It’s estimated that over 70% of employees in US companies are not fully engaged at work. This means that while they may be physically present and doing the job they’re paid to do, they’re not living up to their full potential or delivering their best performance. Improving employee engagement should be a key aim for businesses of any size. Better engagement not only results in higher productivity, but also happier and healthier employees, fewer sick days, and lower staff turnover.
As the millennial generation already makes up the largest segment of the U.S. workforce, keeping employee engagement levels high is more important than ever before. A good salary and benefits package is no longer enough to keep your best employees – millennials change jobs more frequently than any other generation before them and value company ethics, transparency, and a good work-life balance over traditional job perks.
And perhaps even more importantly, an engaged workforce could be the key to building brand reputation and trust in a world that’s become increasingly suspicious of traditional advertising.
- An engaged workforce is happier, healthier, more productive, and more profitable.
- Traditional salary and benefits packages aren’t enough to keep today’s employees happy.
- Engaged employees can be your loudest and most dedicated brand ambassadors.
Increased Profit and Productivity
According to researchers’ estimates, disengaged employees cost US businesses $450 – $550 billion annually. These losses are down to lost productivity, lost days and work hours due to sickness and lateness, disruption due to workplace negativity, and increased staff turnover.
On the positive side, employee engagement is actually on the rise in the US due to an improving economy and better understanding of how to increase employee satisfaction. This is great news because engaged employees not only make for a happier workplace, but a more profitable one too – companies with engaged employees outperform those without by over 200%.
Better Communication and Work Relationships
A toxic workplace isn’t good for employees at any level, and it’s not good for the business’s bottom line, either.
Strong leadership and positive employee relationships are essential in keeping people happy and motivated at work, as well as making them feel part of a team in which they want to strive to achieve a common goal.
80% of employees dissatisfied with their line manager are disengaged at work, and 70% of those who lack confidence in senior leadership are not fully engaged.
A culture supportive of career progression, open communication channels, and transparency at work can all help to build better workplace relationships and increased employee engagement.
For example, social media company Buffer cites transparency as one of its key brand values, with fully public salaries and the formula that goes into them being part of its commitment to transparency. This means that each employee understands how his or her salary is calculated, reducing frustration and making it clear to each person how they can progress within the company rather than leaving for a higher salary elsewhere.
Reduced Staff Turnover and Loss of Skills and Experience
Businesses spend $11 billion a year on recruiting and training new staff due to staff turnover alone. Reducing staff turnover levels is not only important for financial reasons, but also to prevent the loss of valuable skills, knowledge, and experience.
Each time a valuable employee leaves your company, they’ll take their skills and experience with them. Replacing each person can take a huge amount of time, money, and resources in recruitment and training, not to mention the lost productivity in the meantime.
So when you’ve found great employees, it makes sense to do all you can to keep them. However, this is becoming more challenging. As already mentioned, the millennial generation doesn’t aim to stay in the same company for the majority of their career. In fact, over half of all employees under the age of 35 have had at least three jobs since the start of their career.
And getting them to stay isn’t as easy as providing a competitive salary and an on-site gym either. Today’s working generation value flexible hours, a great work atmosphere, and working for a business they are proud to be a part of – 90% of millennials say they would consider taking a pay cut to work for a company whose mission and values align with their own. This is the key to true employee engagement in 2019 and beyond – 54% of employees who are proud of their company’s contributions to society are engaged at work.
Why Your Employees Are the Key to Your Influencer Marketing Strategy
Influencer marketing has grown rapidly over the past few years as brands realize that consumers value authenticity and the opinions of “real” people over traditional advertising.
However, social media influencers have started to come under fire as they take on more and more brand collaborations, many of which don’t seem to align with their values. Influencers have become just as untrustworthy as ads on television or in magazines for many.
This doesn’t mean that influencer marketing is dead, but we’re now discovering a new breed of influencer – the employee advocate.
Employee advocates promote the organization and represent the brand. This may be via social media or a planned content marketing strategy but is often spontaneous and natural when employees are truly engaged at work and believe in the brand they’re working on behalf of.
Engaged employees are hard-working, loyal, and committed to business improvement and customer satisfaction. Engaged and activated employees deliver more value both to the company and its customers. Who better to sing the praises of your organization than an employee who truly believes in the value of what you’re trying to achieve?
It’s therefore vital to invest in employee engagement for staff at all levels. The rewards an engaged workforce brings go well beyond a simple calculation of ROI.
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