This Friday, 4th March 2016 is employee appreciation day. It is an unofficial holiday which was created in 1995 as a way to encourage all employers, in all industries to recognise their employees for their hard work and effort throughout the year.
In a perfect world employers shouldn’t need a specific day to recognise their employees; they should be doing it every day of the year. But unfortunately were not in a perfect world and some employers need that little push to realise the importance of their employee and the value they bring to organisations.
So why is employee recognition so important?
Correctly communicated recognition is fundamental for any successful business. It provides confirmation in the value of an employee’s work as well as providing them with a sense of purpose and confidence in themselves.
Employee recognition has been proven countless times to increase productivity, employee engagement and decrease turnover rate. In fact, lack of recognition was voted the number 1 reason for employees to voluntary leave their job. So it’s not all that surprising that the top 20% of companies that were voted to have the best ‘recognition-rich culture’ have a 31% lower voluntarily turnover rate.
Recognition is often partnered with rewards in order to make the achievement feel more significant, such as gifts or monitory rewards, which we have discussed in our previous blog ‘Merchandise VS Monetary Rewards’. But in truth, the most important element of recognition is that the employee feels genuinely appreciated.
Genuine appreciation is a social emotion that is nearly impossible to fake. Even when it is genuine, the value of it can sometimes be lost through ineffective communication. So, when it comes to showing appreciation it’s important to act as soon as possible. No time is better than the present. This statement couldn’t be truer than when discussing appreciation. It’s also important to be direct and specific. There is no point showing appreciation if nobody knows who it is for or what it is for. Last, but definitely not least, it’s important to show consistent regular appreciation. By doing so you will foster a healthy recognition culture, that improves the wellbeing of the individuals as well as the collective dynamics within the workplace.
So come 4th March 2016, whether you are planning to take your employees out for lunch, treat them to some goodies, or even spoil them with some time off, we hope some part of you remembers that every day should be Employee Appreciation day.