Improve Your Retention By Increasing This One Thing

Appreciation: recognition and enjoyment of the good qualities of someone or something. (Collins Dictionary)

Appreciation may seem like one of those soft HR concepts that, in the hard business world, doesn’t matter much, but research suggests that it could be a key factor in increasing retention rates and improving your employee experience with your company. 

In fact, according to an Office Team study, two-thirds of employees say they would quit if they don’t get enough appreciation, making it highly beneficial for your company to focus on increasing appreciation. 

In a recent survey by Thnks, 55% of the employees surveyed said that they are only thanked a few times a year, once a year or never. Without showing constant appreciation, employees can become less productive or, even worse, turnover rates increase.

In a time of drastically low unemployment, it’s more important than ever to focus on retention strategies, and appreciation and satisfaction should go hand in hand. 

How to increase workplace satisfaction

• Make appreciation personal

Showing you know your employees by giving them rewards that are personalised. Do they love coffee, wine or golf? Knowing their interests shows you care about them as a person rather than just about what they bring to the business. Making appreciation personal makes it more meaningful and effective.

Rewards for appreciation don’t need to be at certain times of the year either. Making appreciation spontaneous increases motivation all year round. 

• Use feedback and review sessions to express your appreciation

Feedback and review sessions are often seen as a time to criticise and strategize improvement; however, it’s also important to use these sessions to highlight achievements and praise your employees for high performance. 

Employees want recognition for effort, not just results.

• Lead with gratitude

Leading your team with gratitude while being humble enough to listen to constructive criticism increases productivity. In a growth mindset, you’re able to have an honest relationship that is built for long-term success. This instils overall trust in everyone’s ability to thrive in their role and be accountable for their results.

Key statistics

• 66% of employees say they would "likely leave their job if they didn't feel appreciated." This is up significantly from 51% of employees who felt this way in 2012.

• Among millennials, the number of employees who'd leave if unappreciated jumps to 76%. This helps account for the overall increase from the 51% figure in 2012, as millennials are becoming the dominant generation in the workforce, with a unique set of characteristics and needs.

• From a management standpoint, 54% of senior managers feel "it's common for staff to quit due to lack of recognition." Though this is a reasonable number, there's still a sizable disconnect between management's perceptions and the 76% of millennials who report they'd respond this way.