Boost Productivity and Profitability by Engaging Your Valuable Employees
Many companies have cut their workforce drastically in the last 12-18 months and are squeezing their people harder to get as much out of them as possible. This cannot continue much longer. Little hamsters can only run on the little wire wheels so long without getting burned out!
The effects of staff burnout are quite evident in the workplace today.Employees are exhausted from working long hours. They feel a lack of support from their managers because often times management teams have been cut so drastically that managers are not able to give their employees the feedback and recognition these employees so desperately need.Over 90% of the respondents in a recent survey we conducted felt that the economic downturn was having a negative effect on employee morale.50% of the respondents felt that employees were not getting what they need from their supervisors/managers.When asked if their organization has programs in place designed to keep employees engaged and working to their potential, over 50% responded “yes” but half of these respondents also indicated that employees at their organizations were not getting what they need from their supervisors/mangers.Thus, it seems that many of the programs that are in place may not be helping supervisors/managers meet their employees’ needs.
According to a recent survey by the Workforce Institute at Kronos, forty percent of employees at organizations affected by layoffs say productivity has been negatively impacted. Of those 40%, two-thirds of them say that morale is suffering and that employees are less motivated than before. "The risk here is the organization's financial health," said Roxanne Emmerich, author of "Thank God It's Monday: How to Create a Workplace You and Your Customers Love." "Employee morale is the leading predictor of future growth and profitability." Emmerich predicts that at some point, employers will have to do more to incentivize employees. She recommends rewards that tie into the company's vision and values, but that are not necessarily monetary. "People just want to be recognized for the most part.”
A tremendous amount of research over the last 10 years from the Gallup Organization has consistently shown that employee engagement leads to reduced turnover and increased productivity.Rainmaker Thinking conducted a study between October 2008 and January 2010 that found those companies that increased supervision and management by having more one-one-one training, feedback and written tracking of individual performance had the strongest bottom line financial results in 2009.The Great Place to Work Institute has been evaluating employers since 1980 in order to understand what makes a workplace great.They have found that the top 100 companies rated by their employees as great places to work: perform better financially, receive more qualified job applicants, experience less turnover, see reductions in the negative effects of stress on employees, enjoy higher levels of customer satisfaction and loyalty, foster greater innovation, benefit from higher productivity and profitability, enhance public perception as an organization that clients and customers can trust.
The people that seem to suffer the most during times like these are high achievers who are extremely competent, conscientious and will do quality work no matter what the personal consequences are.Over time, though, these employees become increasingly disengaged, their loyalty to their organization decreases, they become less motivated and eventually even the productivity of high performing employees will decline.These are also the employees who are likely to find a new job when the economy improves.Imagine the loss of productivity and hiring costs that will occur if our current business practices continue.
Recruiters are now seeing an increase in hiring and are predicting a “hiring tsunami” in many industries. They are finding that employers are having a more difficult time finding qualified people to fill key positions.Does your company have a plan for weathering a possible “hiring tsunami”?Will your company‘s recovery be hurt by the lack of planning on leadership’s part?Are you really ready for the next phase of the recovery when valued employees start to leave?
The following actions can increase employee engagement, reduce turnover and boost productivity:
·Let employees know how much you value their contributions. This verbal reinforcement will give employees the message that you care and that their hard work is having a positive impact on your organization.
·Explore strategies for managing an increased workload. Many times activities can be streamlined or eliminated so that the workload is more manageable. Employees need to know that their supervisors and managers are doing everything they can to prevent over-work and eventual burnout.
·Ask for suggestions from employees’ at all levels regarding how they think the organization can be more efficient.Organizations have saved millions by tapping into the wisdom of their employees.Employees will feel empowered when they see that their suggestions are implemented.
·Discuss your employees’ career development needs and develop a plan to meet these needs as the economy recovers.Research on employee satisfaction consistently shows that employees are more likely to stay in a job when their career development needs are being met.
·Assign work responsibilities based on employee strengths.The Gallup Organization has researched this area since 1998 and has found that focusing on employees’ strengths increases engagement, productivity and reduces turnover.
Applying employee engagement strategies successfully can be challenging as managers are easily distracted by day-to- day crises.Our team has developed a comprehensive program to reduce burnout, increase engagement and ultimately develop a more productive workforce. We will help you to determine the actions your organization can take to boost productivity, reduce turnover and increase profitability.
