The ROI of an Employee Engagement Program

The ROI of an Employee Engagement Program

An engagement program can have significant ROI for your organization both in a financial and productivity sense.

According to Workplace Research Foundation, “Engaged Employees leads to higher service, quality, and productivity, which leads to higher customer loyalty, which leads to increased sales (repeat business and referrals), which leads to higher levels of profit, which leads to higher shareholder returns (i.e. stock price).”

Additionally, they report that, companies with engaged employees have an average of 2.69 sick days taken annually, compared to companies with weak engagement efforts, reporting an average of 6.19 sick days (Workplace Research Foundation).

Here are some other awesome benefits you will achieve from a well-designed employee engagement program:

Build an emotional connection with your employees. When you invest in your employee’s engagement, it helps show them you care about them beyond just the job they do.  It shows that you care about their overall happiness and well-being and that you want to recognize and reward them for their efforts.

Increase engagement levels.  When you recognize and reward your employees for a job well done and further provide them learning and development opportunities, they will be engaged, motivated and energized to give you their best effort and loyalty.  A disengaged employee costs an organization approximately $3,400 for every $10,000 in annual salary. Disengaged employees cost the American economy up to $350 billion per year due to lost productivity (McLean & Company).

Attract and retain the best employees and loyal customers for your business.  When your employees are engaged, they will talk positively about your organization and want to refer and recommend others to join your organization (both as customers and/or employees).  Plus, when they are recognized and rewarded on a daily basis, and given growth and learning opportunities you are more likely to retain top talent who feel valued and connected to your organization. Globally, engaged companies grow profits as much as 3 times faster than their competitors and highly engaged employees are 87% less likely to leave the organization (Corporate Leadership Council). Additionally, engaged employees translates to better customer service and customer loyalty, which companies depend on to make payroll.  The most-engaged workplaces experienced 2x higher customer loyalty, 2x higher productivity and 2x lower turnover (Jonathan Pont).

Provide skills that make your team more valuable. When you invest in your talent with an engagement program that integrates learning and development, you will provide them with a whole new set of skills and competencies that they can seamlessly add to their toolbox, making them more valuable to serve both your internal and external customers.

Help your organization improve its bottom line. When all of the above elements are in play, your team will have better communication, will be more productive and will have better internal and external service. This all translates to more efficient sales and service, and increases your bottom line. Companies with low engagement scores earn an operating income 32.7 percent lower than companies with more engaged employees. Similarly, companies with a highly engage workforce experience a 19.2 percent growth in operating income over a 12-month period (MacLeod & Clarke)

These are just a few of the benefits you can achieve with a well-designed employee engagement program that focuses on engaging your talent every day.  When you create a culture of engagement in your organization and recognize your talent at every touchpoint, they will provide you with their energy and loyalty, which translates into significant ROI for your organization!
Find out more about how to create an employee engagement in your organization.

The Senior Leader’s Role in Employee Engagement

The Senior Leader’s Role in Employee Engagement

According to recent global engagement studies, approximately only 13% of the global workforce is highly engaged. More importantly, according to a recent Gallup study, only 1 out of 3 workers in the United States strongly agree that they have received recognition or praise for doing good work in the past week.

One of the biggest reasons employee engagement is so low is because there is such a lack of recognition, feedback and praise from senior leaders for the majority of those employees who do good work. If you think about it, right now at almost any given company, it is common for employees to feel that their best efforts and contributions are going unnoticed!

Senior leaders must remember that if they don’t recognize their talent, they are missing the opportunity to tap into their discretionary energy. If a senior leader needs a bottom line reason, employees who do not feel adequately recognized are more than twice as likely to quit within the next year. 

In my experience the best senior leaders understand the huge opportunity of linking engagement and performance. Said differently, the vast majority of senior leaders might be missing one of the greatest opportunities that they have to drive sustained performance. 

Recognition and feedback on performance gets ROI when done from any leader, however, the ROI is significantly greater when this recognition and feedback comes from senior leaders. My belief is that the most effective recognition is authentic and personalized to each individual. The key for leaders is to know what makes it meaningful and significant for the employee.

Senior leaders have a powerful tool at their disposal that the majority are not leveraging. This tool is recognition and feedback, as employees will remember personal feedback from a senior leader. Senior leaders can invest a small amount of time providing recognition and appreciation which can produce a significant and lasting positive impact on an employee’s performance. 

If you think about it, acknowledgment and feedback from a C-level leader can be a career highlight for a talented employee. 

If you are a senior leader and you want employee engagement then you go first!

Provide Learning & Development To See Employee Engagement Results

Provide Learning & Development To See Employee Engagement Results

There is not a lack of motivation in the workplace, there is a lack of development. We often blame poor employee engagement on a lack of motivation from employees.  However, employees consistently tell us that to feel more engaged in the workplace they want skills, training and experience that will help them grow and make them more marketable now and in the future.

Here are a few ways you can develop your employees to increase their engagement and loyalty:

1- Provide them with skills and training and experience with your eLearning program. Tip: make sure your eLearning program is mobile capable so they can learn on-demand, in-time, and when it’s convenient for them.

2- Provide them with hands-on experience. Give them projects and challenges that will give them tangible, hands on experience to practice their skills and grow their problem solving abilities.

3- Provide them with growth opportunities. Give them a chance to shadow their superiors and learn about different roles in the organization.  Provide them with ongoing learning, advanced training and support so that they can grow within the organization, otherwise they will grow someplace else.

4- Give them knowledge and coaching about how they can succeed within the organization. Make sure they know your organizational culture and values. Be transparent about expectations and the direction they are headed so that they feel respected and valued.

When you invest in the development of your employees by giving them learning opportunities and coaching, they will feel enabled to do their job, and will be motivated to create an incredible experience both internally with their colleagues and externally for your customers.

Top 3 Headaches with Employee Engagement Programs (and how to fix them)

Top 3 Headaches with Employee Engagement Programs (and how to fix them)

1.  Access for your employees.  Your managers and employees are busy.  They want and need to be recognized in the moment, day-to-day, at every touch point.  Most employee engagement and learning programs are only accessible from your desktop computer, so you have to make it a point to remember to recognize your talent on an ongoing basis.  Plus, some employees don’t have access to a desktop computer. This can be frustrating for both managers and employees because it can be distracting and time consuming so utilization and engagement suffer. 

The GES Solution: A global/mobile solution – Our solutions are completely mobile capable with a dashboard that is responsive on whatever device you choose, allowing your managers to recognize employees in the moment with a touch of their mobile device, which increases utilization and engagement. The solution also syncs seamlessly across all devices so all transactions are tracked, measured and retained for robust reporting by administrators. 

Additionally, the global/mobile capabilities provide incredible flexibility for your eLearning programs without having to take people off the job – they can simply learn from their mobile device in-time, on-demand, when it is convenient for them.

These mobile and global capabilities aim to make recognition and learning easier and more widespread across your company, in every country. 

2. Reporting. Navigating your employee engagement reports can be time consuming, tedious and confusing.  Your administrators are already incredibly busy managing many other projects.  Plus, analyzing the data can be confusing.

The GES Solution: Customized Comprehensive Reporting.  We provide you with customized, real-time reports that allow you to track each and every transaction that occurs in the system.  We summarize what the data means for you and your business objectives, areas for improvement and best practices for moving forward.  We work with you to ensure maximum utilization and engagement from your employees.

3. Having to Navigate Yourself.  When it comes to employee engagement programs there are many moving parts that can be very time consuming for your program administrators: from reporting, to technical aspects, to reward redemption, to employee communications and more.

The GES Solution: Concierge Service. Enjoy a hassle-free, seamless experience, as our team handles every program detail for administrators and end users.  We proactively communicate with you, provide you program report summaries and recommendations.  Plus, we proactively communicate with your employees to keep them engaged on an ongoing basis.