1 in 5 employees feel engaged at their workplace.
That’s shocking to hear, especially for business leaders and founders. I think we can all agree that “Thank God it’s Monday” doesn’t hit the same as “Thank God it’s Friday”. In saying that, there is a difference between employees being excited for the weekend versus actually living for the weekend.
According to the State of the Global Workplace Report only 17% of the total working population in Australia and New Zealand identify as engaged.That’s 4% less than the global average and a 3% decrease from last year.
How much does low pulse cost you?
In an article published by Forbes, the cost of a single disengaged employee to a company is 34% of their annual salary.
For a disengaged employee being paid a $90,000 annual salary, their disengagement amounts to approximately $30,000 a year!
Statistics show that 83% of Australian and New Zealand employees are disengaged, when amplifying employee disengagement costs to a team of 100 this is a whopping $2,539,800 annual cost!
But there’s more…
Why is this important to understand and tackle?
Engaged employees are more motivated, focused, productive, creative and loyal. All of these attributes directly impact the organisation’s success both in short term and long term. Another major benefit of employee engagement is that it helps you acquire great talent. That’s right. Engaged employees become advocates for your business and a great selling point to future candidates looking to join your organisation.
As leaders in a time of rebuilding, we have the power to be the main architect of a fresh work dynamic. How do you want it to be for the people working with you today as well as the generations to come?
How can you improve engagement?
At The Culture Equation, we’ve seen first hand how organisations that focus on culture design and transformation see high levels of employee engagement across the board.
Employee engagement happens when employees
Understand their impact on the organisation
Have opportunities to develop and grow
Find purpose in their careers
Have coaches and mentors within the business
Work in a transparent and nurturing environment
3 tips to drive better employee engagement
1. Engagement should be driven by the C-Suite
As a business leader, your vision, values, beliefs and behaviours have a tremendous impact on the rest of the organisation. Defining your mission, purpose and values is the first step towards an engaged and productive culture. But equally important, is inspiring the rest of your organisation to live these values everyday.
2. Managers should move from a “boss” to a “coach”
One of the biggest factors in employees’ experience is their relationship with their managers. The role of a manager is not what it used to be 10 years ago. There’s been a major shift in the role of a manager. Managers today are transitioning from the traditional supervisory model to a more dynamic coach-based style of management. Great managers inspire their teams to find solutions, identify their strengths, add more value and collaborate with others to achieve the company objectives.
3. Communication should be company-wide
A CEO who is a great communicator is one of the unfair advantages of any Startup or Scaleup. Whether through a Whatsapp channel, Slack, a weekly blog or monthly All-Hands they know how to get their message across in a way that gives clarity, connects the dots and ultimately inspires. They look for immediate feedback on their message and respond to anything that is unclear quickly. They are masters at the craft of Vision and Storytelling. Even if you are the CEO / Founder of a 5 person team it is never too early to develop and hone this skill.
Building a resilient culture takes time, but the rewards for any company are momentous. Results may not come as swiftly as the next challenge. Don’t forget how important it is to ensure your culture is designed and embedded as the foundation of your business.
If this last sentence left you a tad stressed, don’t worry, this is what we live and breathe at The Culture Equation.
Contact Hiam Sakakini the Founder & CEO of The Culture Equation to organise a free, no obligation chat about your business, your goals, and how we can support you.
We’ve helped a wide range of businesses transform their culture and leadership, across varying sizes, stages and industry. Reach out for a chat, we’d love to connect.