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You hear the words “employee engagement” and you might think of happy hours on Fridays or company camping trips. But the truth is far more pragmatic: When employees are engaged, they don’t drain profits from the company.
It’s not just your organization, by the way. The epidemic of disengagement has infected 70% of workers. And according to Gallup, these disengaged workers are showing up to work, but their lack of interest or inspiration is costing US businesses anywhere from $450-$550 billion a year in lost productivity.
Check out the infographic below for the details:
What if You Could Solve the Disengagement Problem?
Because disengaged employees are taking away from your bottom line, it makes sense to look at how your company could turn this situation around. Increasing engagement results in some eye-opening statistics. As the infographic points out:
- Investing 10% more into employee engagement efforts could easily increase company profits by $2,400 per employee per year.
- Engaged workers are 38% more likely to have above average productivity.
- Companies with engaged employees outperform competitors with disengaged workers by up to 202% and enjoy 2.5X more revenue growth.
- Best part: Highly engaged workers are 87% less likely to quit than their bored counterparts.
Culture and Collaboration: 2 Keys to Greater Employee Engagement
While you have no direct control over how disengaged employees choose to react to the company or to their work, you do have control over two key areas that affect their engagement: The company culture and the amount of collaboration in your organization.
Company culture is often (and quite wrongly) equated with perks. But the truth is it’s a combination of your company’s beliefs, values, and behaviors. It’s how you interact with one another and how you work together.
A few salient points from the infographic:
- 90% of CEOs say culture is important.
- But only 15% of CEOs say their company’s culture is where it needs to be.
- And yet peers and camaraderie are the #1 reason that employees go the extra mile in their work. It’s not for money, it’s for the community.
So imagine if you could direct your culture so that it builds up the spirit of collaboration throughout the entire organization. Think about what kind of impact that would have on engagement. Especially since 86% of employees and executives cite “lack of collaboration or ineffective communication” as the top reason for work failures.