Low retention and other negative trends can be reversed with the right approach to employee engagement.
The old adage, “you get what you pay for”, could never be more true when it comes to employee engagement. Companies who invest significantly in improving employee involvement in the workplace can see very high levels of employee engagement as a result. They are also more likely to have higher employee retention rates. (Quantum Workplace, 2013 Employee Engagement Trends Report.)
Some specific areas of employee engagement make the most difference between those companies with improved employee retention and those with declining retention. Trust in senior leadership, alignment with strategic goals, and feeling valued, are the areas that consistently made the biggest difference for employees who feel they work for an engaged organization. In contrast, for employees who feel they work for an un-engaged organization, trust with co-workers and job satisfaction are the two areas that consistently made the biggest difference.
When employees are engaged with an engaged organization, their main concerns have to do with issues centered on the organization itself: the leadership team and their vision, making a contribution, and professional development opportunities. However, when an employee works for an organization they consider to be unengaged with its employees, they are likewise unengaged – they are concerned only with issues centered on self-interest, such as job satisfaction and trust with their co-workers.
All employees, no matter their engagement level, consider compensation (pay increases) the most valuable form of recognition. But as employees become steadily more engaged with an organization, they are increasingly likely to value “higher” forms of recognition beyond compensation.
Employee engagement is a growing, successful practice area for MPI, and we witness the effectiveness it can yield in the field with clients every day. Even in environments characterized by very low levels of employee engagement, the value employees place on the level to which senior leadership cares about them, values their contribution, and trusts them to help make decisions that directly impact performance is very high.n: access to new learning or training opportunities; more flexibility and autonomy; praise from senior leadership and direct managers; and new responsibility. All of these “higher” forms of recognition benefit the organization as well as the employee; it is no surprise therefore, companies with engaged employees are more likely to report increased profitability. The data shows, in conjunction with our experience in the field, that not only does the investment in a sound employee engagement strategy pay off in increased employee retention, but it also increases the bottom line.
When employee engagement strategy is planned and implemented in a deliberate, careful and sincere way, reversal of low-trending employee satisfaction survey results and low retention rates can be significant. Strategic alignment, careful change management, well-implemented communication strategies, key performance measures, careful action planning and project management skills are a few of the components which are essential to long-term success. However, we find that many companies take short-cuts that yield less than hoped for results.
Employee engagement implemented poorly can cause more harm than good. Does your staff possess the competencies and resources necessary to reduce your risk of failure? Is your employee engagement team focusing on the right issues, and making the right strategic decisions? A knowledgeable and experienced strategic consultant can make all the difference in your success. For information, please contact Maureen Donnellan, Director of Consulting: 513.721.6611 or firstname.lastname@example.org