When the United States declared a state of emergency for coronavirus in March of 2020, few companies would have imagined we’d still be facing challenges from the virus in the fall of 2021. If they knew that trajectory, they’d immediately have recognized the benefits of employee engagement programs.
Gone are the days where companies wonder if employee engagement programs are worth it, and in is the recognition of their utility. The benefits of engagement programs aren’t just about adjusting to remote, hybrid, and workplace disruption. Programs also impact a company’s bottomline. Employee engagement, after all, isn’t just about retention. It affects how employees represent their workplace, interact with customers, and much more.
What is the goal of employee engagement programs?
The ultimate goal of employee engagement is to have workers that are committed, engaged, and fulfilled by the mission of a company. This means that employees are connected to the company’s culture, feel like they belong, and the company has a high retention rate.
A more layman way of describing the engagement goal is high “discretionary effort,” which is how willing an employee is to go above and beyond what is expected of them on the job. Companies with high discretionary effort have workers that aren’t just looking to collect a paycheck and do the bare minimum outlined in their job description.
Like we’ve talked about in a previous blog, engagement is also related to employer branding. It’s connected to the story and mission that companies tell about themselves, followed by how well they’re able to articulate the mission and recruit employees that are like-minded.
It’s also important to remember that no matter how mission driven an employee is, engagement obstacles can pop-up. But those obstacles are much more likely if workers weren’t the right hire for a culture and organization from the start.
What are the benefits of employee engagement programs?
There are many benefits from an employee engagement program. Some are long-term, some are short-term, some are easy to track, and others are more difficult to measure perfectly (like what makes a company’s culture tick).
We’ve written about proven benefits before, but one of the most important and most likely to get the attention of an organization’s leadership is the impact to a company’s bottomline. Here are a few data points we like to cite when it comes to employee engagement:
- Companies with a formal engagement strategy are 67% more likely to improve their revenue full-time equivalent on a year-over-year basis (Aberdeen Essentials)
- Companies with engaged employees outperform those without by up to 202% (Dale Carnegie)
- Highly engaged businesses see a 10% increase in customer ratings and a 20% increase in sales (Gallup).
We also know that regrettable terminations can cost companies 6 – 9 months in salary on average. That’s especially important when companies consider the cost of onboarding remotely, the loss of institutional knowledge when seasoned workers leave, and the ongoing great resignation.
How are engagement programs tracked and measured?
That’s where Workify comes in. Our Engagement Intelligence Platform is built to give you in-depth employee engagement insights. It’s like having an in-house analytics team that’s fully dedicated to employee engagement. Here’s some of what it includes:
- Multiple feedback channels for better employee listening, so workers can provide feedback regardless of their tenure at your company
- Hundreds of pre-configured visualizations to give you a clear picture of all of the feedback data the engagement program is tracking
- Resources and templates to hit the ground running, but programs and intelligence surveys can be customized and configured to fit any need.
We know that the value of analytics is to help companies understand their workers and culture. Once they can spot successes or sore spots, it’ll be easier to make decisions to boost engagement, retention, and even hiring. We know that tracking and measuring engagement is about more than having a web page with filters, but about being given tools that make sense of what’s going on and why.
If you’d like to learn more about the benefits of employee engagement programs and how Workify tracks and measures success, we’d be thrilled to tell you.
Book a demo today to learn more about our survey methodology and offerings.