What if you could afford to walk around passing out $100 bills all day to your team?
Do you think that would help motivate them?
Do you think that could be effective in getting them to take action?
I think most of us would agree that it would be pretty powerful if when we asked someone to do something, we could just hand them over a Benjamin when it was all done.
Well that is how it is when you give out verbal praise to your team members.
Verbal appreciation is a form of currency.
And the payoff of praise can be huge.
Employee surveys regularly cite “feeling valued” “feeling important” and “feeling appreciated” as one of the highest determining factors of job satisfaction and job retention…even more so than money.
So when someone does something wonderful and you praise them, that is like the equivalent of handing them a $100 bill.
What’s so powerful about that of course is that verbal appreciation is an unlimited resource!
But there is no one reminding you that when you dish out genuine praise, it’s as if you’re handing out $100 bills. So as a leader you have to be the one reminding yourself that’s how it is.
There is no reason we shouldn’t be abundantly and regularly recognizing people for their efforts.
There is no cost to it- other than our own discipline to be considerate and intentional about recognizing the contributions people are making.
And that which is recognized is repeated.
When you appreciate people and notice the solid effort they put in, the more they are likely to stay loyal and bought in.
Verbal appreciation is a form of currency. Recognizing people is a part of their compensation package.
But when we don’t recognize our team members they will eventually feel under appreciated, then that will escalate to feeling taken for granted, and eventually over time they can even feel taken advantage of.
And that is when they leave.
Or worse, that is when they stay and start to complain and pollute the culture.
At minimum though you can guarantee they won’t be doing their best work.
So remember verbal appreciation is a form of currency. And giving it out is a small price to pay for loyalty, retention and engagement.
In fact, it’s no price at all.