Every Friday, you can receive the Joy Journal, which will give you information, inspiration and tips that you can use in your pursuit for joy.
Why is Team Member Engagement Important?
“Team member engagement” is not a new concept, but it is an important one.
This term describes how strongly team members feel about their work and the company they work for. It can be similar to team member satisfaction and morale, but it goes beyond just a feeling of contentment with the current situation.
Team member engagement is a positive outlook on the future of your organization, coupled with an eagerness to be part of its continued success.
So why should your firm care about this?
Let’s start by exploring 5 big reasons.
This Gallup study found that businesses with highly engaged team members make 21% more profit than those that do not.
So, essentially, team member engagement can be beneficial for your firms bottom lines!
Better Retention Rates
Many factors contribute to a team member’s decision to leave their job, but research shows that an engaged workforce is less likely to jump ship than those who are disengaged. That’s because engaged team members feel like their voices are heard at work and have opportunities for career advancement.
According to Gallup’s State of the Global Workforce report (2017), companies with top-performing leaders have 50% lower voluntary turnover than those with poor leadership practices, and 47% of active job seekers are looking for a new position because of bad company culture, of which low engagement can be a contributing factor.
More Client Satisfaction
Clients like interacting with people who are satisfied and happy. If your team members come across this way, it reflects positively on your company’s values.
Studies show that consumers care more and more about the integrity of the company’s from which they buy. Nearly half of consumers said they would trust a brand more if they took care of their team members.
Furthermore, if clients like a company, they will refer them to friends and family. Referrals are the best way to get your clients to do free marketing for you, so it’s time to engage, engage, engage!
If team members are engaged in their jobs, they will derive more joy from them. And when team members are happier and more motivated, they do better work for the organization.
This can lead to increased productivity, lower turnover rates, and higher profits for the company as a whole.
Did you know, disengaged team members actually cost the US economy around $450-550 billion a year?
When you have an engaged workforce, everyone works harder. That’s because motivated team members are more productive, less likely to quit their jobs, and more loyal to the company in general.
Plus, engaged team members have a better idea of a company’s vision and mission, which means that they themselves will be a more accurate representation and portrayal of the company as a whole.
So, what are two easy ways to increase engagement at your firm?
Communicate and listen.
Communicate with your team members about how what they do on a daily basis impacts the business. Let them know about the good things happening in the company and how they contributed to it.
In fact, 85% of team members are motivated when internal communications are effective.
Additionally, it’s important to remember that people value appreciation, so make sure you focus on what team members are doing well!
Listen by setting aside time during meetings where team members can give feedback on how they feel about working at your organization (and if anything could be done differently). This type of communication helps everyone feel heard—even if nothing changes right away because decisions aren’t always made right away—and provides valuable information so managers know what areas need improvement going forward.
Making Team Members Feel Valued and Engaged Will Improve Your Business in Many Ways
Boosting engagement leads to a whole host of benefits for your organization, including:
- Reduction in turnover.
- Increased productivity and performance.
- Boosted bottom-line profit for the company (by as much as 21%!)
If you can make team members happy at work, then they will be more likely to stay with the organization longer because they enjoy what they do or feel invested in its success.
After all, high turnover rates are expensive.
So, if you want happier staff members who stay with your company for longer periods of time than usual (and don’t leave because of stress or burnout), then start implementing some of these strategies today!