Feeling appreciated and valued at work is the number one reason for employees staying in their current role, according to a new study, released to mark Employee Appreciation Day on 1 March 2024.
The report from US gifting firm Snappy, surveyed 1,500 US employees to understand current workplace trends, attitudes and opportunities for employers to cultivate more engaged employees and a stronger company culture.
The survey revealed that moments of employee appreciation matter. In fact, 91% of working Americans report they want their company to recognise employee contributions with tokens of appreciation, such as gifts and company shoutouts.
EMPLOYEE ENGAGEMENT MATTERS
Among employees who plan to stay in their current roles this year (78%), the number one factor that mattered most to them was feeling appreciated and valued (20%). The 22% of workers who have plans to leave their current role in search of a new job in 2024 report top motivators for doing so include finding a position to make more money (21%), career growth (21%), seeking a better company culture (10%), seeking hybrid work (9%), desire for a better manager (8%), and not feeling respected or valued in their current position (6%).
When employers put in the effort to create a culture of gratitude and show appreciation for their employees, it results in more engaged employees, higher employee retention, innovation, and better collaboration.
One in three employees (30%) report being demotivated when they feel undervalued, impacting their overall performance and well-being. A regular cadence of thoughtful gifting boosts employee visibility, motivation, and wellness.
RECOGNITION & APPRECIATION
Working professionals report the most important person to receive recognition and appreciation from is their direct manager (49%). Employees also place high value in receiving recognition attributed to feedback and tokens of appreciation from their colleagues (19%), the team members they directly manage (14%), and their company CEO (14%).
While recognition from direct managers is the most valuable to employees, the majority of managers (86%) report they need help with gifting guidance and would like their company to support employee recognition programming with dedicated budgets for gifting their direct reports (69%).
TRANSPARENCY & TRUST ISSUES
One in four working Americans (25%) reported their company is not transparent in sharing information related to strategy and goals for the upcoming year. Building a culture of transparency builds trust within an organisation. Trust builds a stronger culture with more motivated employees. According to the 2024 Workforce Study, when employees feel motivated at work they report they are more innovative and creative (33%), more engaged with customers and clients (31%), collaborate better with their colleagues (19%), and are more willing and eager to take on new projects (16%).
The majority of employees (86%) report wearing branded gifts, or swag, from their employer featuring a company logo on it made them feel proud of their company and its mission. Swag serves companies and workers by creating camaraderie, with 78% of employees reporting that branded gifts with their company logo make them feel more connected to colleagues. Gifting swag is a powerful tool to strengthen culture, boosting company pride and employee engagement.
FOSTERING A CULTURE OF GRATITUDE
Sharing gratitude through the power of gifting fosters a culture of value and appreciation, promoting improved employee engagement, retention, innovation, and overall job satisfaction. The majority of workers (71%) report they want their company to celebrate Employee Appreciation Day on Friday, March 1, 2024. One in four (22%) employees report that receiving a gift from their employer is the best way to show gratitude and celebrate Employee Appreciation Day this year.
Moments of gratitude and appreciation can happen year-round, with personal and professional milestones such as birthdays, work anniversaries, graduations, weddings, and the addition of new family members, as some of the most important and impactful moments that companies can celebrate employees. According to the recent Birthday Gifting Study, the majority of Americans agree that “if employers celebrated personal milestones such as birthdays, employee morale would be higher in the workplace” (81%), as would employee retention (75%). Automated gifting for milestone moments ensures ongoing appreciation and high impact.
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A recent study reveals just how closely employee recognition is linked to employee wellbeing and belonging. Click here to read more.
Two-thirds of employees don’t feel appreciated for their contributions at work, according to a recent report.
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