Have a good employee? Well, then you’ll want to retain that individual. The cost to replace an employee can cost a thousand dollars or more, depending on the industry. So, what’s one way to motivate good employees and earn their loyalty? Staff appreciation. Appreciation sends ripples through an organization. An employee who feels appreciated is:
- More loyal to their employers. Therefore, they are more likely to stay with the organization
- More engaged. Therefore, they are more productive.
- More likely to show appreciation to co-workers. Therefore, workplace morale improves overall.
Positive Feedback Shows Staff Appreciation
The simplest and most effective way to show appreciation is to give ongoing positive feedback. Say thank you for the work they do. Compliment them on their work often and be specific about what they did well. Maybe they completed a job quickly or worked on a day off to complete an important project. Then, take it a step further and talk them up when introducing them to clients.
Special Outings Show Staff Appreciation
In addition to everyday recognition, leaders should engage in other staff appreciation efforts. For example, at Prosperity Bookkeeping, I take employees out to eat for their work anniversary. It's a good opportunity to get to know them a little better since we are a virtual team. I recommend inviting their significant other and bringing yours, too. The more, the merrier!
Share the Wealth to Show Staff Appreciation
We also share the profits with bonuses. We set aside 10% from every deposit into a "profit" savings. At quarter-end, we can use half of that account to reward our bookkeeping staff for a job well done. Furthermore, when an employee refers a new bookkeeping client, we show appreciation with a referral fee.
Time Off Shows Staff Appreciation
Another way we show appreciation is by treating employees to an extra-long weekend without docking their pay. Employees earn the time off by completing all of the week’s bookkeeping work early. It’s a win-win situation. Bookkeeping clients are happy because we provide timely, accurate bookkeeping and meet critical deadlines. Our bookkeepers are happy because they get a jump on the weekend to do other things they enjoy – besides keeping books, of course.
A little appreciation goes a long way. When employees feel appreciated, it shows in their work. Plus, appreciation contributes to a positive work environment and positive corporate culture. So, show your staff a little appreciation today.
Contact Prosperity Bookkeeping
For more business and finance tips, contact our team. Prosperity Bookkeeping is a full-service bookkeeping company specializing in data entry, document management, customer billing, and vendor payment processing. We have the tools and expertise to help you reach our goals while ensuring your business stays financially healthy. To get started, tell us your bookkeeping story.