The Financial Importance Of saying Thank You
An engaged worker is defined by the discretionary effort they bring to their workplace; they “go the extra mile”. Their success is linked to the organization's goals. An engaged worker feels more connected with their company's purpose and this connection makes them more effective at their job. They are also more likely to develop innovative practices that lead to competitive advantages.
The case for lifting engagement through reward and recognition
A person who feels appreciated will always do more than what is expected.
Recognising an employee daily leads to an 80% increase in engagement and a fully engaged person is 25% more effective. That's a whole extra body for every four people. Are you worried about overdoing it? Don't worry. You have to give positive feedback 15 times per day to start being ineffective.
The number one reason people leave their jobs is that they don’t feel appreciated. 69% of employees would work harder if they felt their efforts were better appreciated. As a leader you simply cannot overlook the importance of recognising your team’s hard work as it directly leads to better financial results.
One study found companies which actively developed their culture returned 516% higher revenue and 755% higher income. The more engaged your employees are, the stronger your company will be and the more momentum you will gain. Not to mention, it is the right thing to do; recognise and value your employees.
How do you bring this to life
Reward and recognition is one facet of employee engagement which is easily overlooked in the busyness of our days. I like to do pulse checks on reward and recognition with my teams and it never ceases to amaze me how much more recognition they want.
Keys to a great reward and recognition program;
Make it part of your operating rhythm. If it’s not in the diary it doesn't happen.
Be specific in your praise. What did they do and what was the outcome.
Give recognition in a way that is meaningful to each individual employee. Some individuals like open praise, others prefer it one-on-one.
Don't just celebrate financial results, include behaviours as well. Rewarded behaviour gets repeated.
Keep it simple, the more complex a system is the less likely you will keep it up.
Do not be shy in getting input from your teams.
People want to be seen for their contribution and for what they individually bring to the table. Simply saying that you see their hard work and appreciate it goes a very long way.