Saving money is every business’ greatest challenge, especially as a company grows and takes on a larger workforce and clients. The key to saving workplace costs? Employee engagement.
Engaged employees lead to:
Less sick days and higher productivity.
Better customer experience.
Higher customer satisfaction.
Increased sales, repeat business and referrals.
Higher shareholder returns.
Which all leads to a successful business.
Think employee engagement is not worth it? Think again.
Increase employee engagement by connecting your teams to a modern, mobile-friendly intranet where they can access information, apps and their colleagues to do their jobs well. According to Gallup, actively disengaged employees cost the US $450 to $550 billion per year in lost productivity. Whereas, in organisations who put engaging staff at the top of their priority, they experienced and average 3-year revenue growth 2.3 times greater than companies with average-level engaged employees.
Down with bad managers.
Managing is a tough job and not everyone can (or should) do it. Promoting someone solely based on job seniority is no longer a valid excusebecause if they’re a bad fit, employee morale can decrease and cost businesses billions each year, sometimes even taking down the whole company.
So, how do you get a good manager then? Invest in the time and money to make sure you’ve got the right person and train them well into the position and see your bottom-line grow. According to Gallup, companies with great managers double the rate of engaged employees who then go on to earn 147% higher earnings per person.
Workplace stress and extra pressure are costing employees their health.
And in turn, costing companies billions. Approximately £400 billion ($500 billion) is lost due to workplace stress, with health care costs nearly 50% greater compared to less stressful companies.When employees feel constant stress, such as an overloaded schedule or constant micromanaging from their manager, without appreciation from the organisation, they’re at risk of becoming disengaged from their work and go on to experience 37% higher absenteeism due to poor health as a result.
How to turn the misery tide? Invest in an engagement plan. According to Carnegie Dale, only 25% of organisations do just that. If you’re one of the 75% who doesn’t, it’s likely your competitors don’t either. You can gain an edge on them by making your employees ridiculously happy, and in turn, healthy and productive as well. When companies make their employees into brand ambassadors, their workforce averages 2.69 sick days annually per employee, whereas companies without engagement efforts see an average of 6.19 sick days instead. (Source: Workplace Research Foundation)
Here are some stats just to further prove the importance of employee engagement:
By improving engagement overall, employees are better aligned with your company’s mission and values, helping them drive sales and provide better customer experiences. Your employees become more productive, feel higher job satisfaction and less stress. They also feel more pride working for your company and become brand ambassadors.