Companies that invest in their employees’ involvement and enthusiasm in their work and workplace often see enhanced productivity, reduced turnover, and improved financial outcomes.
However, a recent study showed that if employees are not leaving, it does not necessarily mean that they are satisfied with their workplace. Instead, they are waiting for better opportunities to come along. Businesses must not fall into a mindset that because someone hasn’t left, it means they are satisfied. This cannot be the only marker against which businesses gauge employee engagement. Instead, businesses need to provide opportunities for two-way communication with their people, to respond to feedback so that colleagues feel heard and tap into the data employee engagement surveys provide. Practices such as involving employees in shaping corporate purpose and social impact, maintaining flexible working policies, and considering employee feedback have been shown to positively influence workforce engagement.
The business case for employee engagement
Research consistently demonstrates a strong correlation between employee engagement and organisational success. A positive company culture, characterised by shared norms, values, and behaviours, significantly influences employee engagement and can drive productivity and profitability. Employee engagement can be 72% higher if a business’ company culture is strong.
Furthermore, engaged employees lead to better customer service and increased customer satisfaction. This positive cycle can enhance brand reputation and drive revenue growth. A study highlighted that organisations with high employee satisfaction scores outperformed their peers in terms of stock returns, suggesting a direct link between employee engagement and satisfaction and financial performance. This signifies the need for business leaders and HR teams to bolster and maintain high levels of employee engagement.
As much as a higher salary and consistent opportunities for promotions can play a key role in employee retention, businesses must go above and beyond to have a well-rounded employee engagement strategy to cater to wider priorities and needs. We have found at Everflow that certain measures have served to be more effective than others.
Flexible working policies: Adapting to modern work preferences
In the contemporary work environment, flexibility has become a key determinant of employee satisfaction. Flexible working policies, including options for remote work and adaptable schedules, empower employees to balance their professional and personal lives effectively. In fact, a recent report showed that 72% of businesses lost their employees to organisations that are less tied to traditional office hours and locations.
Maintaining flexible work arrangements, even as some businesses advocate for a return to full-time office presence, demonstrates trust and respect for employees’ autonomy. This flexibility has been linked to increased productivity, as employees can work during their most productive times and in environments that suit them best. Additionally, offering flexibility can reduce stress and burnout, contributing to overall well-being. A recent survey indicated that flexibility in work arrangements is a significant factor in job satisfaction, with many employees willing to have 25% lower salaries for the ability to work remotely, demonstrating the value employees place on this benefit.
Employee involvement in corporate purpose and social impact
Engaging employees in defining and driving corporate purpose and social impact initiatives fosters a sense of ownership and alignment with the organisation’s values. When employees participate in shaping the company’s mission and community involvement, they are more likely to feel connected and committed to their work.
This involvement not only enhances job satisfaction but also attracts talent that prioritises meaningful work. A recent survey suggests that nearly half of employees would consider quitting their jobs if their employers didn’t meet their corporate purpose. Organisations that emphasise purpose and social responsibility often experience increased employee engagement and loyalty, leading to better performance and reduced turnover.
Blind hiring: Promoting diversity and fairness
Blind hiring is a recruitment approach that focuses on minimising biases by concealing identifiable information such as names, genders, ages, and educational backgrounds during the selection process. This practice aims to promote diversity and ensure that hiring decisions are based solely on candidates’ skills and qualifications.
By implementing blind hiring, companies can cultivate a more diverse workforce, bringing varied perspectives and ideas that drive innovation. Diversity has been linked to improved problem-solving and decision-making capabilities within teams. Data from McKinsey shows that those businesses within the top quartile for greater ethnic diversity have been shown to be 39% more likely to outperform those in the bottom quartile. Moreover, employees in diverse environments often feel more valued and respected, contributing to higher job satisfaction and retention rates.
The formula for a strong workplace culture
The aim of creating strong workplace culture is providing an environment that employees enjoy and look forward to coming to. What makes a difference is creating a culture where employees feel valued and can make their own decisions without needing to go through a lot of red tape. You have to listen to people when they tell you how things could be improved. Therefore, creating a transparent and regular dialogue between decision makers and employees is vital for a consistent loop of feedback, to ensure employees feel heard and valued. This will help create a culture that’s informed by employees, instead of only being based on the business’ assumptions.
Looking ahead
Prioritising employee engagement satisfaction offers businesses a strategic advantage to drive success. By implementing practices such as blind hiring, involving employees in corporate purpose, and maintaining flexible working policies, organisations can nurture an environment where employees thrive.