Research shows increasing investment into employee engagement by as little as 10% can result in company profits increasing by up to $2,400 per employee per year. Are you interested in increasing your employee engagement and company profitability? Read on for more!
In recent years businesses have taken a greater interest in their employee’s wellbeing, overall satisfaction levels and engagement. There has been an evolution in the way that companies now think about their staff and the value they place on ‘human capital’ – the driving force behind their businesses.
Employee engagement is often spoken about as integral for the long-term health of any business. But first, what is employee engagement?
Employee engagement is a term used to describe the emotional connection and commitment the employee has to the organization they work for, and it’s wider goals and way of working. Motivation is also a key factor within engagement and motivation is generally lower in employees who have low engagement.
Many companies talk about employee engagement and may have goals and processes to help drive it. But what are the real, tangible benefits of employee engagement? Are there benefits that can truly impact the bottom line and success of a business?
Let’s take a look at some of the ways that employee engagement can drive business growth.
A recent Gallup study found that “Engaged employees are more present and productive; they are more attuned to the needs of customers; and they are more observant of processes, standards and systems.” The same study found that engaged employees were 41% less likely to be long-term absentees.
In terms of work quality, according to the Harvard Business Review, engaged organizations have double the rate of success compared to less engaged organizations.
Talent Culture have even been able to assign a monetary value to increased employee engagement. They claim that by increasing investment into employee engagement by as little as 10%, company profits can increase by up to $2,400 per employee per year.
More engaged employees are less likely to leave the company quickly and as such, businesses can save money by retaining their top talent, which will dramatically lower hiring costs. To this end, more engaged employees are also more likely to refer friends and family to the company which can attract the best talent whilst still keeping hiring spend low.
How Can We Make Employees More Engaged?
The pandemic has forced businesses across the globe to rethink a lot of activities that used to be the norm for their business. Now that the majority of businesses have adopted a hybrid working approach, where many people will work from home most of the time, it is even more important to put processes in place that will help create employee engagement. Many employees may be lonely and feel isolated, it is up to organizations to do their best to make employees feel connected, heard and valued, even when they are working remotely.
An office football table and a fridge full of beers on a Friday is no longer enough (if it ever was) to keep employees feeling engaged and valued. Most managers recognise that employee engagement is extremely important to the success of the overall business (71% according to Harvard Business Review). But despite this, the majority of employees still remain disengaged at work.
The Engagement Institute conducted extensive research on this topic and found that disengaged employees cost US companies up to $550 billion per year. Whatsmore, the majority of those surveyed were able to explain exactly why they were disengaged.
Making sure staff feel heard and have a safe outlet to be able to speak openly and honestly about their experiences at work, is therefore integral. According to Forbes, employees who feel heard are 4.6 times more likely to feel empowered to perform their best work.
Bots can help facilitate this by sharing regular surveys and check-ins with staff as well as promoting internal wellness schemes that can help foster a feeling of being, valued and supported.
Promoting staff wellness can also have a greater impact in engagement. Wellness and mental health has become even more important as a result of the impact of the pandemic, the majority of people will have experienced stress and anxiety at one point or another or may still be experiencing it.
Many employees have been leaving jobs which they do not feel support them enough or help them strike an appropriate ‘work-life balance’ in what is being termed The Great Resignation. Therefore it is more important than ever that companies start actively participating in supporting the mental health and wellness of their staff if they are to avoid losing key talent.
There are a plethora of ways that bots can help to increase employee engagement. If you need some ideas on how to increase your staff engagement or need any support in implementing company wide engagement processes, we can help. Contact us at [email protected] and one of our team will be happy to help.