The Gratitude Effect — How “Thanks” Positively Impacts a Business
True responsibility means rising to the occasion without giving it a second thought or expecting gratitude in return. That is not to say that a little appreciation wouldn't be appreciated, even by the CEO.
For over two decades, Chester Elton and his co-author Adrian Gostick have been studying and writing about teams, corporate culture and leadership. While coaching thousands of CEOs of businesses large, medium and small, they've stumbled upon a single common characteristic among all top-performing leaders — gratitude. "As we studied the best teams, leaders and cultures, there was always this thread of gratitude. Always," Elton affirms. "So it became very apparent that it wasn't a nice-to-have if you were to be a great leader. It was an absolute must-have."
According to a study, gratitude correlates strongly and consistently with greater happiness. Gratitude paves the way for positive emotions, helps to relive good experiences and builds strong relationships. By being grateful for past successes and relishing present blessings, you'll also be optimistic about what the future holds.
This insight led to their book "Leading With Gratitude" in March 2020, just as COVID-19 reached pandemic proportions and leaders in affected industries found themselves rationing rather than counting their blessings. In retrospect — Elton's hypothesis on gratitude has passed the ultimate litmus test. If anything, overcoming the challenges experience during the pandemic has doubled down Elton's views on gratitude. "We're back in a hyper-competitive market for talent. We're all going to be competing for the same worker and now lots of them can work anywhere," Elton finds. "In this market, gratitude is going to be more of a requirement for CEOs and senior leaders."
Even with a good salary, the best talent can now find an employer that pays equally well while fostering a company culture with more gratitude and interconnectivity. "Because when we speak of employee retention, you don't leave people that love you," Elton finds. "The number one reason people leave a job is their relationship with their immediate supervisor. If you want people to stay, let them know they matter."
Isn't money the best kind of "thank you", though? Even if your employees are well compensated for their efforts, they've all sacrificed aspects of their personal lives to become more reliable for their team. Since you can't put a price on cancelled plans with loved ones or a lost hobby, a sincere thank you and acknowledgement of professional commitment will go a long way. Not because it's expected, but because it's unexpected.
Sincere gratitude is not simple politeness or a transaction of compliments. It's another one of these invisible threads holding your team together. While we commonly focus on the person on the receiving end of positive reinforcement, looking at gratitude through the giver's perspective deserves its day in the sun. Suzanne Vickberg, a social-personality psychologist, writes that recognition is a two-way street. "Research suggests that people often underestimate the impact of showing their gratitude to others," Vickberg finds. Expressing gratitude renders us vulnerable and authentic, creating a human connection between the giver and the receiver.
In an earlier blog, we explored how vulnerability can indeed be a source of strength. I encourage you to delve deeper into this theme and embrace the power of expressing gratitude and vulnerability in your leadership journey.
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