The competition to hire and keep strong employees has resulted in companies doing whatever it takes to retain their top talent. In an environment in which a top performer can take an offer from another business at practically any time, it’s no surprise that companies are trying to protect their investments.
Employee engagement has emerged as a helpful way to retain valuable team members, which increases general productivity. In fact, companies in the top quartile of employee engagement have 16% higher profits and 18% higher productivity than companies at the bottom. This means that you can’t ignore the importance of engaging your employees when thinking about overall revenue.
Luckily, SuccessFactors has several tools available to help you improve employee engagement to reduce turnover and improve your overall business success.
Recognition and Awards
You can improve employee engagement and motivate them to achieve goals by making sure their hard work doesn’t go unrecognized. Employees who don’t feel recognized are twice as likely to say they’ll quit in the next year, making rewarding your employees a valuable asset to your engagement and retention strategies.
Many companies haven’t gotten on board with this, making it easy for you to stand out. Businesses tend to neglect employee recognition in their business practices: only 33% of American workers believe they received recognition for their work in the last week, even though companies with strong employee recognition programs have 31% lower voluntary turnover that companies without them.
It all comes down to pride: feeling recognized for the work you’ve done well motivates you by providing a sense of accomplishment and value. If you feel valued, you’re more likely to want to stick around and be more engaged with the work you’re doing.
SuccessFactors helps make recognizing your employees painless, as it’s easy to send an employee a recognition memo from the Manager’s Resource Center. You can also use a SuccessFactors extension called JobPts, which is a recognition and rewards system that helps you motivate employees to achieve milestones with an instant, digital rewards network.
Helping employees feel heard is another great way to improve employee engagement. By guiding your decisions based on employee feedback from surveys, you can make them feel more integral to your decision-making – a great way to build loyalty.
Employee surveys can provide you with insights into how engaged they are and how effectively your organization is executing business strategies. By asking questions about their engagement and asking for ideas on how to improve that engagement – whether it is through fun events or more development-oriented pursuits – you can also examine how well your employees can achieve the goals you set for them.
If your survey focuses on areas that employees feel you need to address to keep them motivated and satisfied, you can then target those areas when making business decisions. If employees want more career development opportunities, for instance, you can set up one-on-one career development conversations or bring in a career coach for an employee workshop. By vocalizing the need for productivity and engagement in any successful career path, you can show your employees that you care about their well-being while also helping them see how committing to the business will help them out in the long term.
SurveyRocks, another SuccessFactors extension, makes creating and disseminating employee surveys easy. It sends out the assessments automatically and collects the data in an understandable way, allowing business managers to make decisions based on employee responses.
It’s not only up to the employees to provide you with feedback – to facilitate engagement, you’ll need to give them feedback, as well.
Employees who receive regular, useful feedback from higher-ups tend to be more motivated and are more engaged in their work. Industry leaders who scored in the top 10% on giving feedback had employees who were three times more engaged than their weaker counterparts. The bottom 10% of feedback-givers had employees who were three times more likely to consider leaving the company.
This is all to say that you can’t ignore the importance of providing regular, high-quality feedback to your employees to help them feel engaged in their work. If they don’t know what they might be doing wrong – or think that you don’t really care how well they’re doing – there’s no reason for them to feel loyalty to the business or to try to perform better.
SuccessFactors can help make providing feedback a breeze with its Feed-bck extension. Employees can request feedback when they need it, allowing you to pinpoint the ones who need it quickly. They can also rate the feedback you provide, making sure that you’re giving them good suggestions that will keep them engaged in their work and your company in general.
Although it can be tough to make sure that every single employee in your organization feels engaged in their work and loyal to your business, putting some extra effort in employee engagement can pay off in a huge way. With the help of SuccessFactors, there’s no reason that you can’t have a great employee engagement program that will lower turnover, boost revenues, and keep everyone motivated to work.