Although specific statistics vary according to the source, all have the same bottom line: the general workforce is disengaged. The Society for Human Resource Management reports that 48% of employees are actively seeking new jobs. Furthermore, it is estimated that 55% of employees are not engaged or are apathetic about their work, and an additional 26% are actively disengaged. These rates have been declining over the years, and the world is in need of a transformation. Here are just 5 reasons why Employee Engagement matters, no matter the size, industry, or nationality of your business:
- Your People Are Your Most Important Asset: This premise can’t be reiterated enough, especially in an age where the latest and greatest technological advances replace the previous versions before you have time to blink. Products can be duplicated and a technological edge can be fleeting, but the knowledge, passion, and talent of your workforce is difficult to find and invaluable to hold onto.
- It Drives a Growth Mindset: Disengaged employees are working solely to get to that 5pm bell, to get to the weekend, to get to retirement… They’re working in a distracted and unenthusiastic manner, which prevents dynamic, creative, and innovative brainstorming sessions that are more likely with passionate and excited employees. These engaged workers tie the company’s success into their own, and are more likely to work their hardest to drive the company to be the best it can be.
- The Millennials Are Coming: The infiltration of Generation Y into today’s workforce is changing everything: Millennials care about opportunities over pay, balance over benefits, and happiness over tangible rewards. Although a sense of community, teamwork and transparency in the workplace are valued by all, a PWC study found that millennials place an even higher importance on these values compared to their non-millennial counterparts. Plus, a whopping 71% of millennials report wanting their coworkers to be their “second family.”
- It’s Actually Achievable: There’s no secret formula about how to attain a more engaged work force: 81% of organizations with leaders who emphasize employee engagement are getting it, with more than half of their workforces truly engaged. Additionally, the most impactful way to improve employee engagement doesn’t cost a thing! It’s as simple as demonstrating care and concern for your employees, genuinely valuing their opinions and ideas, and allowing them opportunities to use their strengths and talents at work.
- It Pays Off…Literally: Studies have proven that more engaged workforces also boast increased revenue, as well as employee retention, productivity, and morale. Just how much, exactly? Well, engaged employees are 75% less likely to leave, 60% less absent, and 85% more efficient, which all ties back to bottom line. All in all, companies with engaged employees outperform others by 202%!
Check out our next blog on the best ways to improve employee engagement!