by Ric Edelman / March 16, 2016

And it doesn’t involve fatter paychecks.

Let’s assume you offer your employees competitive pay and benefits–perhaps even above average–and a comfortable workplace with popular amenities. Yet your turnover rate is high. Losing talent is a costly problem.

How do you fix it?

The answer might surprise you. It’s not difficult and doesn’t cost very much. What is it?

You need to do a better job of showing your employees that you appreciate them.

This may sound Pollyanna, but you need to pay attention, because failure to do this is common among entrepreneurs regardless of industry.

A poll of workers and job seekers found that 90% of Americans occasionally feel underappreciated on the job and nearly 50% say they never feel appreciated. Another study from Gallup and the Families and Work Institute found that only about a third of employees are happy on the job most of the time.

Obviously, people work for a paycheck, but that’s not the only reason they choose to work for you. Indeed, many studies say the paycheck is not even the most important reason your people show up every day. That’s why a consistent failure to recognize their contributions and accomplishments is virtually the same as asking them to leave–so if you don’t fix this, they will do exactly that, regardless of how much you pay them.

How can you show your appreciation? Start by simply saying “thank you.” Giving folks a pat on the back goes a long way toward keeping up morale.

To read the full article, click here.

Leave a Reply

  • 25 Years of FWI History

    Watch this compelling video about how Families and Work Institute gave voice and research to a movement.

  • Highlights from FWI’s 25th Anniversary Gala

    Check out highlights from FWI’s 25th Anniversary Gala. 

    And our 25th Anniversary Video.