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The Power Behind Engagement

Top Four Benefits of Employee Engagement

People are always complaining about their jobs; whether it’s a boss who drives you up the wall, work that bores you to tears or even the nagging suspicion that you’re being underpaid, each unhappy employee has their own reasons for dreading a Monday morning. But when all this unhappiness and discontent gets added up, it turns out it’s having a profound impact on economies everywhere: we’re in the midst of a global employee engagement crisis, with just 13% of employees worldwide engaged with their jobs.

So what exactly does this mean? An easy way to think about employee engagement is to look at your existing staff. Engaged staff are often your best performing employees – they’re efficient, motivated, understand their role and tackle it to the best of their ability. Naturally, we think all employees will be like that when we hire them – otherwise, why bother?

During job interviews, most candidates are very enthusiastic about the job on offer and if you hire them, it’s normally this enthused and engaged person that you actually want working for you. Yet if you find yourself looking at that same excited candidate a year into the job and seeing that they’re unmotivated, checked out and unhappy, it’s clear that they’ve become disengaged. If that’s the case with many of your employees, you might have a problem brewing.

employee engagement table

It doesn’t matter if your business is a tiny start-up or huge multinational corporation – disengaged staff can run it to the ground. As employee engagement drops off, business owners find that deadlines start getting missed, staff are constantly off sick and employees start leaving the business in droves. Work slows down to a crawl, leaving engaged staff to pick up the slack and heightening their stress levels (possibly leading to them hating their jobs too!)

Luckily, by focusing on employee engagement and happiness, you can revive even the most lifeless of workforces. Read on to find out about the top benefits of employee engagement, along with some tips on how to improve it throughout your business.

1. Cost-Savings

Disengaged staff are slowly draining the life out of your business. In the UK, employee disengagement is costing businesses around £340 billion every single year in lost productivity, while in the USA Gallup estimates this figure rises as high as $550 billion.

It’s easy to see how – if you’re paying someone to do a job and they’ve only put in half the effort necessary, they’ll still get paid even if you don’t get the results you need. As for very disengaged employees (often easily identified by their miserable and disruptive attitudes), you may as well be giving money away. Employee disengagement can easily decimate the return on investment on salaries.

On the other hand, engaged employees will improve your profitability and drive revenue. In fact, workforce opinion surveys show that highly engaged employees can boost business performance by 30%. This is because engaged employees are emotionally committed to their company, its values and its goals. They want the business to do well and will do their best to help it succeed. The hard numbers prove this too – companies with engaged employees outperform those without by 202%.

Luckily, there are ways you can help to foster this sort of commitment. For instance, people who are bored to death at their jobs are unlikely to care about it much, whereas 78% of employees who say their companies encourage creativity and innovation are committed to their employer. It’s easy for businesses to get into a “this is how we’ve always done it” rut and resist change, but data like this shows that this attitude is detrimental to employee engagement. Instead, actively encourage employees to innovate and explore new ways to do things. They’ll enjoy their jobs more, be more committed and help to power your business forwards.

2. Lower Turnover

Did you know that whenever a staff member leaves, it can cost 33% of their salary to replace them? Hiring recruiters is expensive, but even if you look for someone independently you’re going to need to spend valuable time and money on advertising the position, and screening and interviewing candidates. And that’s not the end of the problem – it’s unlikely a new person will be as comfortable in the role as their predecessor – they’ll require training and time to acclimatize to their new job. In fact, a new employee can take up to 2 full years to reach the same level of productivity as an existing staff member. In the vast majority of circumstances, that’s going to mean some degree of lost productivity.

It’s clearly in a business’ best interests to retain as many of their staff as possible, but with widespread disengagement becoming more and more of a problem, employees are more likely to leave their jobs than ever before. A job for life has become a thing of the past. Estimates vary, but research suggests that as many as 51% of employees were looking to leave their jobs in 2017. And for those who are worried about employees being poached by recruiters and competitors, you might have reason to be paranoid – 81% of employees would consider leaving their current role for the right offer.

On the other hand, a marker of engaged staff is company loyalty. Highly engaged staff are 87% less likely to leave an organisation than less engaged staff. So if you want to reduce staff turnover, it’s worthwhile to take a look at exactly what’s ruining engagement and driving people to leave:

With this in mind, who you hire as a manager and the way you train them is absolutely vital for employee engagement. Audit your existing managers to ensure that they’re fit to lead, and be selective when hiring new ones. An effective manager prioritizes supporting their staff, leaving employees feeling far less disenchanted with their jobs. Furthermore, by implementing company-wide recognition programs, staff will feel more appreciated and motivated to work (rather than just motivated to find a new job).

3. More Productive Employees

As Albert Einstein once said, “The best creative work is never done when one is unhappy.” This remains true in the modern workplace, with overall productivity increasing by 20-25% when employees are engaged.

A big factor in reducing productivity and engagement is work overload and excessive stress. Some managers think that by setting more work and piling the pressure on, they’ll get better results. If you’ve ever felt overwhelmed at work, you probably know that the opposite is true:

It’s clear that stress is not an effective motivator. Instead, take a positive and constructive approach to each employee’s work to ensure that workloads are manageable. Implement effective and personalized feedback and communication structures that allow employees to raise any problems they’re having in a non-judgmental setting.

4. Happier Customers

Happy employees create happy and satisfied customers, and the numbers prove it: companies with a formalized employee engagement program enjoy 233% greater customer loyalty. It makes sense, really – if you’re unhappy at work, the last thing you want to do is have a chirpy, helpful conversation with a customer.

It’s worth noting that part of the reason for this is that engaged employees are often well-trained employees. Far too often, companies neglect thorough training programs in favor of ad-hoc and informal “on-the-job” style training.  This sort of training often delivers inconsistent results, with employees feeling they lack the skills and knowledge to perform their role properly: 28% of employees feel they’d be more productive with better training.

Meanwhile, employees who have received comprehensive training deliver superior customer service and achieve better results for their company. For salespeople, formal and dynamic coaching can improve their win rates by 28%. Furthermore, a lack of training frustrates employees and gives the impression there’s little room for development in their current role. Indeed, ongoing employee development programs beyond initial training periods are absolutely crucial; in a survey by CV Library, 31% of respondents cited a lack of development opportunities as the top reason for wanting to quit their job. If you want engaged employees, you need to invest in their future. After all, you stand to benefit too!

The Bottom Line: Employee Engagement is Worth the Investment

At the end of the day, your employees are more valuable and important to your business than any other asset. People spend a third of their lives at work, and it’s in your best interests to make sure they’re not miserable that entire time.

Management shouldn’t be about forcing as much work as possible out of employees at any cost. You want employees that are happy at work & want their company to succeed, rather than someone who’s looking for a quick exit because they’re unhappy.  By prioritizing employee engagement, you can enjoy all the above benefits: greater profits, lower turnover, more productive employees & happier customers…It really is a win-win situation!

To learn more about the importance of employee engagement, take a look at Achievers white paper The True Cost of Employee Disengagement.

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Do you have any thoughts on this article? Share your comments below.

About the Author
Becca Armstrong Becca Armstrong is a content writer for MadMax Adventures, a purpose build outdoor activity center near Edinburgh, Scotland. They run corporate away-days for businesses that want to improve organisational performance by developing more cohesive teams, rewarding high performance or building relationships with valued customers.

 

 

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Horizon Blue Cross Blue Shield of New Jersey: Strengthening Employee Engagement

Horizon Blue Cross Blue Shield of New Jersey (Horizon BCBSNJ) is strengthening employee engagement. Are you?

In a recent Gallup survey, they found that only 1 out of 3 U.S. workers feel they received adequate recognition in the past seven days. Even worse, employees that aren’t recognized at a satisfactory level are twice as likely to leave their job compared to those that are. Why should you care? Because 70% of workers say they’d work harder if they felt their efforts were better appreciated and companies with the most engaged employees report revenue growth at a rate of 2.5X greater than their competitors with the lowest levels of engagement.

It’s clear that an effective employee engagement program that makes recognition timely and ubiquitous can help your company reach new heights. Let’s take a closer look at Horizon BCBSNJ for example.

With a commitment to serving with excellence and dedication, Horizon BCBSNJ has worked to deliver quality health insurance to the people and businesses of New Jersey for over 80 years.

“Our Promise” as defined by Horizon BCBSNJ

“Our Promise” as defined by Horizon BCBSNJ

This commitment to dedication and enrichment isn’t limited to external recipients. HBSBCNJ understands that their success as a business would not be not possible without an engaged and committed workforce. Because they place such an emphasis on the well-being of their employees, they have historically scored high on employee engagement surveys.

But in 2013, seeking to replace their manually facilitated employee recognition program with a streamlined, automated solution, Horizon BCBSNJ partnered with Achievers to offer their employees an unbeatable platform that would better leverage the modern workforce’s affinity for frequent, specific recognition to obtain key business objectives.

Horizon BCBSNJ debuted their employee engagement and recognition program, Step It Up, to more than 5,000 employees across four locations and saw almost universal adoption from the get-go. The program reached a 90 percent activation rate by year’s end, with that rate further ballooning to the 97 percent it sits at today. In addition to the extremely high activation rate, Horizon BCBSNJ saw other positive results, such as:

  • A 6 percent increase in overall employee engagement scores
  • A 14 percent improvement in engagement survey results related to employee recognition

Gallup states that recognition “might be one of the greatest missed opportunities for leaders and managers.” Horizon BCBSNJ is not missing out on this massive opportunity for management; their leadership team is among the most active users on Step It Up, solidifying the employee engagement and recognition program as a very important pillar of their employee strategy.

Furthermore, with trackable data flowing through the system, Horizon BCBSNJ’s HR team has a better understanding of concepts that used to be a guessing game, such as employee morale, and can swiftly pinpoint the cause of any decrease.

The results realized at Horizon BCBSNJ is proof that any workforce can benefit from an effective employee engagement and recognition program, even one that is already engaged. To learn more, access Horizon BCBSNJ’s Case Study.

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About the Author

Iain FerreiraIain Ferreira is the Content Marketing Manager at Achievers. He lives in San Francisco. You can view his Linkedin profile here.

 

 

 

 

Recognition: The MVP of Employee Engagement

No longer a specialist relief pitcher called in to face a tough hitter, or a rarely used bench player padding stats in garbage time, employee recognition has become a widely recognized superstar when it comes to driving employee engagement. And with only 41% of employees recognized at their desired frequency, and 60% feeling their managers don’t recognize them in the moment, a huge opportunity exists for your business to leverage recognition to engage your employees.

While there are a variety of ways to help create an engaged workforce, many experts, including AON Hewitt and the Harvard Business Review, believe that recognition is the most important pillar of any employee engagement program. As Meghan M. Biro states in her new eBook Recognition Culture: The MVP of Employee Experience, “Be it bonuses, awards, rewards, a virtual gold star, or a simple shout out on social media, fostering a culture of recognition drives higher levels of engagement, which translates into improved performance and better results.”

With the shifting dynamics and demographics in the contemporary workplace (millennials now outnumber baby boomers and the economy is reaching “full employment”) there is a greater emphasis on the individual. Accordingly, employee recognition should follow suit and be relevant to the person receiving it.

Gone are the days of the monolithic approach to recognition, in which employees were only recognized once a year during a performance review, with little news of their accomplishments reaching the greater organization or even worse, once every five or ten years with a “Years of Service” award. Replacing this approach with one focused on recognizing and rewarding people frequently with meaning and specificity has become critical in creating a true culture of employee recognition. And it follows that the more frequent the recognition the higher the employee engagement.

The Impact of Recognition: Is It Real?

Recognition as a philosophy is one thing, but does it have quantifiable value when put into practice? Horizon Blue Shield Blue Cross of New Jersey thinks so. In 2013, they implemented their Step It Up employee recognition program (hosted on Achievers recognition and engagement platform) across their four business locations in the hopes of increasing employee engagement. By year’s end, 90% of employees had joined the platform, with executives leading the way by being amongst the most active users. All of this activity contributed to:

  • 6 percent increase in its overall engagement scores
  • 14 percent improvement in engagement survey results related to recognition
  • 97 percent activation rate for its Step It Up Employee Recognition Program

The Step It Up program is still in frequent use today, with executives continuing to lead the recognition charge.

What You’ll Learn

Instituting a company-wide recognition program that encourages frequent peer-to-peer recognition regardless of title or department can be a game changer. In her new eBook, Meghan M. Biro provides the reasons why employee recognition is the most valuable tool for creating a culture of engagement and explains how tying recognition to core company values can ensure repetition through reinforcement – and have a positive impact on key business metrics including productivity, innovation, retention, and customer satisfaction.

If any of these business objectives mentioned are important to you, then it is time to consider implementing a strategic recognition program. But what should you look for when deciding on the best platform for it? To find out the answer to that question and more, download Meghan M. Biro’s latest eBook Recognition Culture: The MVP of Employee Engagement.

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About the Author

Iain FerreiraIain Ferreira is the Content Marketing Manager at Achievers. He lives in San Francisco. You can view his Linkedin profile here.

 

 

 

 

Employee Engagement Summit 2017

Achievers at Europe’s Largest Employee Engagement Summit: London, April 20

According to Gallup, companies with a highly engaged workforce outperform their peers by 147% in earnings per share. Yet, even with more evidence stressing its importance, the state of engagement in the UK remains low, with only around a third of workers being highly engaged. As a consequence, productivity continues to lag nearly 20% behind that of other G7 countries. It’s no surprise then that engaging employees and promoting positive workplace culture are both high priorities for business leaders throughout the UK.

Join hundreds of HR executives, practitioners and thought leaders at the Employee Engagement Summit 2017, a one-day event to focus on employee engagement and come away with practical advice and solutions for implementing, or improving, your own employee engagement programs.

The third Employee Engagement Summit to be held at the Victoria Park Plaza in Central London on 20th April 2017 promises to be the biggest and best yet – with Chief Executive plenary keynotes, 45 speakers, 500 delegates, 2 seminar rooms, world-class case studies and round-table sessions.

An exciting, varied and packed agenda to include the following topic streams:

  • Employee & Customer Engagement, Links to Performance & Profitability
  • Internal Communications and Voice of the Employee
  • Learning & Development
  • Evolution of Work
  • Future of Work
  • Strategy & Leadership
  • Transformation & Change Management
  • Reward & Wellbeing

Come along and visit the Achievers team – our stand is located right near the refreshments so grab a coffee and head over for a chat or a demo – we even have some exciting giveaways!

With an opening keynote from former employment relations minister Jo Swinson and an enticing plethora of case study presentations from iconic brands such as Harrods, Heathrow, Thomson Reuters, the BBC, Vodafone, Nationwide, Grant Thornton, The Civil Service, John Lewis, NHS, the Co-op and many more, delegates at the Summit will have plenty to sink their teeth into. The 2017 Summit will also include delegate friendly interactive polling technology designed to encourage networking and full immersion into the day’s proceedings. It’s an event not to be missed!

Achievers own Denise Willett, Senior Director, Achievers EMEA, will be taking the stage in Hall 1 at 11:30am-11:50am for her speaking session Using Recognition to Drive Business Performance. In her session, Denise will explain why employee engagement is more important – and harder to achieve – than ever before, and demonstrate the powerful link between recognition and engagement. Using client examples, she will share valuable insights into how recognition can be used to align employees with the corporate values and business goals that impact bottom-line results.

Want to arrange a prescheduled meeting with Achievers at the show?
Please contact Mark Baldwin to organize a prescheduled meeting.
Email: mark.baldwin@achievers.com
Telephone: +44 (0)7791 510037

For more information, visit the Employee Engagement Summit website. And make sure to follow @Achievers on Twitter to stay updated on event happenings.

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About the Author
Ruth Chapman
As a recent addition to the marketing team at Achievers EMEA, Ruth Chapman is focused on growing awareness of the Achievers brand in the UK and wider EMEA marketplace. It is her mission to communicate the success that our corporate employee engagement and recognition platform is driving for our clients.

 

 

 

Desire for Social Recognition

Why Employees Love Social Recognition

A business isn’t anything without its employees. So in order for your business to be successful in the long term, you have to ensure your employees are consistently performing at their best. How do you do that? By focusing on employee engagement. According to Gallup, “Companies with engaged employees outperform those without by 202 percent.”

But how can you move the needle on employee engagement? One of the best and most effective ways is through employee recognition programs. In fact, according to a survey conducted by Achievers, 44% of employees cited lack of recognition and engagement at their current employer as their reason to switch jobs in 2018, and 69% stated recognition and reward as a motivating factor to stay. Social recognition, in particular, is a fun and easy way to quickly show employee appreciation and boost employee engagement.

More recognitions = higher employee engagement

Employees experience an increase in job satisfaction from rewards and recognition, and it’s important they come from peers as well as supervisors. As noted in our recently published eBook, The Case for Employee Recognition, 71% of employees rank employee engagement as very important to achieving overall organizational success and 72% rank recognition given for high performers as having a significant impact on employee engagement. Furthermore, the report shows there is a negative correlation between the effectiveness of a recognition program and employee turnover rates – meaning employee recognition not only boosts employee engagement but reduces turnover rates as well.

Rewards and recognition create a positive workplace culture

A recent SHRM study noted that employees consider “culture and connection” to be a major contributing factor to employee job satisfaction. In recent years it has become widely accepted that implementing a robust rewards and recognition program is one of the top means of fostering a positive workplace culture, and one that promotes mutual respect and employee appreciation. In fact, a 2015 Cornell University research review noted that, “41 percent of the variation in employee engagement is attributable to the strength of recognition an employee receives,” and that 42 percent of companies with recognition programs include a social peer-to-peer component. In the conclusion of the study, the author states: “Recognition programs are becoming powerful avenues for exerting positive change in the workplace. What was once a nice-to-have practice is becoming a driver for improving employee engagement and a host of other factors that impact the bottom line, when properly executed. By making the programs strategic, leveraging peer-to-peer recognition, and garnering top executive buy-in, companies can maximize their return on investment on these programs.”

Social media is second nature

By 2025, millennials will make up 75 percent of the workforce, and they are accustomed to spending a big chunk of their time on social media. Giving and receiving positive reinforcement by way of social recognition is fun and natural to them. Social recognitions are not viewed as tasks or something they need to check off the “to-do” list, but an instinctive way to communicate with their peers and to showcase each other’s accomplishments. Social recognition has become an invaluable piece of the puzzle when it comes to initiating and sustaining an effective rewards and recognition program.

With 70 percent of U.S. workers not engaged at work, it is imperative for businesses to focus on employee engagement; and kicking off an employee recognition program is the logical first step. Through recognition, employees will feel more appreciated and, in return, be more productive. 77 percent of employees even stated they would work harder if they felt better recognized. As the Cornell report states, “What was once a nice-to-have practice is becoming a driver for improving employee engagement.”

To learn more about how your human resources department can establish a successful employee recognition program, download our employee recognition eBook.

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Employee Engagement Program

Get Executive Support for your Engagement Program in Three Easy Steps

Have you ever tried putting together a piece of IKEA furniture without the instructions? It’s a nightmare. Sure it’s doable, but it’s also complicated, frustrating and leaves you with a lot of anxiety any time a guest takes a seat in that chair. (Not to mention all of the “just-in-case” Allen Keys you have to keep on hand.)

Same goes for an engagement strategy without senior leadership buy-in. While it’s possible, empowering and motivating your workforce is a lot more difficult without support from your leadership. Senior leaders can help a recognition program boost your financial gains and in fact, when senior leaders are actively involved in an employee recognition program, companies are nine times more likely to have strong business results. Get executive support for your engagement program by following these three easy steps. Read more →