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By JC Abusaid, CEO/President as Featured in Forbes 

Acts of appreciation can carry astonishing weight in validating your employees’ hard work. A wealth of research points to the profound impacts of employee recognition on productivity and retention—encouraging their investments in your company. The first Friday of March each year is Employee Appreciation Day. It’s a reminder to acknowledge the impact your people have. But showing appreciation isn’t something you pull out of a cardboard box once a year.

I can’t think of anything more important than giving your people the recognition and feedback they value—and have earned. Employee appreciation should be a nuanced, ongoing effort tailored to your firm’s values and long-term business goals. In my firm, we’ve ramped up our efforts over recent years as we’ve seen how much appreciation means to our associates, our company’s culture and our future. When done thoughtfully, it motivates your people, validates your culture and builds morale.

Ways You Can Demonstrate Appreciation

Don’t assume that your people expect gold bricks for a job well done. But they do respond to your sincere and timely attention. Many powerful acknowledgments won’t cost your firm one cent. A Deloitte study, for example, affirms that for the vast majority of professionals (85%), a simple “thank you” is how they want to be recognized for their daily contributions. This study underscores the importance of being attentive to the kinds of recognition each individual responds to.