According to a recent report by JobList, 73% of employees have been considering leaving their jobs. And their decision to change jobs isn’t strictly about the money, either, as 74% of early career employees would consider taking a pay cut to work their ideal job, and 23% of those considering leaving their job wouldn’t need a pay raise in order to take on a new position.
But why should a company care if their employees are disengaged and/or want to leave? They could just replace them. Right?
Not only does high turnover and low employee engagement cost companies billions each year, according to Gallup’s meta-analysis, businesses that scored the highest on employee engagement were 21% more profitable and scored 17% higher on productivity than companies with low engagement.
With the escalating costs of employee turnover, businesses are seeking ways to improve employee retention and increase employee engagement.
Not all research companies and experts share the same definition of employee engagement. But, for the purpose of this blog, we’ll go with Gallup’s definition - which states that engaged employees are “those who are involved in, enthusiastic about and committed to their work and workplace.”
But why are so many employees not feeling enthusiastic about or committed to their workplace?
Many employees simply do not feel like they are getting the recognition they deserve and don’t have confidence in their senior leadership team.
How can companies promote confidence in the senior leadership team?
Employees want to be recognized for the unique value they bring to the company. Employees know they are there to perform a job, but today’s workers also want to make a difference.
Demonstrate appreciation for employee success. Whether publicly or privately, showing that you notice an employee’s hard work will help employees feel confident that their work does not go unseen and is important to the company’s success.
Demonstrate that you see your employees as more than just workers performing tasks and that you recognize their importance to the company. Be genuinely interested in the people who work in the company.
Connect your employees’ role to your organizational missions, provide recognition and encourage the unique value and contributions each of your employees bring to the organization.
Employees want to know their work matters. By communicating the company’s goals and vision, they can see how their job fits into the larger picture.
Employee commitment grows when there is a clear path for future corporate growth. Identify ways the employee can help the company achieve success and tie their job into the overall corporate goals.
Discuss the company’s progress towards organizational goals and share both successes and failures. While employees don’t need to be part of every decision, including employees in key decision-making processes can help build confidence in the management team. By sharing the behind the scenes process with employees, they begin to see themselves as a part of a larger process.
Professional development is important. Offering employees regular training on job skills, cross-training within departments and other development programs indicates that the organization is invested in the success of its employees.
Business managers develop trust by asking effective questions and listening to the answers. Go beyond surface-level conversations about employee ideas and suggestions, and then take action when appropriate. Be a leader with integrity. Show employees that you are leading with the values of the company and that you do what you say you’ll do.
Building a committed workforce is an on-going process. It is established through the daily interactions management level staff have with the employees and is part of the organization’s culture.
By working to develop employee engagement, you are improving employee confidence and commitment to your organization and directly impacting voluntary turnover rate by creating a place people want to work.
Where can you improve in developing a highly committed workforce?
Interested in learning more about boosting employee engagement? Check out our blog, where we explore new topics regularly.