Why Increased Employee Engagement is a Must for Your Company
Studies show when there is more employee engagement, there are improvements in the profit margins with records of better quality of work.
Employee engagement is something the global market is much concerned about. While assuring better employee engagement it is very important to know what exactly the employees are expecting from the employer. In the US, low employee engagement can cost around $450 billion to $550 billion. In a study, it was found that a company having good employee engagement record has 21% higher profit margins than their competitors. Employees tend to be more regular and there has been a 41% decrease in absenteeism rates. Customer rating has gone higher by 10%, 40% fewer defects in terms of quality and a total increase of 20% in terms of productivity. Any company, who cares about growth and stability are bound to get the figures right with proper employee engagement.
Few important things to consider
To empower your workforce, you must take note of the team that’s always at service to offer you the best ROI. Dan Pink in one of his work management books called, “Drive” focused on three aspects of employee engagement. He discussed the three things employees want from their jobs. The first is “Autonomy”. Nobody wishes to be dictated over work. The employees need a certain level of freedom for doing the work their way rather than being told to follow a specified path. The second thing is “Mastery”. An employee who has the urge to grow will want to increase their abilities and be the best of their own trait. With this, they can achieve respect for the position they are working for. The third is “Purpose”. Employers need to understand that the employees are human resources for the company who has a certain knowledge and has the power of thinking that makes them question why. They must know the purpose of the work. They must know why they are being asked to perform a certain role and how much integral that is for the organization. They must believe what they are doing.
Employee engagement is a complex thing if the right chords are not turned on. Here are some tips shared by industry leads that will give you an edge of employee engagement.
Before you know about your employees, you must know what your employees are thinking about the workplace. Be open for discussions and feedback. Let the employees feel free to share their feedback. Over this discussion, you will get an idea what your employees feel about the company and the workplace.
Payment of the employees is one of the most important driving factors while discussing employee engagement in the workplace. Pay fairly and take care of increments and bonuses. At the end of the day, financial stability is what matters for most people. Pay the accurate amount and stick to the time and date of salary.
Help the employees by giving them the opportunity to voice their opinions. They must share the distractions they are facing and ensure there is an effective employee self-service tool. The employees must feel connected with their work as well as develop a dedication towards the company.
Acknowledge your employees for their contribution. Experts say recognition is sometimes a better boost than a financial growth. Appreciate good work and keep note over the team or employee who is doing well consistently. Make sure you congratulate them and thank them and make them responsible for the success. As you do so, employees will get boosted up to retain that gained appreciation. This will increase employee engagement and will improve the productivity level altogether.
If you find some of your employees are underperforming, take time to review their drawbacks. Try switching their responsibilities. Match their interests with the area of the work.
Respect among fellow workers
The sense of respect should prevail among the employees as well. The employees should be selected and departed through a process of transparency. Especially in the case of departing, the employees should be treated with dignity and given the right recognition for the work they have contributed to the company so far. Assistance should be offered to the employee as they venture into a new career option. Experts say that former employees are the people who will spread the company’s name. Their reviews and feedback are important and they can increase the ranking of your company in job portals and your company will be listed among the employee-friendly companies which is a great way to pool in new resources.
In the same way, when you are hiring a new employee to your company, make sure you give enough attention to help the person gel well with office culture. The new employee must not get a negative vibe about the office culture and that is only possible when the rest of the employees are being cordial and helping that person to show the perks of working in the company. Experts say that many times, employers make a mistake here. While elevating the newbie with higher pedestals they tend to bring down a long time employee by comparing roles and capabilities. This way you would be affecting relationships with both the employees as an employer and there will be a gap among both of them in terms of mutual respect.
Storytelling to create a connect
As leaders, you have to start winning hearts of the people who are working for you. In the recent times, the long working hours and pressure in work are minimizing the professional and individual divide. Creating a healthy environment in the office is very important if you wish to grow a strong team of professionals. In a study, it has been seen, storytelling is an effective way of passing the message and bring a transformational change in the office. Humans tend to connect more with what they hear. Tribal cohesion is formed with this and employees get involved more in such discussions. If you are thinking about bringing a change in the workplace, make sure you share your personal experiences as you disclose the matter to your employees. In many cases rather than just stating what is to be done, share your experiences of working and give an insight of how the work can be possibly done. Change the approach of task allocation and you will find a different and positive outcome.
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