Image Credit: ActionCOACH
Attracting and retaining quality employees can feel like a daunting task. So, it a truly worthwhile undertaking for business owners? Of course, it is. So, what are the benefits of employee engagement? Well, it leads to retention of your star players. Engaged employees are happy, they care, they’re excited about contributing and making a difference in some way.
On the previous two episodes of this series, we defined employee engagement and touched on strategies that may make a difference in your business.
In this third episode of Engage and Grow, we’re discussing the true cost of a disengaged employee.
The average business owner wastes ROI on the disengaged employee, to the tune of $3,400 for every $10,000 spending on salary. The raw numbers make it clear that no employer can afford to have a disengaged workforce.
Studies have shown that companies that show the highest retention rates are those that put people first and profit second. These companies are eight times more successful longer-term than those that do not.
So, what are employees seeking? How do you actually keep them engaged? Employees want psychological safety. They want the capacity to work as a team towards a championship that is meaningful, interesting, and fulfilling. Salaries, vacation time, fun tech, and a cool brand presence does not create engagement.
It’s simply about creating an environment where a high-performance team feels grounded and valued, and where they can contribute in meaningful ways.
Peg, Pete, Michelle