Happy Employees Stay Longer
A study done by online career site Glassdoor reveals that more than 80 percent of employees say they’re motivated to work harder when their boss shows appreciation for their work. This is compared to the less than 40 percent who are inspired to work harder when they fear losing their job or their boss is demanding.
Showing gratitude can help keep workers from looking elsewhere for employment. More than half of the people said they would stay longer at their company if they felt more appreciation.
While more money is the first type of recognition employees would prefer, there are several less-costly methods. The study found that 46 percent of employees would feel more appreciated if their boss gave them an unexpected treat. Perhaps a snack, lunches, dinners or thank you notes, while 24 percent would enjoy a company-sponsored social event, such as a holiday party or happy hour.
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Some more forms of no-cost appreciation that employees want from employers include:
• Being involved in decision making processes
• Career opportunities
• Recognition at a team meeting or in a company newsletter
Some studies (such as SHMR) predict that every time a business replaces a salaried employee, it costs 6 to 9 months’ salary on average. But others predict the cost is even more. – Losing a salaried employee can cost as much as 2x their annual salary, especially for a high-earner or executive level employee.
Simply put the cost to keep your current employees happy and wanting to stay far outweigh the cost to look for, interview, and train new employees.