HR & Management

Three reasons that saying thank you is vital for business success

5 min read

20 May 2016

Simply making the effort to thank the people that make your business a success every day has been proven to boost business. Not convinced? Here are three reasons why saying thank you in meaningful ways will enhance your operation.

Image: Shutterstock

Some 71 per cent of executives rank employee engagement “very important” to achieving company success, according to a report published by Harvard Business Review.

Furthermore, the research links high employee engagement – and happiness – to high customer satisfaction levels.

(1) Cultivating a good company culture

Thanking individuals within the business for their contributions will increase employee engagement, morale and ultimately productivity. However, building and nurturing a positive company culture is harder said than done. It takes years, if not decades.

For instance, a recent study by Steelcase showed that 83 per cent of employees in the UK are not engaged or actively disengaged at work.

So, here are some quick ways to increase employee engagement:

Company-wide activities

Dedicating time for your employees to socialise and forge friendships is the foundation of any happy workforce. This can come in the form of weekly sports activities like joining a local football tournament for example, monthly office parties or bi-annual trips out of the office – or even the country.

Why SMEs should think of today’s employees as consumers

Freedom

Instilling trust in individuals will do wonders for morale. Ensuring employees feel valued and responsible for their actions, while giving them freedom, is vital to individual happiness. Flexible working is a great way to do this. Whether it’s allowing individuals to work the hours they choose between 8am-7pm, or work from anywhere once a week to increase motivation as well as creativity.

The reasons 7.5m UK workers want to swap a pay rise for home working

Reward schemes

Give back to the individuals in the company that go that one step further. This can mean a variety of things, from hitting targets and objectives, “employee of the month” programmes or other niche monthly rewards. However, it is worth considering investing in the reward. Receiving a plastic trophy for outstanding work may undermine the initiative. Rather, choose prizes that can be personalised for each individual.

Giving thanks can also bring in new talent and happy customers – read on for the final two methods you can embrace to boost your business.

(2) Attracting talent

Identifying employee contributions to the business, and thanking each member in the right way can increase staff retention, but also attract talent. Recognition for work was one of the top five drivers of candidates taking new roles in the UK, and was tied as the top attraction in the EU, Towers Perrin’s has revealed.

A great way to showcase company culture to potential candidates is through social media. Use platforms like Twitter, Facebook and LinkedIn to highlight your brand’s fun side.

Share photos of your latest brainstorming session, feature employees in your marketing video and ask team members to contribute blogs to your website about their experience.

You can even – depending on the size of you company – can set up a social media profile for careers.

Keep in mind, 55 per cent of workers would leave their current job for a company that recognises its employees’ efforts and contributions, according to Globoforce.

Image: Shutterstock

The ten industries desperate to fill graduate jobs

(3) Customer loyalty

Happy employees mean happy customers. If staff love Mondays, their work is more likely to shine. This can translate into business success in terms of customer loyalty as well as new sales.

A good way to ensure this happens is linking staff performance to key targets that can be rewarded on a quarterly, bi-annual or yearly basis. Targets aren’t just for the sales department, linking employee performance to clear KPIs is a great way to motivate individuals and highlight how their specific role impacts the wider business.

This can be done department-by-department as a way to encourage team work and competition.

How do you thank employees? Let me know by tweeting @wearecarabella

Jessica McGreal is marketing manager at Carabella Gifts

These are the most effective reward programmes in the world, which should be a good source of inspiration to get you started