If sorry is the hardest word, then in business perhaps ‘thank-you’ is equally troublesome.
But for an estimated 6.5 million employees, a simple ‘well done, thanks’ could go a long way to making for a happier and more productive workforce.
Almost a third of British workers say they are unhappy at work – with one in four citing a lack of reward and recognition for a good job, well done as their number one grievance.
Over two thirds (69%) of UK workers rate company perks and benefits as important to their overall satisfaction, according to employee benefits platform Perkbox.
Despite this overwhelming demand from employees for rewards and benefits, over half (53%) of UK companies do not formally recognise outstanding employees on a regular basis, while 44% believe that rewards and recognition are either very or extremely relevant to their business.
Saurav Chopra, CEO and co-founder at Perkbox, said: “A single disengaged worker, irrespective of sector, can cost a business over £3,000 annually in sick leave, lost productivity, training and recruitment.”
He said many companies still saw perks and benefits as a costly, non-critical ‘nice-to-have’ rather than an intrinsic tool for incentivising, retaining and recruiting talent.
“Yet most research already in the public domain indicates that while remuneration might instantly gratify and sway potential employees into accepting a job offer, it’s the non-financial factors that come with reward and recognition that engages and retains workers in the long run,” he added.
“Satisfied workers yield dividends in terms of engagement, loyalty and morale. Quite simply, happy teams accomplish great things.”
The unhappiest workers, according to Perkbox, are in Yorkshire and the Humber where two in five (42%) claim not to be happy, while the happiest workers hail from the East Midlands with 80% claiming to be happy.
The majority of 18- to 24-year-olds (84%) and 25- to 34-year-olds (78%) say they would be more likely to stay with their current employer if they were to implement better employee benefits, demonstrating the importance of rewards beyond salaries to millennials – and the need to review remuneration packages on a regular basis.
One in five (20%) workers believe their boss would be moderately or not at all supportive if they told them they were unhappy in their jobs.