Employee engagement is a buzz word in today's competitive marketplace. Employers are beginning to understand the financial impact of employee turnover and are investing more than ever in new practices that keep employees engaged and motivated around the clock.
Recent research suggests that over 11 billion dollars is lost annually to employee turnover. The same study also found that companies with engaged employees outperform other companies by over 202 percent. This data is shaping the way organizations do business. If you're looking to improve your organizational culture and create a more engaged workforce, consider some of these engagement tactics:
Invest in Management Training
A recent poll found that the number one reason people quit their jobs is a bad manager. This data suggests you might want to invest in management training for the leaders of your organization. Mangers need to understand how to relate and respect their direct reports. This can have a huge impact on your employee's perception and happiness with the organization.
A new study found a strong correlation between appreciation and loyalty. Additionally, employees who feel appreciated at work report more job satisfaction. Clearly, recognition is an important component of employee engagement, but it is also relatively cost effective. Recognition programs have minimal costs, but reap huge rewards. You can invest in digital recognition programs and monetary rewards or simply offer public acknowledgement for a job well done. Regardless, recognition is important for an engaged workplace.
Engaged employees take ownership of decisions and processes. They want to feel like their ideas and opinions matter. As an employer, one of the easiest ways to boost morale is to provide the opportunity for feedback. Whether you opt for a digital platform or one-on-one attention, providing employees the opportunity to participate can prove highly beneficial.
A clear-cut vision is crucial to any high performing business. Additionally, employees must be tuned in to the vision and understand their role in fulfilling this mission. Unfortunately, over 70 percent of employees report not understanding their organization's strategic direction. As an employer, this is a sure-fire way to create confusion, frustration, and turnover. You can avoid this path by being extremely transparent and over communicating the company's goals within all levels of the organization. Don't reserve the vision for the upper levels of the organization. Let your ideas trickle down to the lowest level of the organizational chart. This tactic will have a huge impact on employee engagement.
These four tips are just a few of the many ways you can increase employee engagement within your organization. These options are fairly low-cost, but require a little forethought and planning. Don't let employee turnover get the best of your organization. Invest in these simple strategies today!