The numbers behind employee engagement are looking grim. Organizations that have a fully engaged workforce are in the very small minority, yet most leaders are well aware of the vast improvements to the bottom line that an engaged workforce can make. What organizations believe they are saving by neglecting to implement engagement and retention strategies is inevitably costing them in loss of productivity, absenteeism, a bad employer brand and turnover.
Employee engagement experts at Herd Wisdom define the 7 Fundamentals of Employee Engagement. These categories explore what employees will stick around for, and what pushes them out the door.
Should I Stay?
Today’s workforce is feeling overworked and underpaid. With eight out of 10 employees in the U.S. stressed out by work, poor pay and increasing workloads were two of the top issues found in a Work Stress Study. That makes sense when we learn that competitive compensation, career development and comprehensive benefits packages are the reason that six out of 10 workers stay.
Should I Go?
When employees and leadership just aren’t seeing eye-to-eye, employees get to steppin’. Employees have to feel that their goals are aligned with those of the company. A disconnect between the employee and the organization causes 27 percent of workers to say good-bye in their first year. Communication is the key here. Strategic goal and talent alignment are a must!
Maybe I’ll Stay for You…
The workplace is now friendship-friendly! In fact, positive workplace relationships are thought by 67 percent of employees to be a reason to stick around. Stop stifling relationships in the workplace and facilitate them with a social intranet, communicated goals and an open door communication policy.
You Like Me. You Really Like Me!
Recognition keeps people around and it keeps them engaged. It might sound simplistic, but it’s true and it couldn’t be easier. Showing recognition, empowering your workforce and creating a culture of appreciation can affect effort and retention by 87 percent.
That’s It, I’m Leaving.
Communication is a tough one. It’s not doling out a check or saying a thank you. Opening up communication in an effective manner is something that many of us struggle with on a personal and professional level. Thirty-three percent of employees cite a lack of open and honest communication as having the most negative impact on employee morale. Constant employee feedback is the number one way to combat this all too common workplace engagement killer.
I’m Leaving You for Someone Else…
Thirty-three percent of employees said that lack of career progress is the number one factor in employees seeking out other jobs. Employee development isn’t a performance review and it isn’t a chat about where you see this career headed. It is a budgeted line item that proves to your talent that the organization values them and fosters their skills.
Last but certainly not least, exemplary leadership is the hook, line and sinker of employee engagement. Three-fourths (75%) of workers who voluntarily leave their jobs do so because of their boss, not the position. Great leadership and communication are the backbone of engagement.
Employee engagement strategies simply can’t be ignored any longer. The completely preventable reasons that employees leave not only impact the bottom line in turnover costs, they create a brand stigma. Believe it or not, but a large segment of your workers are asking themselves, “Should I stay or should I go?” right now.