Traditionally, employee happiness and engagement were considered the responsibility only of the HR department, rather than being a core part of the business strategy. However, recent statistics reveal not only a large percentage of employees are disengaged with their workplace, but that such lack of engagement also leads to adverse repercussions for the business. Here’s a look:
- 21.5% employees who don’t feel recognized or appreciated for their work actively look for another job, as compared to 12.4% of employees who do feel recognized.
- Almost 50% employees leave their job because it doesn’t align with their expectations.
- 72% of today’s employees don’t want to work for an employer who would endanger the environment.
- 81% job seekers say that they were looking for a job due to dissatisfaction with their current work environment.
- Over 50% of employees are willing to work for a competitor because they seek a better work culture.
- 85% employees say that they want technology at work that offers a simple and intuitive user experience.
- 89% employees who work at companies that promote well-being are likely to recommend their workplace as a good place to work.
- Highly engaged employees lead to 21% higher profitability for the business.
- The average cost of employee attrition is 33% of their annual salary.
Retaining talent is crucial to business success, and not just because of the cost of replacing it. Businesses have now recognized the importance of employee wellness, engagement and happiness as the key to success. Such companies are taking steps to promote employee satisfaction and well-being. Here’s how.
Providing Employees the Tools for Success
Today’s employees are mostly millennials and Gen Zs, who value opportunities for learning and development that would give their career a boost. Businesses are increasingly investing in continued training and education initiatives, helping employees fill skill gaps and strengthen their existing knowledge base.
Appreciating Hard Work and Accomplishments
Even verbal acknowledgement of a job well done can be a good motivator. In an effort to keep employees engaged and motivated, while promoting best practices, many companies have put regular reward initiatives in place. Recognition before one’s peers and seniors can work wonders for morale and confidence too. So, initiatives like Employee of the Month or monetary bonuses on the achievement of specific goals work well.
Listening and Responding to Employee Feedback
While we all know how important it is to be aware of and responsive to customer feedback. Research shows that businesses that foster an environment where employees can provide upward feedback tend to see greater employee engagement and loyalty. This is even more apparent when the management team acts on the feedback to bring about positive changes within the organization. Giving employees a voice can actually help a business recognize issues that might have otherwise gone unnoticed. It could further promote safety within the premises too.
Deploying Technology-Enabled Tools to Ease Work
The right technological tools not only position the business as one that is forward-thinking, but also as one that cares about the well-being of its employees. Technological advancements have provided tools that can help companies eliminate cumbersome, routine and even mundane tasks, which sap productivity and lead to a sense of disengagement among employees. Take the simple example of fixing a meeting with an important client. The entire process, from inviting the individual for a meeting at one’s business premises, to ensuring that the right meeting room is free at the appointed time and that the guest receives a red carpet welcome right from the moment they step in the front door can be eased with a cutting-edge visitor management system, like Veris.
State-of-the-art digital tools also provide companies the opportunity to give employees a brand experience they would be proud to be a part of, while also providing a sense of belongingness. In fact, many business processes can be streamlined and made incredibly intuitive and user-friendly with the right technology tools. The end result is that the business benefits from happy, motivated and productive employees, who are invested in the company’s vision and mission.