In many ways, employees are your most valuable asset as a business owner. They are the fabric that makes up your company and has so much of an influence over its relative success or failure. Find a good team of people, treat them right, and your business will flourish. But neglect them, and you can kiss goodbye to both profits and loyalty. Here’s why employee appreciation is so vital.

Productivity

It’s common sense that if people feel undervalued within a job, they are far less likely to put in the extra hours on your behalf. Why would they, if they aren’t getting the necessary emotional or financial return for their efforts? If, however, you find ways to make your staff feel appreciated, they will see that the work they are doing is valued, and want to continue meeting a high standard in order to satisfy you. Set achievable targets and provide small but significant rewards such as company-wide praise or a team meal out.

Loyalty

If a member of staff feels unappreciated, don’t think for a second that they won’t take the first new job offer they get (and probably give you very little if any notice). Insensitive, hard-headed bosses may say “good riddance”, but it’s worth taking the time to think about why competent, indispensable employees are so keen to take their skills elsewhere. Having a member of staff leave your workplace because they don’t feel appreciated is costly to your business – you’ll have to hire and train new staff to replace them – but also to your professional status: you may begin to develop a bad reputation in your industry, making it harder for you to find decent employees in the future; no one wants to work for an uncaring boss. The bottom line? Make your employees feel appreciated, and they’ll stay loyal to you.

Teamwork and Flexibility

Teamwork and flexibility are absolutely vital in any business: often we need a helping hand or favour from a colleague in order to get the job done on time to the correct standard. For example, you might require an employee to work extra hours in order to finalise an important business deal, but remember that they are making a business decision rather than doing you a personal favour: don’t expect them to do something for nothing, or to be happy with the proceedings if you fail to acknowledge their hard work.

Small Effort For a Big Difference

Showing your appreciation for your employees isn’t hard, but the difference it makes is massive. Whether it’s a kind word in their ear, or a lavish Christmas party catered for by DeWintons, appreciation for the work your employees do is a fundamental cornerstone of all successful businesses. Thank them sufficiently for their hard work, make it clear that you understand that they are fulfilling your request at the expense of their own time, and be prepared to negotiate compensation, and most will be more than happy to take one for the team.

Photo credit: tec_estromberg / Flickr