Value your employees before they move on.
Studies have shown that job satisfaction among employees itself doesn’t guarantee productivity or loyalty.
It is only when job satisfaction is paired with psychological wellbeing at work that productivity is high. This is true now more than ever before. Psychological wellbeing includes a sense of purpose and meaningfulness in one’s role, a feeling of accomplishment and of contributing to something worthwhile, recognition of work by peers and managers, respect of person, fair treatment, and a sense of reward commensurate with effort.
Psychological wellbeing is so important that if it is low, there will be a high turnover of staff, regardless of how satisfied employees are with their job.
Valuing your employee’s humanity not in the abstract but by how you treat them on the job is the foundation of psychological wellbeing at work. Developing a Culture of Appreciation, especially with an online platform that delivers immediate positive feedback and celebrates contribution across the whole organisation, and which is consistent and transparent is a great place to start.
Employees who don’t feel valued and respected respond with an attitude of “if you don’t value me, why should I value you, this job, your company or my customer?”
This can have huge consequences for your business.
On the other hand, an employee who feels valued and respected, and part of the corporate vision will experience increased self-esteem, which in turn leads to increased commitment and contribution through discretionary effort. This will improve loyalty, productivity, and customer experience, all of which have a positive impact on your corporate performance.
Valuing your employees isn’t so much a New Age nice to have – it directly affects your bottom line.
If this is not your top strategy for 2023/4 you are likely to see your top performers walking out of the door.
Almost 80% of employees admit that recognition and positive feedback would motivate them to put more effort in at work.
Around half would leave their current employer for one that recognises their efforts on a regular basis.
Your people are your only competitive advantage. Everything else – products, pricing, marketing, location, etc. can be copied.
Your employees are truly unique so what are you doing to stop your top people from walking away and joining your competition?
With prestigious consulting organisations such as Mercer estimating that it can cost up to 150% of a staff members salary to replace them, how much is your business throwing away each year?
Recognising staff contribution and discretionary effort doesn’t have to be complicated or expensive. When positive feedback is part of your corporate culture and is given in a timely and sincere manner it will help build connected, empowered workplaces. This should be your ultimate aim, and a strategic part of your transition towards the future of work and creating passion in the workplace.
Thought leading organisations around the world understand the value of passionate employees and what they bring to their brand. Those companies appreciate the correlation between passionate and engaged employees, and brand value and corporate performance.
Engaged employees are proven to take fewer sick days, stay longer, are more productive and deliver greater customer/guest experience.
If you don’t value and appreciate your employees, your competitors will, and this could put you at a huge disadvantage as the race for talent attraction and retention hots up.
After all, if you don’t value your employees, your competitors will.
Tony Delaney, CEO Brownie Points
