” Employee engagement is currently at an all-time low in the United States and costs companies an estimated $370 billion dollars annually. In this time of improving return-on-investment (ROI) and profitability, it’s ironic that the key to every company stimulating profitability is the very thing that so many organizations neglect enhancing employee engagement. ” John Brubaker
Are companies losing $370 BILLION dollars each year? If companies do have 84% of their employees ready and waiting to move to another organization the impact is large. Hiring a replacement, training the replace and getting them to the point where they are producing at a high level takes time and time is lost opportunity for any company today. Margins are tight and organizations should be looking at ways to establish strong relationships with their employees.
Some companies will say it’s OK for an employee to leave there are plenty of replacements out their waiting for a job. Employers who view employees are consumable and replaceable resources will soon find that they can’t hire the people they need to hire to create a thriving and powerful business.
The goal of a business is to create a profit(to stay in business) and having employees that share that goal is important. A business that can grow its profits draws to it more success. People want to be associated with success. A business that is able to produce innovative and high quality goods and services has an opportunity to last.
People are an important part of any business. Happy people, engaged people are success drivers for the business. If a business believes that people should think of work as a “privilege”, as in you are luck to be here, what kind of business will that be? It won’t be a business that attracts the best type of worker.
If an employee believes that they are contributing to the success of the business in a meaningful way they will give more. That is if the business views the employee as a part owner then that person is much more likely to go the extra mile and to find ways to make the business run better.
In some cases managers don’t have the tools or a good relationship with their employees. For the manager that discounts the value of a positive relationship (trust, encouragement, acknowledgement, and confidence) they may find that their best employees are looking for something more meaningful and satisfying to do.
Organizations that are experiencing an increase in employee exits may want to consider their environment. Is it a good place to work and take action to ensure that it is a good place to work? It doesn’t cost a lot of money to improve employee engagement. It does cost a lot of money to replace employees when they decide that it isn’t worth working for the company any longer. A company that cares for its employees will find that its employees will care for the company.
For the organization that realizes that employee engagement is important may find that bringing in coaches to work with managers and employees is a lot less expensive than replacing employees.
“A company has a responsibility beyond making a profit for stockholders; it has a responsibility to recognize the dignity of its employees as human beings, to the well-being of its customers, and to the community at large.” David Packard