Employee Engagement and Retention
- Highly engaged employees produce higher levels of productivity and customer service resulting in 17% more operating margin and the creation of 4x more shareholder value.
- A 1% increase in employee engagement equates to + 2.9% increase in sales.
- Engaged employees are twice as likely to remain loyal to their employer – it is estimated that ‘disengaged’ employees cost the UK economy £37b per annum due to low retention, high absenteeism and low productivity.
Engaged employees make a difference – they produce higher levels of discretionary effort, are more productive, deliver superior results and display greater loyalty – the facts speak for themselves! But creating the conditions that lead to engagement is no easy matter – many organisations have tried and failed and as a consequence have lost key talent and have suffered from declining performance.
Our work in this field is based on extensive research into the nature of the employer / employee relationship and what constitutes a fulfilling working experience. It is underpinned by seven core principles that we believe are essential for the development of a successful engagement and retention strategy.
- Build executive commitment at the outset– this is a business issue and top level support is essential.
- Measure the right things – engagement is not the same as satisfaction. The former has a major impact on sustained performance improvement, the latter has none at all!
- Identify the diverse drivers of engagement – a ‘one size fits all’ solution seldom works. There is a need to understand the needs and aspirations of different employee groups and the extent to which these needs are being fulfilled.
- Focus on what matters –certain aspects of the employer / employee relationship will have a greater impact than others. There is a need to understand which these are and to focus on the ‘vital few’ that will make the biggest difference -avoid launching a raft of organisation wide initiatives at all cost!
- Embed changes at ‘local level’ – understand what individual managers and teams need to do differently in order to positively impact on engagement and performance and provide them with the required support.
- Track the impact – monitor engagement levels continually through the use of ‘pulse’ surveys and 360º feedback and measure the impact on key business and HR performance metrics.
- Build capability and liberate potential – utilise the insights obtained to shape team and individual development in order to embed new behaviours and ways of working.
Contact us
or call us today on 020 7485 5748 for more information on employee engagement and retention.
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