However metrics on their own aren’t enough to institute transformational change. They are a small step that can cater to an employee’s wants, but won’t ultimately drive change or increase performance. If you truly want to effect positive change, creating a cohesive employee engagement strategy is a top priority.
Almost 50% of all companies do not have an engagement strategy. And while the numbers are on the rise, there are still 66% of employees who do not feel engaged at work. This is a major problem, which poses a variety of daily issues for any company.
When employees are actively disengaged, turnover is high, and absenteeism runs rampant. Shockingly, almost half of all employees polled would take a job at another company for a 5% raise or less. Poorly engaged staff incurs low self-esteem, which will ultimately end up in less effective employees and poor production efficacy. To add to this, these kinds of employees can lower profits, with studies showing that poorly engaged employees are costing U.S. businesses $550 billion per year in lost profits.
On the flip side, when employee engagement is on the rise, companies often experience greater productivity, team cohesion, and effective communication between staff. A well-invested engagement strategy encourages employees to feel like stakeholders of their future and the company’s future. They will actively work for and with your company and encourage other team members to do the same. They will engage customers, create new opportunities for growth and increase profits.
Many employees will choose to stay with their current company if they thought there was a career path. If you can provide opportunities for growth and show them that the company is willing to invest in them, there is a greater likelihood of employees staying the course, even through challenging times.
An employee engagement strategy is a long-term, high-yield investment. Initially it may be hard to measure the return, however over time a cohesive strategy of this nature can radicalize the game for you and your company. Treating your employees as valued assets can improve the processes of the company and create a highly collaborative, unerringly efficient workflow.
Not sure where to start? Stay tuned in January for VibeCatch’s article on how YOU can create an effective employee engagement strategy.