New research reveals that business leaders who thank their staff experience reduced staff turnover, improved staff retention and more successful talent acquisition.
A study of 1,253 workers, carried out by workplace and incentives provider,One4all Rewards, and published inThe Magic Word for Business Growth Report, surveyed workers on the impact their existing and potential employers and bosses have when they say thank you or express gratitude for a job well done.
The research revealed that 61% of UK workers said that a company who rewards their staff with an individual cash bonus or gift card at regular intervals is a more desirable place to work.
The same number (61%) of workers stated that they would be more likely to apply for a job with a company who gift staff an annual cash bonus or gift card.
Non-cash rewards such as treats, or gifts shared at regular intervals, would make a company a more desirable place to work for 56% of respondents.
Gratitude and appreciation expressed by business leaders is not only an effective tool to attract new talent but also for motivating and retaining existing staff.
The data found that 65% of UK workers would be motivated to work harder if they received an individual cash bonus or gift card at regular intervals from their employer.
On the opposite end of the motivation scale, 40% of workers cited that they would feel less motivated to work hard if their employer did nothing to say ‘thank you’ or show gratitude for a job well done.
Reducing people’s propensity to leave is also key to reducing staff turnover and increasing business growth.
Almost half (48%) of the UK workers surveyed said that rarely receiving any form of thanks or gratitude from their employer would make them want to leave the company.
40% of UK adults also said they would be unlikely to apply for or accept a job offer from a company who did nothing to say ‘thank you’ to their staff.
Michael Dawson, CEO of One4all, said: “Recruitment issues are something that affect all UK businesses regardless of size, industry, or stage of business they may be. A simple thank you from business leaders can create a butterfly effect retaining existing staff, attracting new talent and motivating employees to be more productive. High staff turnovers can be costly when considering the recruitment fees and training costs and reducing these costs can ultimately result in business growth and success.
“It’s important that business leaders understand the accumulating effect two simple, yet effective words can have on their overall business success. Not only do employers need to make sure they express thanks to their staff for a job well done but the timing and delivery of that gratitude is also key.”
One4all Rewards are industry experts in benefits and rewards. Working with over 6,000 businesses of all sizes nationwide, One4all Rewards helps to transform customer and employee relationships through successful rewards and incentive schemes.
For more information and to read The Magic Word for Business Growth Report, visit One4All rewards website.