An organization becomes successful as a result of a productive workforce. If your employees do not enjoy their jobs, they will not be able to give their 100%, ultimately making your business suffer.
An engaged employee always does everything possible to make their workplace better. They are committed to their job and understand that organizational success will ultimately lead to their success.
All in all, employee engagement is a dynamic assurance that the employee gives to the organization.
What makes employee engagement a crucial part of an organization’s success?
Engaged employees always go the extra mile in delivering for the success of an organization. Here are some reasons that make employee engagement the number one priority for businesses.
Employee engagement results in productivity enhancement in the organization
Employees who are engaged with their work will try to outclass their peers. It has been found that higher employee engagement results in higher productivity.
Employee engagement enhances the self-esteem of the workforce
When an employee is engaged with an organization, they take fewer leaves. According to a Gallup study, highly engaged workforces saw 41% less absenteeism.
Employee engagement results in better customer service
Remember that low employee engagement is one of the organization’s gravest problems. In fact, it has been estimated that businesses spend $4,700 on average to hire new talent and approximately $986 to onboard the new hire.
If you lose out on an employee, you end up losing $6,000! And the cost of an experienced employee leaving cannot be estimated!
It has got to be said that engaged employees are a blessing to an organization. They are far more efficient and productive.
But, today, we are seeing several engaged employees in an organization; hence, it becomes imperative to understand the statistics behind employee engagement so that you can develop a proper employee engagement plan.
In the next section, we have provided some vital employee engagement statistics you should be aware of.
Also Read: Boost Your Employee Experience for a Better Customer Experience
Five employee engagement statistics you should be aware of in 2023
85% of employees are not engaged in the workspace
According to a State of the Global Workspace survey by Gallop, 15% of employees are engaged in the organization. This means that most of the workforce globally is either considering their work negatively or just doing enough to make it through the day with little to zero emotional connection.
The study further suggests a stark contrast when comparing the USA to other countries across the globe. 33% of US employees are engaged in their work, approximately two times the global average.
Whereas, in Western Europe, 10% of employees are motivated and engaged in work. The situation is even more bleak in the UK, where the number of engaged employees is only 8%! This number has steadily declined with every passing year.
The global percentage of employees considering leaving their jobs is 73%
As per a study conducted in 2021, 73% of employees would contemplate upon leaving their current job if they get a better opportunity.
And it is not all about money. In fact, 74% of younger employees will take a pay cut to work in their dream organization.
At the same time, 23% of those looking for a better opportunity will not consider a pay rise to get a new position.
Hence, organizations must build healthy relationships with their employees. Also, there needs to be a proper work-life balance so that employees can enjoy their personal life after work.
It has also been observed that employees who see their peers doing well will look for better opportunities because of the domino effect.
Also Read: 10 Best Employee Retention Strategies to Keep Your Best Talents
Lower employee engagement costs organizations $450-500 Billion every year
As per a study conducted in the USA on workplace engagement, employees who are not engaged with their workplace cost organizations approximately $450-500 Billion yearly! Employees who are not engaged do not take complete responsibility for their work.
They are also not self-motivated, adversely affecting the organization’s overall productivity.
According to the study, companies need to concentrate on using different tools to monitor and maintain personal engagement among employees.
Ensuring that the employees sink in well with the organization’s goal is equally important, which can result in recognition and encourage teamwork.
69% of employees suggest that they would be inclined to work more if they were appreciated a little more
Employee recognition is one of the most vital components to ensure your work staff gives 100% to their job. It also enhances overall job satisfaction and helps HR retain top talent.
According to research when employees are appreciated frequently at work, they are more inclined to stay in the organization longer.
And when we are discussing appreciation, it goes beyond notable achievements. It can be as simple as thanking employees for their good behavior, identifying ways they have improved so far, etc.
Expressing gratitude is one of the biggest factors that can make an employee stay in an organization longer. Regular check-ins where managers praise their employees can boost their morale and encourage them to work even harder.
Also Read: Engagedly + Meta Workplace: Elevate Rewards and Recognition to New Heights
A strong organizational culture enhances revenue by four times
According to a study conducted for more than eleven years, it was found that organizations with great corporate cultures grew 682% in revenue, while those that did not have great corporate cultures grew by only 166% in revenue.
A strong corporate culture cultivates the feeling of belongingness amongst employees, customers, and owners. It also challenges the employees to do their best.
Employees having a strong sense of belongingness are more proactive in solving problems, expressing their opinions, and finding opportunities for collaboration. Thus, a positive work culture is a must for any organization.
Final Words
Employee engagement is key to the success of an organization. From the statistics we mentioned in this blog, you now know that building an emotional connection with employees is vital.
Hence, it is recommended that every organization globally cares for its employees and gives them the right work environment to flourish. Ultimately, it is your workforce that will take your business ahead. So, take care of this small fact and embark on the journey to grow with your employees!
Also Read: Best Employee Engagement Strategies for Better Workplace
Frequently Asked Questions
Q1. Why employee engagement is important in 2023?
Ans. Employee engagement is important in 2023 because it directly impacts a company’s profitability. Engaged employees are more productive, innovative, and committed, leading to improved business outcomes and a competitive advantage in the market.
Q2. How to increase employee engagement in 2023?
Ans. In 2023, increasing employee engagement can be achieved through purpose-driven leadership. This involves creating a clear and inspiring vision for the organization and effectively communicating it to employees. Leaders need to emphasize the meaningful impact of employees’ work, align their goals with the company’s purpose, and foster a supportive and inclusive work environment. By connecting employees’ roles to a larger purpose and providing them with autonomy, development opportunities, and recognition, organizations can cultivate higher levels of engagement and motivation among their workforce.
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