- Leadership support and recognition are among the top three most effective non-financial factors for retention
- 70% of employees don’t believe they receive enough praise for their efforts, and it affects their output
- According to Deloitte, the employee turnover rate of companies that have a system in place for recognising employee achievements is 30% less than companies that don’t.
Research from Deloitte’s Talent 2020 survey shows that leadership support and recognition are among the top three most effective non-financial factors for retention.
How do you manage your team’s performance? Is it in a way that motivates them to do more than they’re required to, or are they just doing the bare minimum to collect their paycheque every month?
According to research by Gallup, only 30% of employees say they’ve received praise for a job well done in the recent past. This doesn’t mean that the other 70% isn’t working just as hard, they may just not be receiving recognition.
In addition, Gallup found that only one of five employees are motivated to do more because of the way in which their performance is being managed.
The big idea: Master being an equally caring and critical leader
If you cannot imagine anything more than the occasional “thank you” being sufficient, experts say your team’s momentum is a key indicator of whether you’re right.
“Impactful praise requires a commitment to recognising your employees for successful actions,” says Susan Kuczmarski, social scientist and leadership expert at Kuczmarski Innovation. “When employees feel their efforts are valued, they’re much more willing to give increased effort.”
While giving a verbal pat on the back may seem like enough to keep your team going, committing to both written and verbal forms of praise is a managerial tactic that isn’t widely followed in business.
What’s in it for you: Shows your team you’re in their corner
“If your business decides to make a larger commitment to giving adequate praise, there’s a good chance you’ll see increased motivation levels among employees.” says Kuczmarski.
Research findings from HBR suggest that to be perceived as a leader who is good at giving positive feedback, you should proactively develop the skill of giving praise as well as criticism. “Giving positive feedback shows your direct reports that you are in their corner, and that you want them to win and to succeed,” says the report. “Once people know you are their advocate, it should also make giving criticism less stressful and more effective.”
Make it happen
Here are 3 ways to start giving more praise from today:
- Don’t focus on talent; focus on effort. “By praising effort, you’ll encourage people to learn and grow, rather than to simply stay focused on the few things that come easily to them,” says author, coach and LinkedIn influencer Bruce Kasanoff
- Have a system in place for recognising employee achievements. The happier your employees are working for you, the more engaged and productive they will be
- Engage regularly with your team. A 15% improvement in engagement can result in 2% increase in margins.