Employers have been discussing ways to improve employee morale and boost productivity for decades, and especially since the economic downturn has tightened the budgets of many companies to offer higher salaries.

The majority of research suggests that workers are more likely to stay in a role where they feel appreciated, where they receive recognition for their good work and their employers invest in their training and development.

A new study from Monster has shown the extent to which these working conditions can affect an employee’s decision to stay or to seek a new role.

According to the new study, many UK workers currently feel their employers do not value their input. In fact, in many cases bosses don’t even say thank you to staff for all of their hard work .

Nearly six out of ten respondents said they do not get thanked enough at work – a sentiment that was even echoed by four out of ten managers.

The importance of being recognised for good work was obvious from the study, with 63 per cent of employees even saying that when they go the extra mile, a simple verbal “thank you” is a more important form of acknowledgement than a pay rise.

If they were not thanked enough, employees said they would want to be paid an additional £134 per month on average to compensate for this lack of recognition. Overall, this means that saying thank you is worth just over £1,600 per year to workers across the UK.

“Saying 'thank you' is priceless at work, as employees would rather receive appreciation than extra cash,” says organisational behaviour psychologist Corinne Sweet.

“People feel 'lifted' emotionally by their bosses, and thus feel good about themselves and perform better. We even have raised endorphin levels, the feel-good biochemical in our bloodstreams, when we are thanked – which in turn helps boost our immune system to combat stress-related symptoms.

“This, in turn, can reduce absenteeism and boost office morale; so saying 'thanks' is, literally, worth its weight in gold.”