27 September 2019 | Herpreet Kaur Grewal
Business leaders who thank their staff experience reduced staff turnover, improved staff retention and more successful talent acquisition, research suggests.
A study of 1,253 workers, carried out by workplace and incentives provider One4all Rewards and published in The 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 study shows that 61 per cent of UK workers said that a company that rewards its staff with an individual cash bonus or gift card at regular intervals is a more desirable place to work.
The same number (61 per cent) of workers stated that they would be more likely to apply for a job with a company that gifts staff with 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 per cent 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 shows that 65 per cent 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.
At the opposite end of the motivation scale, 40 per cent of workers said 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 per cent) 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.
Forty per cent of UK adults also said they would be unlikely to apply for or accept a job offer from a company that did nothing to say 'thank you' to its staff.