“I would maintain that thanks are the highest form of thought, and that gratitude is happiness doubled by wonder.” — Gilbert K. Chesterton
Thanksgiving is around the corner and that means our focus shifts to gratitude and giving thanks for the many blessings in our lives. It is that time of year when we realize we need to recognize the good in life and it feels good to express gratitude. Many people carry the attitude of gratitude with them throughout the year, not just on a holiday, to tremendous benefits. Studies have shown that inculcating a gratitude practice can fight depression, improve sleep, and reduce stress. But do you know that it can also benefit your business?
The importance of gratitude at workplace
Most people consider gratitude through a personal lens but it can have tremendous benefits for business as well. A culture of gratitude in the workplace is very important for employees’ wellbeing. The reason behind this is that gratitude can fulfill their need for meaning at work and generates a feeling of belonging. The modern workplace strives to create this meaning at work by creating a more human-centric environment where workers feel valued, respected, and appreciated. This empowers them to be more productive and realize their potential which ultimately benefits the business.
A culture of gratitude involves an overall focus on gratitude and appreciation of what’s good. It involves appreciating your employees for their good work, your customers for choosing your business, and your partners or investors for investing in you. It also means that you cultivate a positive outlook at your business and encourage your employees to also embrace gratitude in their lives and interaction with each other.
Business Impacts of Gratitude
Gratitude fosters a healthy workplace environment that boosts creativity and productivity while also positively impacting the business bottom line. Some tangible benefits are given below.
- Positive workplace culture
Gratitude touches everyone. When you consciously cultivate a culture of gratitude in your company that creates a positive company culture. When you appreciate your employees, they will in turn express gratitude to their colleagues. Gratitude reduces competition and enhances the spirit of collaboration and teamwork. Grateful employees also work at their best capacity and better serve the customers.
- Satisfied customers
When customers feel appreciated they are more likely to be loyal to your brand, leave positive reviews, make repeat purchases, and refer your products or services to others. Expressing gratitude to your customers is a great way to increase your customer retention and loyalty. Harvard Business Review reports that increasing customer retention by 5% can improve profits by 25-95%.
- Productivity boost
A culture of gratitude positively impacts employee productivity. When employees feel appreciated, they are happier and more productive. In a Glassdoor survey 81% of employees were reported to work harder when appreciated by their superiors. Gratitude is also proven to motivate employees to do better.
- Employee retention
It is said that your employees are your most valued resource. Business can suffer through employee turnover. In addition to the high cost of hiring and training new employees, higher turnover can affect morale and reduce productivity.
When employees feel appreciated and valued for their time and efforts they are more likely to stay with your business. Many workers consider appreciation an important factor in their decision to stay with a company. This means that you can retain your employees and keep them happy by extending genuine and frequent appreciation for hard work.
- Better Business relationships
Gratitude is known to improve not only our personal relationships but also business relationships. Every business is built on a set of relationships such as with customers, employees, investors, partners, and vendors. When you adopt a habit of expressing sincere gratitude it creates trust and helps build stronger relationships.
How to cultivate gratitude in your company
As an entrepreneur and founder you can be the source of the positive change you desire in your company. You can start with a proactive approach to cultivate a gratitude culture in your business. You as a leader can model the habit of gratitude which includes frequently expressing appreciation and recognition. Try some of the following tips.
- Notice the good
Be more mindful and notice the good around you. And every time you notice when something was done right or done well, be quick to take action by expressing appreciation. Thank your employees for their contribution to a project and recognize the effort they put into their work. Appreciate small wins in addition to the big ones. Similarly be appreciative of your customers.
- Express verbally
Expressing gratitude does not have to be heavy on the bank especially if you own a small business. You do not need to send expensive presents to express gratitude though sometimes you may want to do something extra for someone who you know went above and beyond. Most of the time your sincere words can do the job. Your small tokens to express gratitude can leave a lasting impression on the receiver. You can express your appreciation in person, through text, email, or a card. Make use of the opportunities available to you.
- Create a system
Without a conscious effort every single day you can forget to take time for a gratitude practice. By creating a system you can be sure of doing something small every day to build a gratitude culture for your company. For instance you may block ten minutes of your day to write a thank you note or make a note to thank a team member personally in the next meeting.
- Add personal touch
It is very important that when you show appreciation that your words and expressions are genuine and personal. You do not want to sound insincere as that may have the opposite effect of what you intended. This is especially important if you’re doing it in writing as the receiver cannot see your facial expressions. So remember to make it personal and be specific about what it is you are expressing gratitude for.
- Appreciate customers
To be honest you won’t have a business without your customers. So your gratitude practice should also extend to your customers. Find a way to thank your customers and clients. You may send thank you cards or add small thank you gifts as a token of appreciation for purchases. Anticipating their needs and providing the best customer service is also a way of appreciating them. Similarly customer loyalty cards can reward your customers with discounts.
Whether you run an established business or just starting out you will find it a rewarding experience to cultivate gratitude in your business. At the very least you can make someone’s day with a simple thank you. Your small gestures of gratitude can go a long way in making your employees and customers feel appreciated and valued.
Happy Thanksgiving!
