The value of appreciation Convincing skeptics

The value of appreciation Convincing skepticsThe value of appreciation Convincing skepticsMany business and organizational leaders are skeptical about the value of appreciation. Leaders frequently ask*What benefits will I or my organization gain from training my leaders and staff in communicating appreciation to one another?*Why should we be concerned about whether our employees feel appreciated?*Whats the potential benefit for the time, energy and cost it will take?Follow Ladders on FlipboardFollow Ladders magazines on Flipboard covering Happiness, Productivity, Job Satisfaction, Neuroscience, and moreThese questions are neither unusual nor unreasonable for those who are responsible for the financial well-being of a business. The world of work is a demanding environment with harsh realities and no one has extra time or energy to waste on projects that do not contribute to the success of the organization. So,why is appreciation so important to the success of a business?The importance of employee engagementAppreciation in the workplace is directly related to employee engagement. The level of employee engagement within a workplace is important to leaders because it has been shown to be highly predictive of numerous positive benefits that impact the functioning of a company. Over several years theGallup organization conducted research and interviewswith one million employees across the world, found that employees feeling appreciation is one of the core factors that can improve employee engagement.Additionally, numerous studies (over 50 are cited in our new, revised version ofThe 5 Languages of Appreciation in the Workplace)have identified significant positive results when team members feel valued and appreciated. For example, AGlassdoor surveyfound four out of five employees (81%) say they are motivated to work harder when their boss shows appreciation for their work. Additional benefits to companies and organizations includeLowering staff turnoverFewer on-the-job accidentsLess employee theftLower staff turnoverHigher customer ratingsGreater productivityThe bottom line Increased profitabilityFor those who are driven by the bottom line of profitability, the data is clearengaged employees increase a companys profitability.In ameta-analysis of 263 research studies, employers with the most engaged employees were 22% more profitable than those with the least engaged employees.The same study showed that businesses with more disengaged employees have 51% more turnover than businesses with more engaged workers. Good employees are not easy to find, develop or keep. Hiring a part with the training and experience needed to do the job is difficult enough, but finding someone who has the character qualities you desire is virtually impossible. So, keeping the good employees you have is a huge benefit to any organization.The disconnect between supervisors and employees Its not about moneyAs a business leader, you are at risk for misunderstanding how to kee p your team members. Many owners and managers believe their employees are motivated primarily by financial gain that employees will stay if they are given more money. Research studies for decades have debunked this belief.Most employers (88%) believe employees go to another job for more money, but only 12% of employees report that is the reason they are leaving.The vast majority of employees, when they voluntarily leave a company, report they dont leave for more money. In fact, 79% reportthat a primary reason they leave isbecause they dont feel appreciated.Many business leaders dont believe this, so let me offer you some compelling data. In a globalstudy of 200,000 employees, the Boston Consulting Group found the 1 factor employees related to enjoying their job was that theyfelt appreciated(financial compensation didnt show up until 8).WARNING Your employees dont feel as appreciated as you thinkYou may think you are doing okay in this area that your employees know you appreciate th em. Sorry, probably not. A nationalGloboforceemployee recognition surveyfound that 51% of managers think they do a good job of recognizing employees for work well done. But the problem isonly 17% of the employeesfelt their manager did an adequate job of recognizing them for doing a good job. That is less than one out of five employees believe their supervisor adequately communicates appreciation for the work they do. Obviously, there is a disconnect somewhere.What we have found is thatEmployees want to feel valued and appreciated at work.Most employees dont feel appreciated.Many leaders either Dont care how their employees feel-Think they are doing an adequate job of communicating appreciation, or Dont know what else to do (beyond what theyve been doing.)If you (or your leaders) fall into one of these categories, WAKE UP. The issue is important and can be remedied. We have repeatedly been able to improve staff morale, increase employee engagement, and create more positive workplaces across numerouswork settings and industries. Want some testimonials?Click here. Want to learn how to make it happen in your organization? Start with thebookor ourtraining resources. Being totally straightforward they work.This article originally appeared on Appreciation at Work.You might also enjoyNew neuroscience reveals 4 rituals that will make you happyStrangers know your social class in the first seven words you say, study finds10 lessons from Benjamin Franklins daily schedule that will double your productivityThe worst mistakes you can make in an interview, according to 12 CEOs10 habits of mentally strong people