Employee engagement is not a new phenomenon; in fact, the term has been widely used since the 1990s. However, the recent statistical analysis has thrown the challenge of keeping employees engaged into the spotlight.
The most shocking of the recent studies into employee engagement, was that of research and analytics company Gallup.
In their State of the Workplace report, Gallup revealed a staggering 85% of employees were not engaged in their work. The monetary cost of which they valued at $7 trillion in lost productivity across the globe each and every year.
As shocking as they are, these figures are being corroborated by similar findings from comparable studies.
Data Reveals Scale of Challenge to Engage Employees
A survey sponsored by engagement platform Glint revealed that less than 10% of line managers strongly agree that their employees put in discretionary effort in the workplace.
The figures of both Gallup and Glint reveal that there is a worldwide issue when it comes to employee engagement. For many companies across the world, there will not have been a time where engagement numbers have been lower.
Why is this the case? This is certainly due, in part, to changing employee expectations.
Over the course of the last 20 years, pay raises and promotions have been enough to keep employees engaged, whereas today’s generation of employees would prefer more non-tangible employee benefits and more support within the workplace setting.
Engaged Employees Perform Better
Those companies that have managed to move with this change of mindset have reaped the rewards of doing so, reducing presenteeism.
A study conducted by HR Zone, revealed that companies with engaged employees had 22% higher productivity, 38% higher customer satisfaction and 19% higher profit margins.
With such stark figures, it’s no wonder that business leaders are quickly drafting proposals to increase employee engagement. However, employee engagement is not just a case of introducing ping-pong tables or free lunches. It goes much deeper than that.
How to Help Employees to Become More Engaged?
The process of increasing employee engagement actually starts before an employee is recruited.
Management should be looking at how to develop a sense of community within the workplace, improving social and cultural ties with small and meaningful perks. Happy and engaged employees are, as a result, more likely to speak to their peers about their positive experiences.
One of the ways you can foster a more engaged workforce is by tailoring employee benefits to the individual.
American software provider Zenefits found that more than 70% of employees agreed that unorthodox or non-monetary benefits would form key considerations when evaluating a new job opportunity.
Today’s employees will judge a company on its workplace wellness policy with almost as much scrutiny as the salary. Thus, you need to adapt to reflect those attitude changes.
Showing employees how they fit into the bigger picture at your company is a start. But leadership training, career development paths, mental health support to deal with issues such as stress management, healthcare benefits, and unlimited holiday are all also employee benefits that are becoming increasingly attractive to employees.
Findings by the Mckinsey Global Institute reported that investment in these non-conventional areas increased productivity by 20 to 25%. Therefore, any investment made in increasing engagement is paid for many times over in increased revenues and profits.
Review Your Employee Engagement Strategies with Help from The Experts
Non-traditional employee benefits can make all the difference in the quest to increase employee engagement within your company.
For instance, having fast access to a doctor when sickness symptoms strike, or securing steep discounts for an employee’s favourite brand, can cost comparatively little when compared to the monetary value of increased productivity.
Whether its improving provisions for employee sickness (including mental health), providing better in-house nutritional choices, or implementing forward thinking annual leave policies, we can tailor workplace wellness packages to suit your employees.
Why not speak to us today about your requirements, so you can start your journey to increased employee productivity.
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