Most companies understand that employee engagement produces positive business outcomes and better retention, yet many struggle to find effective ways to engage their workforces throughout the entire journey of the employee experience.
In our increasingly digital and tech-driven workplace, 87% of employees in the U.S. are not engaged—they are not involved in, enthusiastic about or committed to their work or workplace—according to Gallup’s latest annual research. As a result, U.S. companies are losing a whopping $450 billion a year in productivity.
That’s a staggering loss. And it explains why improving employee engagement tops the list of business priorities. In examining companies where engagement is high, a common theme emerges: these organizations have created a humanized employee experience of inclusion, development and support. These three elements drive innovation, collaboration and ultimately deliver superior business results. This holistic approach to engagement produces greater revenue returns and happier employees.
How can your company build a culture of inclusion, support and development?
The answer begins with humanizing the employee experience across all stages of the employee lifecycle—onboarding, inclusion, career development, upskilling, leadership development, and succession planning. To do this, mentoring will be your most valuable asset.
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Why do so many new hires leave? More often than not, a poor onboarding experience is to blame. Only 32% of companies have formal onboarding programs. For those who do, about half see increased new hire productivity and retention. Subpar or rushed onboarding can leave new employees feeling disengaged, overwhelmed, stunted and looking for greener pastures outside company walls.
According to the 2017 Tech Leavers Study, 40% of employees who departed companies said their personal experiences of exclusion, unfairness or mistreatment played a major role in their decision to leave. Even just witnessing unfairness or exclusionary tactics weighed heavily on those employees’ decisions to walk out. The message here is clear: Recruiting can’t be the sole solution for Diversity & Inclusion.
According to LinkedIn, two out of every three of employees join companies for better career paths or more opportunity. In fact, a lack of career development is the number one reason for employee departure. All of this means that traditional L&D approaches—trainings, classes and seminars—to career development won’t cut it anymore. Companies looking to remain competitive in the talent market will have to focus on programs that both fuel engagement and retention throughout the employee experience.
The workplace as we know is continuously evolving – it’s increasingly digitally driven by technology that helps employees do their jobs better. With our rapidly advancing tech landscape, cutting-edge technology like artificial intelligence, machine learning, and augmented reality offer an exciting future for companies who take the right steps to capture the full potential of digital transformations. But that bright future—and the competitive advantages that come with it—can only be unlocked by companies that ensure their employees are all up to speed on the latest technology.
Every day, about 10,000 baby boomers reach retirement age and exit the workforce, and this number isn’t slowing. As droves of workers continue to exit the workforce, organizations are scrambling to find their replacements. To address this gap, companies are looking both inside and outside of their organizational walls for their next generation of leaders. Yet, filling leadership roles with external candidates can prove costly. The time and expense to ramp up new employees can quickly drain valuable resources.
At some point, most organizations will find themselves in a bind when a senior leader makes a sudden or unplanned departure from the company. Without a strong succession plan in place, companies must scramble to fill the position as quickly as possible without adequately preparing for the vacancy or the person who eventually fills it. Lost in the shuffle are information handoffs and other opportunities for knowledge sharing that can greatly improve the outcome of the succession process. To avoid it, companies must build and implement a succession plan that enables continued productivity and progress.
Download our ebook and learn why humanizing the employee experience is vital for your company.