Updated: Apr 14, 2021
Employee engagement. What is it?
There are a lot of misconceptions regarding employee engagement. Is it employee happiness or is it employee engagement? It is neither.
Definition: Employee engagement is the emotional commitment the employee has to the organization and its goals. What’s the difference you might ask? Well, an emotional commitment means engaged employees actually care about what they do and their company. They don’t work just for a paycheck, or for the next promotion, but work on behalf of the organization’s goals.
This means the engaged retail clerk picks up the trash on the store floor, even if the boss isn’t watching. This means the engaged marketing manager works overtime when needed, without being asked. It’s proven that engaged employees lead to better business outcomes.
By investing in employee engagement, your company will be able to increase productivity, work quality, and retain top talent. Here’s why.
You will see your revenue increase through employees who are engaged at work as they are more likely to be productive on a consistent basis. According to Gallup Data, companies with a high level of engagement report 22% higher productivity.
The majority of employers have been quick to identify this trend and they are continuously investing more in employee engagement. Is it worth investing in? Yes, a recent study by Talent Culture found that increasing employee engagement investment by 10% can increase profits by $2,400 per employee per year.
If you’re reading this as an HR leader then this most likely resonates very well with you. Organizations with high engagement reduce both turnover and hiring costs and disengaged employees are a major factor contributing to high employee turnover. Engagement is critical for retaining valuable talent and is one of the keys to the employee satisfaction puzzle; as disengaged employees are more likely to leave their jobs.
However, if they are engaged then they are more likely to be motivated and remain committed to their employer. This results in achieving more business goals and helping to drive the organization forward.
Here are some of the most interesting employee engagement statistics.
About 70% of American are disengaged at work
Disengaged employees cost U.S. companies up to $550 billion a year
Only 42% of U.S. employees look forward to coming to work, compared to 84% at Fortune 100 best companies to work for
Only 44% of HR executives said that employees are going the extra mile and the leadership might need to transform
43% of employees are ready to leave for a mere 10% salary hike, and this can be attributed to poor company culture
Employees who feel their voice is heard are 4.6 times more likely to feel empowered to perform their best work
Companies with a highly engaged workforce are 21% more profitable
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