The concept isn’t a new one. Promotions Now has been saying it for years, and I’ve been blogging about it for months. And we don’t even claim to be the ones who originated it. No, employee appreciation has been in existence since the first time an employer showed his or her employees how much he or she cared about them. And while no one remembers quite when that was, we all know it was a very, very long time ago.
Regardless of precisely how long employee appreciation has been kicking around at workplaces everywhere, we now have new evidence that showing appreciation for your employees’ efforts will pay off for you in the long run. Findings from a new study conducted by Harris Interactive for Glassdoor, a jobs and career-focused website, in September show that those who employees who feel like they are the most appreciated by their employers are likely to stay in their current jobs the longest.
Considering that it can cost twice the amount of a new employees’ salary to hire him or her and train, pay taxes, benefits and other expenses for the individual — staffing firm JDA Professional Services, Inc. claims that an IT employee making a $60,000 salary can cost up to $150,000 to replace — keeping those you hire around for as long as possible should be a top priority for employers.
The good news is that if you’re worrying that showing your entire staff that they’re appreciated in order to keep them around is going to be an entirely new expense, that concern is about to be alleviated: 68 percent of employees already feel that their boss shows them enough appreciation. So in order to keep the majority of your employees happy, all most employers have to do is keep doing what they’ve already been doing. But there is more than just the remaining 32 percent to worry about. Fifty-three percent of workers stated that they would remain with their current company longer if they more appreciated by their superiors. It would seem, then, that most bosses have some work to do.
Can you guess what the top way to show appreciation for your employees is? Sure you can. The answer is as obvious as you would assume: money. Seventy-five percent reported that receiving a raise would motivate them to work harder and stay with their current company longer.
Cold hard cash isn’t the only way to show your appreciation, however. Employees also feel appreciated when given surprise rewards like free meals and thank-you notes. Others still stated that more power in decision-making processes and public recognition for their hard work makes them feel more appreciated.
No matter how you choose to show your appreciation for your employees, doing so will be cheaper than hiring their replacements. Keep that in mind the next time you ask yourself if you can really justify giving out raises or having a free company/department lunch once in a while.