Employee engagement is the key to the success of any business. However, driving engagement is not easy. Also, retaining skilled and loyal employees have become another challenge since the Great Resignation.
Employee engagement can be defined in different ways.
- According to Quantum Workplace, employee engagement is the emotional and mental connection that employees feel towards their workplace.
- According to Gallup, engaged employees are enthusiastic, involved, and committed to their workplace and work responsibilities.
Other studies define employee engagement as the workforce’s involvement in their company. It is also their willingness to contribute to the success of the company.
- As per reports, only 15% of the global workforce is engaged in their workplace.
- A study conducted with 600 businesses in the US with 50-500 employees revealed that 63.3% of the employers agreed that it was hard to retain employees than to recruit them.
- According to a CNBC report, almost 4.3 million Americans had quit their jobs in August 2021.
High turnover impacts workplace productivity and employee engagement, costing the businesses very heavily. US employers almost spend $2.9 million per day on recruitment. And so, employee retention has become a top priority for employers. Additionally, employee disengagement can affect the overall workplace culture in many ways.
Implementing the right employee engagement strategies is an effective retention tool. Offering well-designed employee wellness programs as a part of the benefits package can be a great way to boost engagement, enhance workplace culture, and improve retention rates.
One of the pre-requisite for the strategies to be effective is to align with the latest employee wellness and engagement trends, like –
- A Positive Workplace Culture
- Adopting Advanced Wellness Technology
- Using Performance Management Tools
- Rewards and Recognition
- Occupational Wellbeing and Development
Here are some research-backed statistics about employee engagement that every employer and employee must know.
- Almost 71% of organizations agreed that employee engagement was crucial for the success of their business
- A State of the Global Workforce study by Gallup reported that only 15% of employees were engaged at their workplace, and 85% were not. This implied that a majority of the global workforce was either not happy at their workplace or had very negative feelings about it, leaving them with little or no emotional attachment.
- While 73% of workers were planning on leaving their jobs, another 74% of the younger working group was ready to accept a job that paid lesser but promised a better workplace culture.
- A Gallup poll revealed that organizations in the US lose $450 – $550 billion per year due to lost productivity, mainly because of a lack of employee engagement.
- Organizations with high employee engagement reported 21% higher profitability and 17% higher productivity.
- According to a Harris Poll report, almost 91% of the respondents said their company leaders lacked communication skills. This led to 1 out of 3 employees not trusting their employers, leading to a lack of engagement.
- A long-term study over 11 years revealed that companies with efficient corporate cultures that appreciated their employees and implemented the right engagement strategies saw a 682% revenue growth. On the other hand, companies that had poor workplace culture recorded only 166% revenue growth.
- When asked what their manager could do to support them at the workplace, a majority (37%) of employees cited recognition as an important way of expressing support.
- On the other hand, 69% of employees said they were willing to work harder if their efforts at work were recognized and appreciated.
- Around 84% of employees who were appreciated and recognized for their work went the extra mile at work compared to 25% of the disengaged workforce.
While many employers think offering workplace benefits can make the workforce happy and satisfied enough to retain them, it doesn’t necessarily work that way. This is because they are actually not engaged at the workplace or with their jobs. Also, the pandemic has impacted employee wellbeing and workplace culture in many ways, including engagement rates. It has been challenging for the employees and employers.
To boost employee engagement, companies have come up with many strategies and redefined their workplace benefits packages too. Another sure shot at enhancing workplace engagement is by simplifying their employee wellness programs to drive its success.