How can businesses boost employee engagement and combat the staggering $8.9 trillion lost annually to disengaged workers?
In this episode, we dissect a Fox Business article on how companies are beefing up "emotional salary" to address today's disengaged workforce. We discuss the difference between unengaged and actively disengaged employees, and brainstorm solutions.
We emphasize the importance of leadership actively engaging with employees through regular in-person conversations and interactions. We discuss implementing incremental advancement opportunities and clear expectations to provide a sense of purpose and community at work. The challenge is to try and benchmark financials and consider what small changes could have a big impact on engagement and profitability.
Highlights:
- Leadership Must Engage: Effective leaders need to regularly interact with employees in-person to build relationships and a sense of community. An example shared would be having management walk around to prevent leaders from only showing up when there are problems.
- Clear Expectations and Advancement: Implementing incremental advancement opportunities tied to small pay bumps provides clear expectations for employees to develop skills and see a growth path. This drives engagement.
- Purpose Matters Most: While perks and benefits are nice, providing a clear mission, vision and values that leadership exemplifies is most important for employee engagement. People need to feel part of something bigger.
- Benchmark Your Engagement Cost: We challenge you to compare your Q2 financials to industry benchmarks. With disengagement costing $8.9 trillion annually, even small companies are likely losing hundreds of thousands a year.
- Small Changes Drive Profits: Courageous companies willing to make small, incremental changes to boost engagement will see a profound impact on culture, innovation and bottom-line profitability. The co-hosts urge businesses to take action.
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