Why Is Employee Engagement Important for Retention?
Owning or operating an organization can be lucrative and enjoyable. However, chasing financial gains and growing your enterprise can have many challenges, including weighing priorities. Fortunately, many aspects of your workplace may be intertwined, meaning that as you implement solutions in one area, it may have positive effects on others.
Your employees are among your business’s most valuable resources, and as an employer, you must prioritize maintaining a qualified and reliable workforce. Unfortunately, recent labor trends, such as the great reshuffle and remote work, have seen significant numbers of workers resigning from their posts in pursuit of other aspirations. Your organization should understand how to improve retention, such as by increasing employee engagement.
What Is Employee Engagement?
Employee engagement can generally be described as an abstract metric that gauges workers’ levels of satisfaction, dedication and involvement regarding their employment. This may refer to employees’ levels of passion for various parts of the workplace, including your organization’s mission, their own individual responsibilities or the company’s culture.
How Does Engagement Affect Employee Retention?
In a dynamic labor market, your business must prioritize all measures that may affect attraction and retention, including prioritizing employee engagement. Various studies have shown that organizations with more engaged employees enjoy higher retention rates.
An employee choosing to leave your company may have far-reaching implications beyond simply losing a qualified worker. These departures may affect workplace morale, impose additional responsibilities on remaining employees and impose additional costs related to recruitment and hiring processes. With these things in mind, your organization should prioritize increasing retention, such as by improving engagement.
How Can My Organization Increase Employee Engagement?
Many factors may affect your company’s employee engagement levels. Your efforts should be comprehensive and multifaceted to ensure that initiatives, programs and processes impact as many workers as possible. Consider including the following measures:
- Provide employees with opportunities to provide feedback about your workplace and what changes might help them feel more engaged.
- Ensure you compensate workers with competitive wages and salaries to help them feel valued.
- Cultivate and maintain an attractive employee benefits portfolio, including surveying workers on what programs and incentives they value.
- Share workplace success stories to provide real-life examples of how your employees’ work impacts customers and clients.
- Instruct managers and supervisors to regularly interact with employees on an individual basis.
- Organize and host social events and company gatherings to help promote a sense of inclusion and collectiveness.
We’re Here to Help
At Lyceum Insurance Services, we dedicate ourselves to helping employers secure their finances while ensuring employees can access essential resources. Our knowledgeable staff has extensive and versatile experience, making us capable of helping you optimize your current workplace and maximize future growth. Visit our website or call 301-840-6624 to learn more.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
Categories: Employee Benefits