Don't Underestimate the Power of Employee Appreciation
Feb 12, 2021
National Employee Appreciation Day--a day dedicated for employers to express their gratitude and goodwill for employees--falls on Friday, March 5th in 2021.
We’ve done a little digging and learned a LOT about the reasons showing appreciation for employees is not only a boost to employee morale, but an integral part of an effective strategy for retaining and motivating a workforce.
Let’s not mince words: turnover is a major problem, and it costs companies millions of dollars every year. A Gallup estimate put the price of replacing an employee at twice their annual salary AND found that U.S. businesses are losing $1 trillion annually from voluntary turnover alone.
Employee Recognition Fuels Retention
It may be common understanding that employees who feel the love will stick around longer, but let’s look at some cold, hard data* to back that up.
Of employees who have been recognized (recently or regularly), 63% say they are very unlikely to look for a new job. In contrast, a mere 11% of employees who are never recognized say they will not be job-seeking within three months. Moreover, a lack of recognition and engagement drives 44% of employees to switch jobs.
These statistics highlight exactly how recognition and morale are related. Low morale demotivates employees and paves the way for attrition in the long run.
Appreciated Employees Work Harder
Companies that prioritize recognizing employees ultimately encourage them to bring their best to work every day. Appreciation can optimize productivity and hard work. 40% of employed Americans admit they would put more energy into their work if they were recognized more often.
This proves to be a huge area of opportunity, as 82% of American professionals surveyed complain they are not receiving adequate recognition for their contributions.
So it seems like a no-brainer for companies that employee recognition is an important strategy for workforce retention, productivity optimization, and overall cost effectiveness. And there is no time like the present to begin your employee appreciation efforts.
Here are some options we love for showing your employees the love this March and year-round.
AWARDS FOR MILESTONES
Okay, we can’t resist sneaking in another pertinent statistic… 69% of employees who were looking to leave a position said better rewards and recognition would encourage them to stay on at the company.
We love this fresh take on a perpetual award for use year after year.
CURATED UNBOXING FOR REMOTE WORKERS
With the events of the last year, we’ve seen a drastic increase in people working remotely. A thoughtful Employee Appreciation gift box should stick to a theme and include a selection of products that speak to those workers’ needs as they continue to navigate work/life integration on a daily basis.
Some of our favorite WFH picks include:
- Ring Light (Pretty much mandatory for all those ZOOM meetings)
- Personalized Drinkware (So when they DO come back to the office, there's less opportunity for a germ-spreading drinkware mix-up)
- A Super Versatile Bag (Making the transition from office to home office more seamless)
A COZY THROW
This Micro Mink Sherpa Throw is a huge hit for its comfy, cozy vibe.
We’ve got tons more ideas, but prefer to personalize them to your company’s needs and overall goals. Give us a call today, and let’s get started strategizing for your ultimate employee appreciation celebration.
* Statistics taken from HR Technologist