88% employees willing to stay longer if appreciated at work: Survey
Nearly 90% of India Inc. employees say they will stick around longer if they feel appreciated for their work reveals a study by TimesJobs. The study, which surveyed more than 1,600 employees, further reveals that 82% employees are willing to work harder if their bosses appreciate them.
“Companies should ensure this by appreciating, recognising and rewarding your employees. It is a highly effective and proven strategy for improving employee engagement and business output. Therefore, creating a formal structure for employee recognition is very important,” says Nilanjan Roy, head of strategy, Times Business Solutions.
While most employees value appreciation at their workplace they don’t seem to get it quite often, only 41% employees feel they are appreciated at their current place of work, the study reveals.
59% employees says their bosses don’t show enough appreciation
While appreciation is extremely significant for employees, organisations seem to downplay its importance, as 59% employees says their bosses don’t show enough appreciation for their work.
An industry-wise analysis shows that 87% IT, telecom, ITeS and internet employees don’t get much appreciation from their bosses. Nearly 75% employees in automobile sector and 70% in BFSI sector said no to any sort of appreciation from their bosses. However, manufacturing and retail sectors seem to be quite appreciative of their employees with 52% of its staff claiming there is enough appreciation from their bosses.
A gender-wise analysis shows that 85% male and 63% female employees feel there is not enough appreciation from their boss at work. While about 62% junior level, 80% middle level and 50% senior level employees claim a lack of appreciation at workplace.
“Employers need to actively engage with their current and future employees, and positive reinforcements are the best way to ensure a powerful employer brand. Open, transparent and responsive communication both on formal and informal channels is key to success – active use of digital media, social networks and company reviews sites all play a major role in ensuring an attractive employer brand.” says Roy.
70% employees feel acknowledged when given clear opportunities for promotion
It’s not a tough task to make employees feel valued at work. About 70% employees say that they feel appreciated if offered career advancement opportunities at their workplace. For 44% appreciation lies in regular rewards & recognitions, 37% find the best form of appreciation is in a pay raise while 22% feel valued when given a more challenging work profile, reveals the study.
Nearly 20% employees say they feel appreciated when allowed flexibility options, such as work from home & telecommuting. And 11% say more authority in decision-making makes them feel appreciated.
While a sustainable competitive advantage can be achieved by simply keeping employees happy, employers in India, have a long way to go, only 22% employees said they received appreciation every time they performed well last year, while 60% employees say they had rarely been appreciated for their good work last year. A further 18% stated they were never appreciated.
Other interesting insights revealed in the Study –
On appreciation practices at their workplace:
52% feel their boss appreciates co-workers more
22% feel their boss appreciates employees who are new to the system
19% feel their boss appreciates employees who have more experience
7% feel their boss appreciates female workers more
On having a formal employee appreciation and recognition program:
63% employees say they have no such program at their workplace
37% employees say they have a formal rewards & recognition program in their company
On having a metrics to assess recognition efforts: 72% say there is no such measure for assessing recognition efforts in their company 28% say their company does not have an assessment mechanism in place for evaluating the impact of recognition efforts
People are a core business lever any successful business enjoys today. The soft aspects of the workplace, its employee engagement, culture, values, policies, etc. contribute significantly to attracting and retaining the best talent. And this study clearly points to the tremendous upside, which companies that effectively appreciate their employees can enjoy – a higher return on investments, equity and assets.