Over the last twenty-five years, the ways companies do business have transformed. At the same time, people’s wants and needs have transformed with it. Yet, some companies are still using outdated methods and applications that do not positively benefit its bottom line, employees, clients, or stakeholders.
Forward-thinking business leaders have started taking a more personalized approach to provide people with what they need to feel appreciated and recognized. Gallup’s September 2022 study, Unleashing the Human Element at Work: Transforming Workplaces Through Recognition, found that “a 10,000-employee company can save up to $16.1 million in turnover costs annually by creating a culture of recognition” — and that doesn’t include the added benefits of increased productivity, engagement, and Return On Appreciation.™
Your team of Gifting Experts is here with a friendly reminder that a simple “thank you” and pat on the back from the CEO won’t drive memorable appreciation. You may be wondering, “what does meaningful and personalized appreciation look and feel like?” Continue reading to learn why appreciation must be delivered in a meaningful and personalized way in order to transform your workplace and bottom line.
The five pillars of effective recognition.
According to Gallup’s recent findings, effective recognition should fulfill the following five pillars: fulfilling, authentic, equitable, embedded in culture, and personalized. While our Expert Solutions embody these five pillars, that doesn’t mean our approach for recognition is one-size-fits-all. Instead, we believe every person at every company has an idea of how they’d like to be recognized. Thus, when you partner with Cultivate, we help you deliver appreciation that is aligned with your goals and people’s ambitions.
- Fulfilling: Appreciation must be delivered genuinely and create a memorable experience.
- Authentic: The appreciation must mean something to both the person expressing gratitude and the person receiving it.
- Equitable: While every gifting program should be unique, each person should be appreciated in an inclusive and fair way.
- Embedded in the culture: Recognition should be intertwined with people’s everyday interactions with your company to build a culture and reputation of appreciation.
- Personalized: People have different styles, preferences, and passions. The recognition they receive should be reflective of their interests.
How to deliver personalized appreciation.
Your company’s approach to appreciation can have all the components that make it fulfilling, authentic, equitable, and built into the culture. But if it isn’t personalized to the person receiving it, your efforts may completely miss the mark. The best way to determine how people like to be recognized is to ask them! While this may sound reasonable, only 10% of people surveyed by Gallup “strongly agree they have been asked by someone at their current workplace how they like to be recognized.”
For example, some people enjoy public appreciation in front of their peers, but for others that can be daunting. Gallup’s recent study found:
- 29% of employees say they prefer to receive private appreciation and recognition
- 7% prefer to receive public appreciation and recognition
- 64% prefer a mix of both public and private appreciation and recognition
Appreciation has the power to create a lasting culture and spark meaningful connections while also benefiting the bottom line. While it’s not difficult to achieve, this kind of forward momentum and success won’t happen unless it’s a company priority. And for many businesses, it’s not. In fact, “81% of leaders say recognition is not a strategic priority for the organization.”
Now, all forward-thinking leaders have an opportunity to get ahead of the curve – and generate a Return On Appreciation™ that everyone benefits from. By investing in a gifting strategy that allows for personalized and authentic appreciation to be given across the organization, you can watch your company’s return on investment rise to new heights.
Personalized and authentic appreciation has the potential to completely transform an organization. Companies can say “thank you” to people in fifteen different ways, but if the appreciation is perceived as insincere, then efforts go wasted. Gallup research found only about one-third of people “strongly agree the appreciation they receive is genuine.” When your gifting programs hit the mark, your company can cultivate a culture of appreciation that lifts employees, clients, and stakeholders – and lifts the bottom line with it.
Ready to deliver authentic appreciation? Connect with a Gifting Expert.