Mark your calendars — Employee Appreciation day is on March 3rd, 2023 — only five weeks away! Dedicated to recognizing employees' hard work and loyalty, Employee Appreciation Day is an opportune time to celebrate the people who drive your business forward.
In the past, employers and bosses could have let this day go by without even realizing it. But the dynamic changes brought on by remote and hybrid work environments, the Great Resignation, and post-pandemic demands have lent new importance to the valuable role every employee plays in the success of an organization. If employees don’t feel valued or appreciated, they’ll walk. But on the flip side, new research has found that people who feel appreciated at work are half as likely to be looking for a new job and 3x more likely to see a path to grow within the organization.
The “employee of the month” award hasn’t aged well. In this blog, we’re sharing why recognizing people on Employee Appreciation Day—and throughout the entire year—is more important and in demand than ever before.
Appreciated employees boost more than bottom lines.
A robust and healthy employer-employee relationship is a win-win situation. Thoughtful recognition from managers and leadership can positively impact productivity levels and attract top talent to an organization. Don’t just take our word for it, let’s look at the facts:
- 75% of employees report corporate gifting inspires productivity and boosts morale.
- 88% of professionals report they are more likely to remain loyal to a company if they feel appreciated and valued.
- Companies with highly engaged employees are 21% more profitable.
- 81% of employees surveyed believe they would be more motivated to work harder when shown appreciation by the powers that be.
Tangibly recognizing and appreciating employees’ contributions provides encouraging proof of how much their employers value them. It is the key to unlocking people’s potential, increasing job satisfaction, and driving profitability. Workplace recognition sets off a powerful chain reaction: higher engagement levels lead to more motivation, improving performance. In addition, appreciating a specific action taken by an employee is more than likely to follow similar behavior in the future.
Avoid the cost of employee disengagement.
Far too often, a decrease in productivity signals employee disengagement. Findings from a 2022 research study show that 90% of employees felt disconnected from their organization before resigning, and 89% left their jobs due to a lack of appreciation. As a result, organizations lose internal knowledge when they lose experienced employees and encounter frustrating interruptions in their ongoing operations. Managers should not forget that replacing even a single employee comes at a price. Research conducted by Gallup shows that conservative estimates of employee replacement costs can amount to double the employee’s salary.
It is not only the cost of replacing employees that can drop profit margins; the cost of employee disengagement can be punishing, too. An unhappy workforce can have a significant impact on productivity. Research has shown that an organization can experience a 37% higher rate of absenteeism and 18% in reduced productivity levels when people don’t feel valued. Another Gallup statistic indicates that unhappy employees show a 15% lower profitability.
Showing employees that they are valued members of a company goes a long way to retaining their loyalty. The pay and benefits could attract people to a job, but appreciation encourages them to stay.
Appreciation strategies that produce real results.
Every organization today is striving to recruit and retain great employees. And perhaps the best investment they can make in those efforts is to evaluate how they effectively recognize the employees who make it all possible.
Showing appreciation through meaningful gifting can have a bigger impact on employee morale and motivation than you think. Inviting employees to select a gift of their choice is an excellent way to show them that their efforts are valued and appreciated. The best part — your investment doesn’t have to break the bank. Cultivate offers a variety of proven solutions at a number of different price points. We partner with companies of all sizes to deliver appreciation at any scale.
Though Employee Appreciation Day is a holiday worth adding to your calendar, it’s just one day out of 365. A workplace culture that makes employees feel appreciated every day is what everyone wants to be part of. Let us help you boost productivity, drive profitability, and win the war for talent — one gift at a time.
Connect with our Gifting Experts to learn how Cultivate can help you give your employees more than a gift on Employee Appreciation Day and beyond.