By Holly Mills, Head of incentives, Penguins
Employees are the most valuable resource in an organisation, but many organisations aren’t prioritising employee engagement, instead only paying lip service. Research has shown that companies with engaged employees outperform those without by up to 202%. So why aren’t businesses focusing on engaging employees?
Here are 5 reasons why businesses should be focusing on employee engagement:
- Increased staff retention
Losing an employee does not only result in a loss of talent, but it incurs recruitment expenses and training expenses. Engaging employees will make them 87% less likely to leave reducing HR costs and promoting company growth from within.
- Increased productivity
Engaged employees are more likely to work harder as they believe in the values of the company, they feel respected and valued and want to help the company thrive.
- Increase in profit
Engaged staff generally work harder, inspire customer loyalty and stay with an organisation. By increasing employee retention, productivity and customer satisfaction, profitability is increased.
- Better work-life balance
A lack of work-life balance is the reason that 27% of people leave their current jobs. The key to implementing a better work-life balance is enabling flexible working and investing in wellness strategies.
- Increased customer satisfaction
A survey by Gallup shows that companies in the top quartile of employee engagement experience 10% higher customer ratings. Engaged employees spread their enthusiasm and passion for a company to customers, therefore providing the best possible service.
Employee engagement is a vital part of any successful organisation. Businesses should focus on the happiness of their customers, and where possible, seek to implement it into their corporate strategies. Avoid misconceptions around employee engagement and find out more about how to implement employee engagement strategies into your organisation by reading our blog on How to boost your business’ employee engagement levels.
To read more, check out Holly’s full blog post here.