September 7, 2021
The cost of replacing an employee is estimated in the range of half of their salary to double their salary. That is a lot of money, especially for small businesses who are already struggling. So how can you keep quality employees from leaving? Here is one answer, and it won’t cost you a thing.
First off, I apologize in advance for the number of times you are going to read this word in this blog, but it is a big one, and an important one. So before we really dig into it, let’s define it.
Appreciation(n): an ability to understand the worth, quality, or importance of something.
Think about that for a second, then answer a few questions. Do you have quality employees? Are they important to your business? When was the last time you showed them how much you appreciate them?
I don’t want to bombard you with statistics, but when I was reading about the connections between appreciation and retention, I admit it blew my mind a little. Lack of recognition is the number one reason employees quit. Companies with effective employee recognition programs have around 30% lower turnover. Almost 70% of employees say they would work harder if they felt their efforts were better appreciated.
So many employers think that showing appreciation has to be done by giving raises or bonuses. Yet it has been shown that gratitude and support are actually the most cherished – and motivating – ways to show appreciation. The majority of employees say that a small, thoughtful gift or simple words of affirmation are how they want to be recognized.
Employees who feel appreciated have better relationships with management, better overall well being, and less stress. Appreciated employees have a greater sense of trust in their employer.
So how can you show appreciation? Say thank you. Right away, so it doesn’t seem like an afterthought. Praise excellent performance and contributions. Write a short thank you note. Pay attention to what your employees like and give them a small gift card. And be sure to find ways to single out and thank every one of your employees. Your business will be better for it!
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