Considerate Bosses Boost Business Success Rate
75% of bosses fail to show staff sufficient gratitude, impacting profitability and performance by up to 44%
Recent research has revealed employers who show employees simple recognition can boost business performance by as much as 44%, improving staff motivation and retention.
The report, conducted by One4all Rewards, found that 20% of staff have never received even a simple thank you from their employers, and 75% felt they had received “insufficient gratitude” for the work that they do.
The findings showed that while 24% of employees are rewarded with physical rewards, such as cash or gifts, only 11% of companies have incentive schemes in place – where rewards are received for hitting certain goals or milestones.
These schemes prove more effective as staff feel that bonuses are earned by their individual efforts and not as a matter of routine.
Declan Byrne, the UK managing director of One4all rewards, discussed the research:
“In a busy working environment it’s easy for bosses to forget to say “thank you” as often as their employees would like them to, but failure to correct this will severely impact on performance and profitability.”
“There is evidence that a simple “thank you”, delivered in the right way, can […] save considerable money through better staff retention and avoid the need to pay inflated salaries in order to attract people with the best skills.”