When your company is undergoing change, you already face plenty of challenges. One issue that might not make it to your short list of priorities is actually crucial: the need to maintain employee engagement. Organizational change efforts have a startling failure rate of 70 percent, and one major reason for this failure is that executives don’t do what it takes to get buy-in from their employees. An Aon Hewitt study found that the number of actively disengaged employees rose by more than 50 percent during situations where job duties were impacted by their company being acquired.→ Read More
If you were on a quiz show for managers, you could easily recite a list of critical elements of business success: strong financial management, a solid customer service strategy, and so on. But would employee feedback be on your list? If not, you are missing a key business driver. Below are five reasons why listening to your employees is central to your company’s success:
- Failure to Listen is Expensive
It’s no secret that the majority (87 percent) of today’s workers feel disengaged in the workplace. While there are many reasons for this high level of disengagement, employee complaints about employers not listening to them certainly ranks high on the list. In fact, a recent study revealed that more than one-third of the workforce believes that their employers do not listen to their ideas.
This is a staggering number and one that employers should not overlook. Not only can showing your workforce that you are really listening to them improve employee engagement levels, but it also can boost workplace morale, job satisfaction rates and overall retention.→ Read More
The time has come to start thinking about employee engagement as a measure of organizational success that is as important as growth and revenue. In today’s hyper competitive and connected world, true employee engagement may just be the differentiator between businesses that succeed and those that don’t.
Because engagement is a critical business metric, you may be wondering, how do you accurately measure it? It can seem a bit nebulous or qualitative, unlike the hard analytics you’re used to. Luckily, there are several ways to quantify employee engagement and track it over time.→ Read More
A recent study revealed that 87 percent of employers surveyed rank improving retention as a key priority for their business. If you work in management or human resource, this statistic should come as no surprise. Low unemployment rates, the transformation to a candidate-driven job market and the fierce competition to attract top talent has helped employers realize the full value in their current workforce.
The Link Between Engagement and Retention
The question facing employers today is not whether they need to improve retention rates, but how to improve these rates on a long-term basis.→ Read More
Have you ever been in a restaurant when one of the regular customers walks in? Not only does the waitress know his name, but she knows his order too, personalizing the customer experience. Is there any doubt in your mind that this is a loyal customer, that he will eat at the restaurant again or that he’s highly likely to recommend the restaurant to others?
This scenario isn’t exclusive to the restaurant industry. Businesses in all industries have always known the importance of providing high-quality customer service.→ Read More
Companies have come a long way in terms of the investments they’re making to ensure they stay innovative, profitable, and protected. They’re also investing in ways to better communicate with their clients and with one another. However, perhaps one of the most largely overlooked, arguably most important, yet simplest areas still lacking in gaining the attention it needs is the most valuable asset every organization has: their people.
Retaining talent is key when it comes to running a successful business, and in order to keep top talent from walking out the door and never coming back, we need to understand where they’re at in terms of their employment satisfaction.→ Read More
Did you know that 88% of employees don’t have passion for their work? Even worse is the impact employee disengagement has on economy: employee disengagement costs more than $500 billion per year to the U.S. economy alone. Knowing all of this, I ask you, “What can your business do to address this major disengagement issue?”
Start with listening to your employees. By receiving honest feedback from employees, you can quickly determine what it takes to engage them. You’ll be aware of what your workforce is unhappy about as well as what they value most when it comes to working for your company.→ Read More
Does anyone truly look forward to their annual performance review? Leaders don’t enjoy preparing them and employees dread attending them. According to HR analyst and industry thought leader Josh Bersin, “More than 70% of all organizations dislike the process they have, and I have yet to talk with an employee or manager who likes it at all (one client calls it a ‘soul-crushing’ exercise).” That’s why many leading organizations such as Accenture, Adobe, Gap, GE, Goldman Sachs and Microsoft all recently announced that they are remodeling this “soul-crushing exercise” and moving to something altogether new.→ Read More
The performance review process is undergoing a revolution. One by one, mega-corporations like GE, Adobe, Accenture, Microsoft, and Netflix are announcing they’re scrapping their annual rankings- or ratings-based performance management systems and replacing them with real-time feedback systems. The reason is clear: Real-time feedback is a better fit for today’s fast-paced business environment and a younger, tech-savvy generation of workers.
Out with the archaic system
The traditional annual or semi-annual employee performance review system is the model that most businesses still use to assess performance, justify compensation increases, and provide feedback.→ Read More
As a manager, you need to be able to shape the performance of your staff and offer guidance and course corrections as needed. Giving feedback to your team can be tricky, however, since sounding too negative or critical may cause your listener to simply shut down. Here are a few feedback techniques you can use to guide your employees in a manner that encourages them to perform at their peak.
Center feedback on business outcomes