How to Protect Your Employee Engagement Investments
Employee Engagement Investments Are Worth It
Companies with engaged employees outperform those without by 202%, have 14.9% lower attrition and have 18% higher customer retention rates according to recent research by Gallup and Demand Metric.
Our own Best Places to Work Employee Engagement survey data backs up these claims.
Engagement Bursts Do Not Provide a Return on Employee Engagement Investments
More than three-quarters of companies ask their employees for feedback about their level of engagement. Yet when we speak to executives, less than 1-in-5 believe their employee engagement investments are paying dividends.
Because too many companies treat engagement survey results as an employee wish list and treat employee engagement solutions as a single and stand-alone engagement event. What we call an engagement burst. If only improving discretionary effort, employee advocacy and loyalty were that simple.
The proof of true employee engagement is in its sustainability over the years…not weeks.
Treat Employee Engagement Like a Change Initiative, Not a Company Event
It is time organizations understand that employee engagement is not just about spending money on a perk that excites employees. Perks lose value over time and have very little correlation to improving engagement.
Sure, it’s great to offer car washes and oil changes. And employees will appreciate the gesture by the company as well as the convenience and time saving it affords them. But if this is all the company does to keep employees engaged and committed, it won’t have a lasting effect.
What employers need to do is to look at engagement for the long-term. They need to look at creating an environment where workers want to come every day and do their very best. There is a significant return for those organizations that invest meaningfully and for the long-term in their employee experience.
Consider Three Areas
Companies that care about long-term employee engagement work to improve the experience in the realm of:
- The Physical – improving access to the building, designing appealing common rooms, creating ergonomic work spaces, and providing attractive outdoor break areas
- The Technological – making sure that employees have up-to-date, user friendly technology that makes their work simpler and helps connect them to colleagues both near and far
- The Cultural – ensuring a respectful workplace where diversity is celebrated and fair treatment enforced; recognizing and rewarding hard work; encouraging ideas for improvement; offering opportunities for learning and growth; requiring accountability
The Bottom Line
When it comes to making smart employee engagement investments, do not be wooed by short-term “fixes” and employee “perks.” If you truly want to reap the benefits of a workforce that is engaged for the long-term, be ready to invest the money, time and effort in a long-term campaign to engage and retain your top talent. You, your business and your employees will be the happier for it.
To learn more about boosting employee engagement over the long haul, download The Top 6 Forces Driving Employee Engagement and Key Strategies to Move the Engagement Needle