Hiring is one of the most expensive processes in an organisation. After all, finding the right person for the job is going to cost a bit of money. However, when you do find that perfect employee, it can feel ecstatic. All that effort has finally paid off and now you can rest knowing that the right person has filled up the position. Well, it would be great if this were true. But, employees are humans and humans don’t like to stay in situations that they don’t find rewarding. In other words, what we are saying is, your perfect employee can walk out at any time. You could make him/her stay with a higher pay or more benefits, but, why do all that when the actual answer could be far more cost-effective? We’re talking about appreciation and how far it can go to help you retain your employees. The facts Whether you like it or not, appreciation does play a strong role in ensuring that employees stay with the employer. In fact, studies have shown that the lack of appreciation is the number one reasons why employees tend to quit. In another study, it was found that 80% of employees that stay with their employers do so because they are shown appreciations for their contributions. To put it simply, employee retention is directly proportional to the amount of appreciation shown. The more you appreciate your employees, the likelier they are to reward you with loyalty. So, how can you show appreciation? Offer public praise One obvious solution would be to offer public praise. Your employees are bound to accomplish something or the other at some point in time. So, take the time to highlight these achievements. You can either do it in person, in front of the rest of the team or send out a company-wide email. The idea is to make it go public so that the employee knows he/she is being celebrated for their contributions. Offer a token of appreciation Reward your employees for their hard work and contributions. This is a great way to show appreciation and also motivate them. The reward can be in the form of a small gift or even a bonus. This can have a deep impact on the employee’s mind and encourage them to do more. More importantly, you’re motivating them to stick with your organisation for good.
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