Employee retention and engagement are more important, and more challenging, than ever. Engagement is the level of emotional commitment an employee feels for the company for which they work. In other words, are they invested in the success of the company? Are they willing to go above and beyond in their work – expending “discretionary effort” for their employer? High engagement leads to higher retention (less turnover) of employees… and there is a lot that companies can do to influence this.
Nationally, engagement rates have been on the decline. According to Gallup, the leader in employee engagement polls and statistics:
- Only 33% of U.S. employees reportedly being “engaged;”
- 51% are reportedly “not engaged;” and
- 17% of employees are “actively disengaged” — they are not just unhappy at work; they’re demonstrating their unhappiness to others and undermining coworkers’ morale and accomplishments
With statistics like these, companies need to go to greater lengths to try to keep the employees they have and ensure they are engaged and productive.
One key retention and engagement tool is what we in HR call R&R – Rewards and Recognition. Rewards can be monetary, such as bonuses and pay increases; but they don’t have to be. There are many ways to structure recognition programs so they show appreciation for employees’ hard work and dedication, celebrate team successes, and promote a positive work environment.
Retention and engagement are directly tied to company culture. Do you know what your company’s culture is? Do your employees know it and feel it? Could they define it if asked? It is often the case that owners’ perspectives differ from managers’ perspectives, which differ from employees’ perspectives on this. Businesses of all types and sizes have the opportunity to intentionally shape their company’s culture to be a positive and engaging one.
Why does this matter? R&R combined with a positive culture leads to greater engagement, productivity and business success.
Key Questions To Consider:
What are the company’s values?
Do our employees feel that their work is important?
What inspires employees to do their best work everyday and are we providing that?
Do we solicit employee input and make improvements where needed?
How do we maximize the positives and tailor R&R so that it reaches everyone and meets each person’s needs and expectations?
The goal is to proactively shape a company culture in which your employees are not only empowered and engaged but also feel valued and choose to stay and grow with your company.
We can help.