How little thank yous go a long way
Your team is your company’s biggest asset. When people feel appreciated, not only do they perform better, but profits can go up too. At Allstar, we value the power of giving back. That’s why we give you up to 1% cashback with the Allstar Plus business credit card on all your business expenses.*
Now, it’s your turn. See how you could boost your business by cheering on your team.
The power of recognition
Do you remember that time a complete stranger complimented you? Or when your boss called you ‘ace’? Everybody loves praise!
When one of your team has gone above and beyond, a simple ‘thank you’ could be enough to make their day. And it could be good for business too. Rewards don’t have to be big –sometimes the smallest actions have the most impact.
A Glassdoor survey found that more than 80% of employees work harder when their boss shows appreciation and according to a Gallup poll, businesses that scored the highest on employee engagement were 21% more profitable than their counterparts.
Think of rewarding your employees as a business strategy. By showing appreciation, you’ll be boosting morale, productivity and your overall business success. Plus, when employees are happy at work, they’ll be less likely to leave.
Imagine you worked all weekend to get an urgent project out the door for your boss, and then didn’t even get a thanks! A study by the Society for Human Resource Management (SHRM) found that 79% of employees who quit their jobs said a key reason for leaving was a lack of appreciation.
So, a simple ‘thank you’ could see your company retain top talent and save money on recruitment and training. Recognising hard work or a smart idea will fire up enthusiasm and make your team take the initiative more often, so everyone benefits.
Make it personal
While saying ‘thanks’ is great, acknowledging brilliant work in a more personal way could go a long way. Not sure where to start? Ask yourself ‘What are their passions?’ and go from there. You could pay for a special meal out, gift tickets to their favourite band or sports event or take the time to pen a handwritten note. Do they have a weird or wonderful hobby you could help fund? Or would they like extra time off to spend with their family or on a pet project? Give your team rewards they’ll brag about to their friends. Making their reward personal speaks volumes and shows you really know them.
‘You’ll love working here because…’
Enthusiasm is infectious – and genuine acknowledgement of a job well done can have a ripple effect across the entire workplace. Not only will your team feel valued, but they’ll also be more likely to support and work well with others. And a positive workplace culture makes it easier to attract and retain the best talent.
Incorporate shout-outs in company meetings, newsletters or on social media. Highlight a specific achievement and give out thanks or even trophies and certificates. Making personal thanks public amplifies the recognition. It also lets peers join in the celebration.
And when the whole team has gone the extra mile – consider a team day out.
Happy teams create happier customers
Companies who reward their teams keep them. But did you know these companies are also 12 times more likely to have better business outcomes?
Higher profitability leads to a rise in customer satisfaction and stronger financial performance overall. When staff feel rewarded, they tend to offer higher levels of customer service – so you’ll have happier customers too.
And companies with recognition programmes are 32% more productive than those who don’t have them.
How to create a successful rewards programme
You could go one step further and set up a tailored rewards and recognition programme with key perks to reward your staff regularly. If you do – follow these six simple steps.
1. Define clear objectives
Set the goals you want to achieve. Morale boost? More productive team? Get a clear idea and align it to your company values.
2. Get leadership buy-in
Support from the top will help with budget sign-off, but also their endorsement will give kudos to the programme.
3. Tailor it to your business
Make it as personal and relevant to your team as you can. Also, align it with company values.
4. Let everyone know about it
Make sure all employees know the criteria for recognition.
5. Measure and evaluate
Get feedback and input from the team to keep it on track.
6. Keep it relevant
Stay open to feedback about what works and what doesn’t. And change it up.
Next time you see a member of your team go the extra mile and step up, thank them –they’ve earned it. And talking of earning… don’t miss out! Earn as you spend with up to 1% cashback on all business expenses with the Allstar Plus business credit card.* Apply for yours here.
Subject to status and full credit check and available to limited companies only.
*Rate for illustration only, actual cashback rate will vary depending on credit limit and spend; minimum monthly spend of £500 required. Cashback available for 6 months from date of account opening and paid as a credit on your next monthly invoice.
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