Last updated on February 20th, 2019 at 09:03 am
Any plans to move your business forward have to start with the people. People are a company’s most important asset, and as cliché and worn out as it sounds: an engaged, happy employee is a productive employee, which obviously means more money for the company.
Leaders and managers have to actively prioritize employee engagement.. The single most effective strategy is to make sure employees feel listened to. Giving employees a voice in the company and getting them to be more involved is very important. Managers need to know what employees need and want. In Harvard Business Review there is an article, How to really listen to your employees, which explains how managers ensure that employees feel like they are being listened to, for example by letting them lead meetings. If they feel like they are being listened to they will be more engaged at work. Companies are realizing the importance and benefits of engaged employees more and more since employee engagement may be the single most effective competitive strategy to many organizations.
The advantages of employee engagement:
- Lower turnover
Lower turnover means more money saved for the company. If workers are engaged they are more likely to stay at the company for a long time. That will eventually help the company save a lot of time and money. High employee churn is very expensive for a company because it involves hiring and training and taking time for the new employee to reach peak productivity levels. It heightens the chances of errors and of course also creates the possibility of loss of engagement from others. And unfortunately, there is the devastating possibility that all of this could take place and the new employee can just as easily quit again and then it was all a waste.
- Increased productivity
When a person likes what they are more focused and work harder. Not only will they get more done, they are also more likely to do it well when they put in their best effort. Thus increased productivity will be a side effect of being more engaged. Employees who are engaged at work also want to be more involved and informed. They bring more energy to their work, along with a more positive attitude. They are creative thinkers with fresh ideas and they’re collaborative team players, which allows them to get things done more efficiently – leading to better productivity.
- Growth in revenue
Engagement can have a massive impact on your organization’s financial performance. High employee engagement can have a very positive effect. One study found that organizations with engagement scores in the top 25 percent had twice the annual net profit and 2.5 times greater revenue growth than those in the bottom quartile. Regrettably, when companies look to increase the company’s profitability, so many organizations look outward instead of turning inward. But no company can prosper without a solid, engaged team. Engaged employees get more done and are absent less which improves profitability. Workforce opinion surveys show that companies can boost their business performance by 30% if their employees are highly engaged.
By prioritizing employee engagement, you can enjoy all of the above benefits. It is really a win-win situation. Unfortunately, as crucial as engagement is, many companies still have not implemented an effective internal communication strategy, even though it can clearly give them many advantages. The need for communication and engagement increases when a company is managing change because it would mean that these employees need to adapt to the change. A smart engagement tool that can be used to help employees voice their opinions, among other things, is Engage by CardioLog.