What leadership practice promotes a high-performance environment with virtually no outlay of funds?

A recent survey in a global company asked employees, “What could your manager do to make this a better place to work?” More than 89 percent responded, “Recognize me for my work.”

Yet my anecdotal evidence shows that leaders and managers are so busy that they all too often overlook the universal need of others to feel valued. Numerous studies confirm that more than 50 percent of employees say they rarely or never receive praise.

This is not only sad, it’s bad for business. The major factor in whether an employee thrives or quits is the immediate supervisor. Managers will increase their leadership effectiveness as much as 60 percent when they build their competencies in communicating and developing people.

To improve retention and productivity, notice and reinforce what is going well. As Charles Schwab said, “I have yet to find the man who did not do better work or put forth a greater effort under a spirit of approval than under a spirit of criticism.”

Managers, here are the top five things you can do to recognize your direct reports and create a high-performance environment:

1. Give sincere praise on a regular basis.

2. Acknowledge and utilize their strengths.

3. Meet with them every six months to let them know how they’re doing overall.

4. Show that you value their opinions.

5. Provide opportunities for learning and growth.

Ward is president of Ward Leadership. She may be reached online at WardLeadership.com.