At the centerpiece of today’s human resources strategy is the objective of employee engagement. Employee engagement is top of mind in the C-suite for good reason, the numbers show how much it matters. In fact, Gallop reports that employee disengagement costs American businesses 500 billion dollars annually. Even though the costs of failing at employee engagement are steep, the same report from Gallop tells us that businesses aren’t winning at employee engagement revealing that only 30% of employees report feeling engaged at work.
How Employee Engagement Can Help Your Business Succeed
So, while organisations embark on the daunting journey toward successful employee engagement, it is a worthy exercise to review why it all matters. Employee engagement offers many tangible and intangible benefits to the business.
It creates a recruiting advantage
Attracting top talent is a challenge facing companies across the globe, especially in fields like medicine and technology. Adding to the mix is the fact that employees today are motivated by more than just a paycheck. They want to work in a place that offers career growth, a sense of belonging and positive culture. To sum it up, they want to find a job at an organisation where they will feel engaged. With the transparency and information access that the internet allows job seekers through Glassdoor, Google Reviews and social media platforms, it’s easier than ever for potential new hires to peer inside the four walls of the company to search for engagement in practice.
It lifts up employee retention rates
Recruiting, onboarding and training can be a top line business expense. In today’s competitive job market, retaining top talent is an imperative that is equally as important as recruiting said talent. When the workforce is engaged and happy, your employees will be less likely to look elsewhere for employment – no matter how many options they may have.
It impresses investors
Investors have a keen understanding of how employee engagement can be a thermometer for the future success of the business. For this reason, they look for metrics that demonstrate strides in this area, and may even avoid opportunities if the engagement numbers are subpar.
It increases productivity
Your engaged workforce is likely to be a more productive force. When employees are engaged with their work and feel content with their position, they share a connection to the high-arching vision of the company, they are more likely to produce their best work at the highest rates of productivity.
It encourages innovation
When your employees are working at the fullest point of engagement, there is a strong likelihood of innovation. Innovation, in many industries, is the vital force that keeps your business moving forward. Innovation can offer a competitive edge, the ability to move into new markets and lock in your organisation's long term success.
It improves CX
CX is the buzzword or acronym to be more accurate that operations managers, CMOs and CEOs are looking at to decipher how the customer experience is going throughout the buying process and beyond. So, why do they care so much about CX? It not only defines the brand, but it can also be the deciding factor for buyer behaviour. In fact, American Express recently published data that showed up to 60% of customers surveyed were willing to pay more for a better, more positive experience. As the workforce is more engaged, they will be empowered to provide a deeper and stronger customer experience at every touchpoint.
While employee management is the coveted objective on the top of today's human resources strategy documents, measuring it is not as simple as crunching a few numbers or running a report. Like most things in business without tangible and easy-to-interpret data, any initiative to improve employee engagement may fall short for mystery reasons due to your lack of insight. Using a technology platform such as StaffCircle's employee engagement software can help you not only improve your employee engagement, but also find effective ways to measure it over time.