned earlier, for employee appreciation to be effective, it is necessary that it is:
- Timely: It is considered a good practice to recognize someone on-the-spot, as soon as your employee accomplishes something.
- Frequent: Continue the appreciation process by rewarding not only the greater but also the smaller milestones.
- Specific: Being specific means that the reason behind the appreciation process and the values being encouraged is transparent to all employees.
4. Gift Cards
Gift cards give your people the flexibility to choose their own rewards from a diverse catalog of online and offline brands and shops. This makes the gift more meaningful as well as allows employees to indulge in a "shopping experience" of sorts.
5. Corporate Perks
Employee perks such as spa days, day-offs, free subscriptions, exclusive discounts- are just some of the examples of how you can elevate the employee experience and retain your top talents.
Why is employee appreciation so important in the post-pandemic era?
For the majority of people, including your staff, 2020 has been a year of anxiety, burnout, and stress.
Morale is at an all-time low in such difficult scenarios, with people facing the brunt of isolation from their peers and friends. People are facing a disconnect between themselves and their teams which has resulted in a drastic loss of productivity and performance. Additionally, along with the apparent worries about physical well-being, employees' mental health concerns have skyrocketed as well.
Even amidst all these challenges, your people are working day in and day out to ensure that the regular business operations don’t stop. Employees who put forward such commitment and effort deserve the accolades that are comparable with their contributions.
As a result, in the post-pandemic period, employee appreciation would gradually become a necessity. It will be critical in gradually increasing morale, team cohesion, and motivating employees to feel like they are still an essential part of the organization.