Employee engagement is key to the financial health of a business, but many organisations simply don't know how to improve their workplace culture.
Product and service offerings are no longer what set companies apart from their competitors; it's the talent within the organisations.
As such, keeping employees happy and engaged with their work is of paramount importance. Those who lack interest in their job hurt a business more than they can help.
Profit margins remain razor-thin in many industries, and poor customer service can sink brand awareness and loyalty. If you're noticing your staff has low levels of engagement, it's time to fix that issue before it evolves into a much larger problem than can impact your organisation's finances.
The true cost of disengagement
To give you a perspective of how widespread this issue is, employee engagement across the world currently rests at just 13 per cent, the New Zealand Herald reported.
"Disengaged employees can cost a company over $50,000."
There are many intangible drawbacks of employing people who are disinterested with their work, or lack the enthusiasm to collaborate effectively with their peers. Absenteeism, low levels of innovation and teamwork, poor customer service and a lack of workplace culture identity are just a few, according to Talent Culture.
All of these traits of disengaged workers directly impact the productivity of an organisation, which in turn affects the financial growth as well. Roughly 24 per cent of executives believe each disengaged employee costs their organisation over $50,000, Glassdoor reported.
It's clear that engagement and workplace culture are a high stakes game, so why is every company lagging behind in improving it? The answer is simple: Many executives just don't know how to improve it. But, Bev Cassidy-Mackenzie, chief executive of the Equal Employment Opportunities Trust, told the NZ Herald that in theory, it should be rather easy for organisations to approach this topic.
"We hear a lot of talk about people being an organisation's greatest asset, but businesses need to demonstrate that by putting in place measures to get the best from their staff and making an effort to show they are valued," Cassidy-Mackenzie told the news source. "Employers can't rely on individuals alone to stay engaged."
Putting pen to paper
In short, companies must develop employee rewards and recognition programs that truly seek to engage staff members and build a cultural identity around the brand. It's usually easier said than done.
"Employee recognition and performance-based rewards spur engagement."
Each worker looks for something different from an organisation in terms of engagement. Some would like rewards like sport event tickets, new technology or travel incentives. To others, the allure of peer recognition is key in developing a sense of belonging and collaboration.
Therefore, businesses must figure out how to motivate employees through a balance of reward and appreciation. One possible option would be to deploy a digital platform that everyone in the office can access at all times. This portal would track key metrics like sales, customer service ratings and qualified lead referrals using a leader board that allocates points based off of performance.
Offering awards for hitting certain thresholds would give many an incentive to work harder while simultaneously rewarding them with recognition from staff at all levels since the leader board is publicly viewable. This allows for multiple members of the organisation to receive accolades for their performance, rather than just one of them earning an "employee of the month" plaque.
If you're aiming to improve employee engagement at your company, contact a Power2Motivate representative today to find out how we can help.