Let’s talk about one of your employees. Let's call her Danielle.
Danielle has the talent and skill your team needs, and an energy you’re sure is going to be infectious. Her experience is written all over her resumé. You saw her confidence and humor come out during her interview. The team did, too. They were on board immediately. Within a couple of weeks, Danielle is cranking out solid work, meeting deadlines, and eager for more.
And what do you do in response to seeing these things? For far too many employers, the answer is: nothing.
Our research has shown that an incredible 79% of employees feel either marginally valued or extremely undervalued at work. The main culprit? Feeling unappreciated for the very thing they were hired for: their work.
This sad truth, it turns out, could be affecting your bottom line.
Findings from a recent report by human resource experts Bersin & Associates show that engagement, productivity, and customer service are about 14% better in organizations who recognize employees for their work.
As this PWC report highlights, Millennials especially expect to be appreciated and valued in their workplaces. They are willing, in fact, to put a premium on culture and collaborative workplaces over financial gain, a major difference from their Gen X and Baby Boomer counterparts.
Saying “thank you” and showing appreciation doesn’t have to be expensive, but it can be extremely valuable. Think about the little things you see occur in your workplace all the time:
- An employee takes a new employee out to lunch to welcome her to the team
- An employee clears out the dishwasher without being asked
- An employee spends an hour teaching a fellow colleague how to use a software program
- An employee closes their first sale
- An employee stays late to help a client solve a service issue
Do you say “thank you” when you see this happen?
If not, you’re failing to recognize the things that make your company a better place to work than the one Danielle left behind. At the very least, you’re doing your team a disservice. Far beyond that, you could be doing damage to your bottom line.
On the bright side, without all those pesky profits, you won’t have a team to worry about.
If that’s not the bright side you’re looking for, consider an alternative: say thanks once in a while, and watch everything get better.