With Employee Appreciation Day quickly approaching, it makes sense that you would want to spend some time showing your team how much you value them. But is the momentary morale boost the only benefit that comes from dedicating time and effort to this endeavor?
Here are four key ways that showing appreciation for your employees will impact your organization longterm:
1. Increased Engagement and Retention
Employee appreciation has a direct impact on employee engagement and retention. When team members feel appreciated and valued, they are more likely to remain committed to their work and invested in the success of the organization.
In fact, a study by the Workhuman Analytics and Research Institute found that employees who feel valued at work are 60% more likely to stay with their current employer. Additionally, a study by SHRM found that employee recognition programs were associated with lower turnover rates and higher employee engagement.
2. Better Culture and Morale
Showing appreciation for your employees can have a positive impact on workplace culture and morale. When employees feel appreciated, they are more likely to feel positive about their work and more motivated to collaborate with their colleagues. This can lead to a more cohesive and productive team, as well as a more enjoyable work environment for everyone.
A study by Globoforce found that companies with strong recognition programs have a more positive and supportive work environment, with employees reporting higher levels of job satisfaction and a stronger sense of camaraderie with their colleagues.
Did you know Leadr has a Recognition tool that allows you to offer shout outs to team members who are going above and beyond? Here’s a sneak peak:
3. Long-Term Satisfaction
Appreciation should not be a one-time event. For recognition to have the biggest impact, it needs to be ongoing and consistent. Regularly acknowledging and rewarding team members’ contributions can help to foster a culture of appreciation and recognition within the workplace. According to a study by McKinsey & Company, organizations that prioritize employee recognition and appreciation have 2.5 times more revenue growth and are twice as likely to be innovative.
In addition, while financial compensation is an important factor in employee satisfaction, you don’t always have to hand out money to show your appreciation. Non-monetary forms of recognition can be just as effective in boosting the morale and engagement of your teams and serve as a sustainable, long-term solution. A study by the Harvard Business Review found that employees who receive meaningful recognition are more satisfied with their jobs and more engaged in their work.
4. Brings Unity to Teams
Employee appreciation is important for every person in your organization, but especially for those who typically feel like outsiders. This might be an individual from a traditionally marginalized or underrepresented group or remote team members who can’t participate in office events.
According to the Center for Talent Innovation study, employees who feel included and valued at work are more likely to feel loyal to their employer, work harder, and stay longer. By offering regular and meaningful appreciation to all employees, organizations can help to promote a more inclusive and unified workplace.
Showing your team members that you appreciate the work that they do and the role that they play in your organization is critical. Companies that prioritize employee recognition and appreciation are more likely to experience revenue growth, innovation, and overall success.
So don’t stop showing your team you value them when Employee Appreciation Day is over. Keep the appreciation flowing all year round and watch how your team members and organization thrive.