Employee appreciation should not be limited to just one day, it should be part of an ongoing effort made throughout the year to recognize employee contributions.  This also goes for the solo entrepreneur.

Retain Top Talent

If people do not feel appreciated at work they most likely do not want to stay. It costs about ⅕ of an employee’s annual salary to find a replacement.  That number can rise to over 150% when replacing senior and executive levels.  Use this calculator to find out how much turnover costs your company.

Why is it so expensive? Not only do you lose the employee you lose the institutional knowledge.  Someone else will have to pick up the slack until there is someone to do their work, leading to a loss of productivity. Then there are the resources needed to recruit a replacement, as well as the months it can take to bring a new hire up to speed.

Prevent Burnout

Employees who say that they very often or always experience burnout are 23% more likely to visit the emergency room, 63% more to take a sick day, and 13% less confident in their performance at work.  If you are self-employed, you may be especially vulnerable to burnout since you do not have colleagues to offer support in times of high stress.

So even if it is just the random afternoon to recharge and take time to be alone.  Studies have shown that taking even a short break can do wonders for creativity, focus, and productivity.

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