Retaining employees is a key goal for organizations. Once upon a time, that was all about offering interesting benefits and compensation, but this has become unaffordable. Not just that, but for Millennials in particular, working is about more than earning money. They are more interested in truly being part of the bigger picture, and in being engaged. One way to achieve this for companies is through innovation management software for businesses.
Employee Engagement Should Be Top Priority
First of all, you have to understand what employee engagement actually is. Simply put, it is a reflection of how productive and committed employees are. Then, there is corporate culture, which is the way in which business is done. The two are closely linked together, because engagement is reflected in how staff feels about the way in which business is done, and how they then behave.
Why Does it Matter?
If a team is disengaged, you will see some very negative consequences on your business, not in the least an increased turnover rate. Dale Carnegie has completed a study that performance in companies with engaged employees is 202% higher than in those where they are not. Yet, at the same time, 71% of employees do not feel like they are truly engaged. The Dale Carnegie study was not unique. Others have shown that when employees are engaged, they also become more attractive for outside talent. Additionally, their turnover rate drops, and their customer service is experienced as good. Additionally, study upon study has demonstrated that companies with engaged employees are far more profitable.
The surprising thing to many old school thinkers is that engagement and cultural values matter more to employees than their pay does! And this is something that is seen the world over as well. The result of this is that businesses have to make sure they focus on engagement and take it very seriously. And one way they have achieved this is through innovation and idea management software packages.
How to Engage Employees
Employee engagement has to start by measuring current levels. This can be a daunting task, but it must be completed. A recent Gallup study showed that:
- Just 13% of working people feel they are “highly engaged”.
- Just 7% of organizations believe they can drive and measure engagement.
- Many organizations state that they do not have an engagement strategy.
There are numerous ways to engage employees, including through surveys and questionnaires. However, these can be long and tedious, actually pushing people away. What works better is to use an innovation platform. What this does is enable people to discuss their ideas and their concern. This gives management two key opportunities:
- They can determine what needs to improve within the organization.
- They can determine how engaged their employees are through participation matrices.
To make sure this all works to the benefit of your organization, however, you have to make sure that there is a culture in which using the software or platform is encouraged at all times.