Gratitude, by definition, is “a readiness to show appreciation for and to return kindness.” It’s a simple, but powerful practice that can have a meaningful impact on any aspect of life – from personal fulfillment, to success in business.
Gratitude is inherently reciprocal, transcending both the giver and receiver, leading to a ripple effect of appreciation that can change lives, and lead to improved employee and customer retention. As such, it is an extremely useful tool that can improve any business.
We at Elite EXTRA believe so strongly in this practice that we take a moment out of each day at our company meeting to ponder what we are grateful for that day. Team members also participate in individual weekly “shout outs” to others in the company; letting them know how much they appreciated a lending hand, outstanding work they did on a given project, etc.
In general, practicing gratitude at work with our fellow team members makes us happier, improves our moods, and makes us feel more connected to others. According to an article in the Harvard Business Review, it can enhance the sense of belonging and respect at work, which is related to higher job performance, less sick days, and lower turnover.
Further, in a study by the American Psychological Association, researchers found that 93% of employees “who reported feeling valued said that they are motivated to do their best at work, and 88 percent reported feeling engaged.”
Oddly enough, research by the John Templeton Foundation revealed that for Americans, the workplace is the least likely place to express gratitude. Although as many as 93% of the respondents agreed that a grateful boss is more likely to succeed, and almost all of them agreed that a simple “thank you” at work made them feel valued and respected, only 10% of bosses were actually prone to express gratitude. Given we’re all feeling the impacts of the worker shortage and great resignation, practicing gratitude is not only right, but critical to employee retention.
It’s also extremely effective in client satisfaction. According to a paper by Scientific Research Funding, expressions of gratitude are also instrumental in client retention, especially for those who regularly reach out to their clients, and who take care of any issues that arise promptly.
We send periodic gifts and thank you notes to our customers, for without them, we wouldn’t have the success that we enjoy. We are eternally grateful for their continued patronage, and we’re not hesitant to express our gratitude.
We, as a company, work hard to make sure our team members feel appreciated, and are thankful to have a very low turnover rate. Our churn rate with clients is also extremely low, with a more than 98% client retention rate.
In short, choosing gratitude has been rewarding in a multitude of ways for our company and our team, and in these post-pandemic days, any shared act of appreciation and kindness is needed now more than ever.