Maybe you have read, maybe you have heard or maybe you have been told; having employee engagement is good for business. But is this true? And if it is, what is its value?
There have been many studies into employee engagement from a host of different companies, including Forbes who found that companies with engaged employees can outperform companies without by an incredible 202%.
But what exactly is an engaged employee? And how do you get your employees engaged if they aren’t?
Let’s start with a definition:
An engaged employee is defined as someone who demonstrates a positive physical, emotional and cognitive behaviour whilst they are working. They are aligned to the vision and direction of the company and strive through their work to improve both themselves and the work they are doing, which in turn raises the company's position.
It is different from someone who is satisfied with their job. This person will perform adequately at their given task, but will not go that extra mile.
Did you know that Gallup have estimated that businesses are losing over £350 billion a year due to staff that have become disengaged. Not to mention the impact that poor customer service can have on a businesses reputation.
Back to the matter in hand - how to get employees engaged. Let’s start by stating that it’s not all about bigger pay packets and perks. I don’t think anyone would turn down the offer of a higher wage, and we all love a freebie, but that is not going to get anyone to love their company. Listening and understanding your employees is where you should be starting. Are they happy at work? What could make them happier? Do they feel valued? Simple surveys can be carried out to check on staff, and provide you with valuable feedback about what’s going on on the shop floor. You are essentially giving your employees a voice, and they will be thankful for that.
Work life balance is a phrase that is more important than ever before. Employees want to be able to see their rota wherever and whenever, and be able to adjust shifts to fit in with their life. With a great workforce management solution staff can let you know when they are available to work shifts, and the software can build the rota based on their feedback making sure the right amount of staff are working at all times. Let them be in more control of when and how much they work.
There are three main reasons to why keeping employees engaged is important:
- Retention - You want to keep your best staff. Disengaged employees are more likely to leave. In that case you lose your best staff and then have hiring and training costs to replace them. The average cost of hiring a new person is now above £10,000.
- Productivity - An engaged employee can boost their productivity by up to 22%, and not only that, they are likely to show behaviours that are above what is required of them - adaptability, proactivity, willingness, responsibility. Meaning they will do more, learn more and stay focused on giving it their best.
- Reputation - If you want to be customer centric and have happy customers, then you need engaged employees. They are the ones delivering the customer service that will increase or decrease your reputation. As we say at Quinyx. Happy Workforce. Happy Business.
Whilst I cannot put a monetary figure on the value of your engaged employees, hopefully this blog has opened your eyes and made you perhaps think about the maths behind it. How much would 10% improved retention + 10% raise in customer satisfaction + 10% increase in productivity equal for your profit?
Find out more about our employee engagement tool or speak to someone about how Quinyx can help you by filling in the form at the bottom of the page.