5 Reasons Why Gratitude Matters to Your Business
“Feeling gratitude and not expressing it is like wrapping a present and not giving it.” William Arthur Ward
Gratitude. It seems like a simple thing to give, but it is a rare thing in most workplaces. Despite numerous studies on the positive effect gratitude can have, it is something that is often forgotten about, especially by managers and business owners. Given a list of categories from friends to education to modern medicine, people were most grateful for their immediate families. Lowest on the list was their current job.
According to a survey by the John Templeton Foundation, people are less likely to feel or express gratitude at work than anyplace else.
“It’s the habit that people bring to the workplace,” says Emiliana Simon-Thomas, science director at the Greater Good Science Center at the University of California, Berkeley. “They feel reluctant at work to say thank you, but those bosses who do actually tend to be more respected.”
Gratitude can help build healthy workplace environments and solidify strong relationships between employers and employees, and the numbers back it up. Some bosses are afraid that offering gratitude weakens their authority, and that employees will take advantage of them, however 93 percent of those polled agreed that grateful bosses were more likely to be successful, and only 18 percent thought that grateful bosses would be seen as “weak.” To compound matters, 35 percent of all bosses polled said they had “never” been thanked for their hard work.
So how does showing gratitude make a difference? Here are 5 reasons that demonstrate how it does:
- Workplace Relationships Will Improve
- 86 percent of employees who receive strong performance recognition say they have a strong relationship with their direct managers. Only 46 percent of employees who receive weak recognition say the same.
- 76 percent of managers who recognize their employees’ performance more than once a month report having good relationships with their direct reports. Only 54 percent of managers who recognize performance less frequently say they have good relationships with their teams.
- Employees Will Work Harder
- Employees receiving strong recognition generate nearly 2x as many innovative ideas each month as their counterparts.
- Nearly 50 percent of employees who received strong recognition report working at 80 percent of their full capacity. Only 33 percent of those who receive weak recognition are working at similar levels.
- 77 percent of employees report that they would work harder if they felt better recognized
- When asked about their team’s productivity, 32 percent of respondents receiving strong recognition said their teams work at 80-100 percent capacity, compared with 17 percent of teams where employees received weak recognition.
- Organizations with higher than average levels of employee engagement see 38 percent above-average productivity.
- 42 percent of employees consider rewards and recognition program opportunities when seeking employment.
- Your Customers Will Love You For It
- 41 percent of customers are loyal to a brand or company because they consistently notice a positive employee attitude.
- 68 percent of customers defect from a brand or company because of negative employee attitude.
- Companies with employee engagement levels of over 50% (which is high) retain over 85 percent of their customers.
Just a mere 5 percent increase in employee retention can result in a 25-85 percent boost in profits.
- Your Sales Will Go Up
- Just a mere 5 percent increase in employee retention can result in a 25-85 percent boost in profits.
- Organizations with higher than average levels of employee engagement realized 27 percent higher profits, 50 percent higher sales, and 50 percent higher customer loyalty levels.
- It’s Good For The Body And The Mind!
According to the Greater Good Science Center at the University of California, Berkeley, some of the benefits of consistently practicing gratitude include:
- Stronger immune system
- Lower blood pressure
- More restful sleep
- Feeling more alert and awake
- Feeling optimistic and happy more often
- Higher levels of positive emotions
- More joy, optimism, and happiness
- More generosity and compassion
- Less feelings of loneliness and isolation
One of the best ways to recognize your employees is by offering an employee incentive. *Include link to Gratitude Series #1). An incentive card is the perfect customizable tool for rewards, holiday bonuses, personal benchmarks, quotas, and acts of recognition. With the ability to offer your employees the opportunity to spend what they want, when they want, wherever they want, you are building a strong corporate culture that will continue to forge forward. Rewarding your employees’ loyalty to your business is your reward, so reward their loyalty with something special.
Now is the time to offer your employees recognition and show your gratitude for their hard work. Our incentive solutions offer an economical alternative to cheques and other options. They provide an effective way to increase efficiency and build employee loyalty. Click here to get started.
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