We all know the success of our businesses rests on the shoulders of our employees. Inspired by tech giants like Google and Facebook that have been recognized among the best places to work, we invest is perks than we do in employee growth or gratitude. A basketball hoop in the lounge, change of food in the cafeteria perhaps or even a slight raise. While these perks are very well appreciated by employees, these are not the factors that help with employee retention.
A report by TINYpulse found that perks even though offer a stress-free environment are not enough if the employee doesn’t get the occasional gratitude. The survey which comprised of more than 500 organizations and 30,000 employees found that when the employees received more recognition, they were more likely to rate their workplace as fun. An even more interesting find was that around 70% of them were more likely to be engaged at the office by peers than by perks or amenities. Though, not many businesses are excelling at it. The report also found 79% employees who felt undervalued according to the work they put in. 55% of employees will leave an organization for other for better recognition and work appreciation as found by Employee Retention Specialist, Globoforce.
“Employees want to work for an organization that not only values their work but that shows them appreciation.” – Laura Troyani, Employee Engagement Guru at TINYpulse.
A separate study had found that individuals who meet every day had a sense of team and that made work all the more fun. When compared to employees that hardly met once a month, it was found that the sense of belonging and interest in work was far less. Globofoce conducted a similar study that found that 71% employees loved their companies because they had friends at work compared to 24% who didn’t have any friends. This was reversely true as well. Only 21% of employees with friends were willing to leave the organization for other as compared to 49% of those who didn’t have friends.
This clearly implies peer connections also affect the retention of individuals in companies.
Businesses today need to invest more in the growth of employee and the simplest way to do so is recognizing their efforts. Here are a few ways a business can value their employees.
Praise and say thank you
The words are often underestimated. A thank you goes a long way in motivating an employee to work in your office. What is more important is that when you state the reason for your appreciation which highlights the efforts of an individual, it feels a genuine gratitude. Highlighting the effort also implies that it was an important action and creates a positive environment for the employees.
Improve Peer relationships
A common notion was that manager to peer relationship are important for an employee and the business. However, as mentioned above, employees feel safer and engaging to work with peers who are social and accepting. Activities and positive behavior can be promoted to seep in a sense of belonging to employees. The cultures in which employees work can help an employee feel valued or otherwise.
Needless to say, employee appreciation is one of the ways to set a good culture in the team to create a support system for the employees. The engaging and interactive environment is responsible for employees finding the will and interest to work along with being productive. It is, therefore, crucial to invest in your employees first with a thank you even before investing in giving them a raise and increasing perks.
About Author:
Ampac USA is a manufacturer of water treatment systems used around the globe for quality drinking water. The company has an experience of over 40 years, uses the latest technology to provide a standard, reliable products and works with experts to give the best possible service.
