Employee Engagement – the top 5 benefits
It’s no coincidence that some of the world’s most successful companies have created environments where their staff are highly engaged.
Engagement creates a competitive edge and it has been said that a highly engaged workforce can be the difference between a company which outperforms its competitors and one which fails to grow.
However, investing in creating these environments where employees feel engaged is often seen as a nice to have, and not a need to have activity for business. But by taking this approach you are missing out on a number of benefits;
- Retaining your talent
Recruitment of good people has become harder and harder, but one thing which will make it more challenging is if you have a high employee turnover and have to replace people on a regular basis.
Creating a workplace where people actually want to be there, where they feel appreciated and valued means they will become more loyal and happier therefore, decreasing the likelihood of them wanting to leave. Companies with high levels of employee engagement have actually been found to have employee turnover rates 40% lower than those who don’t.
2. Getting better productivity from your staff
Employee Engagement has been described as the ‘discretionary effort employees put into their work’, when people are engaged, they are more inclined to put in extra effort and deliver more for your business and your customers.
Research has shown that organisations in the top quartile for employee engagement have experienced up to 18% more productivity, and also seen 35% more efficiency out of their staff taking less down time.
3. Healthier people
One of the first signs of a disengaged workforce can be higher levels of absence whether this is through short term absences, health & safety related injuries or long -term sickness.
Workplaces with higher levels of disengagement have been found to have as much as 62% more workplace accidents and higher sickness levels, with engaged employees taking on average 2.7 days sickness per year versus disengaged ones taking 6.2.
4. Better customer service
There is only one of you and if you want your customers to get a great service most of the time you are relying on your people to deliver it, but if they are miserable and don’t want to be there do you really think they’ll be delivering the best experience?
Companies with higher employee engagement have been found to have, on average, 12% higher customer advocacy because employee attitude and behaviour is one of the most significant drivers of customer satisfaction.
5. Improvements on your bottom line
It makes sense that these points above will have an effect on your bottom line revenue and profits as if your staff are being more productive, efficient, taking less time off work and delivering a better service to your customers it is bound to have an impact on your profits. And it does, Companies in the top quartile for engagement have been found to have twice the annual net profit of those in the bottom quartile and their revenue growth is growing at 2.5 times greater than those in the bottom quartile.
So, with all this in mind what is really stopping you from making a start and creating a better workplace?