Growth-minded businesses stand to gain a great deal from keeping employees engaged. Highly engaged businesses enjoy the following benefits over their less engaged counterparts:
- 21% greater profits
- 17% increase in productivity
- 20% increase in sales
- 10% higher customer ratings
- 41% less employee absenteeism
By comparison, a single disengaged employee costs a company an average of 34% of their salary, resulting in all disengaged companies losing $450 to $550 billion per year.
Employee engagement in the U.S. shrank from the all-time high of 36% in 2020 to 20% in early 2022.
Intensifying competition, the Great Resignation, and subsequent labor shortages make employee engagement more important now than ever before.
Those strategies include:
Getting Back to Basics
Studies have shown that organizations must monitor the effects of fluctuating working conditions and create an engagement strategy that emphasizes the following core principles:
- A sense of purpose
- Empathy and support from the direct manager
- Open, ongoing communication
- Professional development and career planning
Strong engagement goes beyond the influence of HR and hinges on supportive relationships, especially with supervisors. Companies that wish to thrive must distribute responsibility throughout the organization, enabling managers to quickly adapt to changing business conditions and empower their team to do so too.
Clarify Shared Mission & Objectives
Senior leaders must give each team a voice and learn how they view their function and then craft and convey key messages that resonate with each team and individual.
90% of businesses implementing changes to promote flexibility reported they were extremely valuable in attracting and retaining talent.
86% of employees blame lack of communication or collaboration for workplace failures. Companies that practice empathy and open communication promote collaboration.
Senior executives must drive clarity from the top-down by sharing progress and outlining expectations, especially when business operations are fluctuating. Technology can put evolving strategies and expectations in front of employees.
Diverse companies are 35% more likely to outperform the competition and 70% more likely to capture new markets. 76% of candidates consider diversity important when evaluating employers. Companies must set diversity, equity, and inclusion (DEI) goals and understand how each department, level, and position stacks up.
Drive Engagement with Modern Technology
Technology can make or break employee engagement by enabling team members to freely focus on goals or obstructing them with awkward or inefficient processes. Today’s workforce expects instantaneous access to information and tools.