Why Employee Appreciation Matters & Can Boost Your Bottom Line
Attracting and retaining talent creates a positive working environment for your business, but it’s also good for your bottom line. When team members come and go constantly, your office becomes a revolving door, with no steady workforce, abiding company culture, or continuity for your clients. What’s more, breaking from your duties to post ads, interview applicants, and train new hires takes up valuable time—and time is money. Instead, creating a working environment with built-in perks and morale boosters makes everyone happy, including you as a leader. You’ll have fewer fires to put out or squabbles to referee if your employees are motivated, feel appreciated, and inclined to work together for the business’s greater good.
In that vein, let’s consider the concrete benefits of employee appreciation and how to apply these principles to your business in meaningful ways.
What is employee appreciation and how do you enact it?
Whether built-in through perks and benefits or by hosting regular events, employee appreciation is about making your team feel valued and part of a whole. No one wants to feel replaceable or voiceless, so it comes down to this basic truth: employees who feel heard and appreciated invest more in their work and your business. Likewise, no one wants to hop jobs every six months. Employees desire reliability and consistency in their work options, but they’ll be forced to move on to greener pastures if they don’t feel like their talents and contributions are recognized, or if there isn’t enough value to match their output.
By displaying gratitude through employee appreciation, you’re sending the message that your employees’ efforts are respected and considered integral to your operation’s success. Employee appreciation also sets the right tone for professional relationships in your office to flourish, which makes for better workflow and communication on an interpersonal level. Motivation and morale are closely tied to employee appreciation, so there is a clear symbiotic benefit to investing in your employees’ happiness in order to breed a happier, more productive work environment.
How do you make employee appreciation an active part of your business model? To start, keep it simple. Treat your employees to a bagel spread on a Monday morning to boost morale ahead of the workweek. Or, consider an employee happy hour on a Friday, or a group lunch mid-week. Well-timed moments of generosity can lift spirits and signal your intuitiveness as a leader, while creating fuel for upcoming projects and deadlines.
If you want to take it to the next level, consider in-office perks from which your employees can derive value or morale. For instance, some offices allow employees to bring in their docile pets. Other offices keep the communal kitchen stocked with sparkling water, fresh fruit, and quality coffee to keep team members satiated. Maybe your office would benefit from a modern décor update, which might make for a more compelling, progressive workspace for your employees to enjoy. Whatever route you take, cultivating a positive office environment can extend employee appreciation on a daily, hands-on basis.
Perks and benefits are another way to build-in employee appreciation and demonstrate your investment in your team. Bike-to-work benefits, subsidies for public transportation or gym membership costs, or even supplying your team with their own smartphone—all demonstrate a company culture that’s focused on fueling your team’s morale and productivity.
While some of these steps may seem like a costly investment, the returns are unequivocal when it comes to lasting employee retention. Turnover is a blight on your bottom line, so taking a proactive approach to employee appreciation can inspire a dynamic team, lead to a more positive work environment, and boost your financials for the long term.