Companies go to great lengths to recognize employees who have been with a company for many years and loyal customers who faithfully support the business. In the U.S., companies spend over $40 Billion a year on tenure-based recognition programs for staff who stay with an employer for five years, 10 years, 15 years, 20 years, etc. And, they spend about $50 Billion a year on customer loyalty programs. But do such programs work? When and how should an organization express gratitude to their devoted employees and faithful customers?
Here’s what research indicates about appreciation, gratitude and recognition in business. Continue reading →