Building an effective and well-structured team isn’t as simple as hiring the best people for the job. In a competitive and fast-paced talent pool, you’ll have to work hard to engage your employees if you want them to stick around. Research from Gallup shows that over the past decade only around 32% of people feel truly engaged in their jobs, a figure that has barely increased since the year 2000. Unsurprisingly, more than two-thirds of employers are concerned about employee retention, but not every company is connecting the dots. A massive 70% of employees aren’t working to their full potential due to unhappiness in their role, but investment in employee engagement can change that.
Millennials expect to work at more than one company in their lifetime, and aren’t afraid to change organisations when they want a new challenge. Job hopping and the range of ever expanding choices means it’s harder than ever to retain staff, but it’s not impossible if you focus your efforts on engagement. Millennials value training and development in a role, with 60% citing it as extremely important, compared to 40% of baby boomers. Opportunities to advance careers internally are the main reason people stay, leading to better staff retention.
Disengaged employees aren’t just skating by, they could be costing your organisation money. Studies show that levels of reported effort directly impact your bottom line, as well as leaving your teams with a poor working dynamic. By contrast, companies with highly engaged employees see roughly 2.3 times the amount of revenue growth over a three year period, compared to those who don’t. Investing in engagement doesn’t just make for a happier, healthier workforce, it makes for a more productive one.
The positive impacts of employee engagement aren’t limited to the office. Gaining a reputation for having a happy and dynamic workforce reflects well on your business as a whole, leading to new opportunities. And as the Glassdoor ‘review trend’ continues, companies will see more home truths spilled online. By ensuring that your employees are happy and engaged, you’re likely to present a better public image. This is not only great for attracting new talent, it’s also good news for investors and clients.
Nobody wants their employees to feel they have to suffer through the day. A happy and healthy office is a nicer environment for everyone, including senior managers. Not only do positive employees make better leaders, they’re also better able to motivate other team members and boost morale during more stressful periods. When employees are engaged and well-rewarded, they’re more productive, and take an average of 15 less sick days a year thanks to an improved immune system.
When it comes to innovation and creativity, engagement is vital. If employees aren’t engaged with the organisation’s needs and goals they may do the basic job, but they won’t be going the extra mile. In fact, a Gallup study showed that while 59% of engaged employees said they had no trouble generating new ideas, only 3% of disengaged employees said that same thing. By creating a positive culture where people feel their voices are listened to, you’re more likely to reap the rewards.