THE REWARDS OF SAYING "THANK YOU"
Besides being a nice boss, why should you make the effort to reward Fred with a cash bonus for the great job he's done? Or, why should you acknowledge Kristin, your shy editorial assistant, with a gift card rather than a potentially embarrassing public recognition event?

When it comes down to it, what's in it for you when you thank your employees and thank them in a way that will be most appreciated by them?

Plenty, according to a recent national Maritz® Poll of 1,002 full-time employees. The poll found that employees who felt their companies did a good job thanking their staff were also:

• Significantly more satisfied with their jobs
• More likely to remain with the company
• More likely to recommend their workplace to others
• More likely to invest in their company

"Two of the most pressing concerns for companies today are reducing employee turnover and becoming an 'employer of choice' because they both impact the bottom line," said Mark Peterman, vice president, client solutions at Maritz Incentives in a recent press release. Maritz is a leading provider of employee reward and recognition programs.

"The cost of turnover may be as much as one and a half times an employee's first year salary. In addition, by becoming an employer of choice, a company attracts a more talented, productive pool of workers ... Employee recognition efforts greatly affect these issues."

Yet the Maritz study also showed that managers have a lot to learn when it comes to saying thanks. And they have a long way to go when it comes to acknowledging employees in the way they would like to be acknowledged.

Acknowledging a good performance can take any number of forms, including gift cards, trips, cash bonuses, trophies or a recognition event. Yet less than a third of employees who'd love to have one of those rewards in particular say they actually get what they want.

"Consider public recognition," Peterman said. "For some, being honored in front of one's peers is a great award. But for others, the thought of being put on display in front of their peers embarrasses them. It depends on the culture and preferences of your particular employee-base."

Even employees who lower their expectations complain they are ignored. For example, about a fifth of employees who'd simply like an occasional "Thank you!" or "Good job!" still end up disappointed.

So, what makes saying thanks and saying it the right way so tough?

First, there are the logistics: What to give? When and how do you give it? By the time a manager has figured it all out, several days may have passed. What could have been a gracious gesture starts to feel awkward. (SEE SIDE STORY.)

Then there's the cost. For the most part, today's frontline managers just aren't getting the resources and support they need. Sometimes they face bureaucratic hurdles when it comes to getting their company's approval for a particular reward. Understandably, acknowledging an employee can start to sound like it may not be worth the time or effort.

"Managers are under increasing pressure to do more with less," said Ken Siegel, a Los Angeles-based management psychologist, recently quoted in a Workforce Management Online article. "The discretionary spending power for managers has been clearly neutered. I do think the level of consciousness about (awards) is much higher. But that consciousness needs to match the level of authority that managers are given."

Yet despite all the challenges and constraints, managers would be wise to do what they can to ensure an employee's good, hard work is acknowledged and is rewarded as soon as possible.

Even the few seconds it takes to say "thank you" can be an invaluable gesture for an employee and, small as it is, one of the best investments of time and effort a manager can make.