There is a strong, proven correlation between employee engagement and business performance, so creating a positive culture and rewarding great behaviour is not just a "fluffy" nice-to-have; it's a vital stimulant for your sustainable growth and profitability.
Engaged employees go the extra mile to deliver. They provide better experiences for customers, approach the job with energy—which enhances productivity—and come up with creative product, process and service improvements. They remain with their employers for longer tenures, which reduces turnover and its related costs. In turn, they deliver an enormous payoff to the business by creating passionate customers who buy more, stay longer and tell their friends, all of which generates sustainable growth.
Employee commitment has a direct correlation to an increase in sales and company performance and according to research conducted by ISR and Mercer Data over 66% of the UK's working population say they are not engaged with their job. Disengaged employees cost UK businesses between £39bn and £48bn per annum and just a 5% increase in positive employee attitude relates to a 2.1% increase in sales performance.
Staff churn is an expensive business; the CIPD estimate that the cost of employing every new member of staff is now almost £10,000, when taking into account the cost of recruitment, agencies, advertising, internal processes, training up to the correct standard and more. The CIPD also conclude that engaged employees deliver 4 times more value to an organisation than non-engaged employees and increased engagement can not only result in up to 57% increase in discretionary effort, but also an 87% reduction in desire to leave. incentivebank helps to retain your top talent by ensuring that good work doesn’t go unrewarded.
Did you know that a recent CIPD report estimates that over 25 million bogus sick days are taken each year in the UK, accounting for around 12% of all sick days taken! The cost to businesses is staggering; over £1.25 billion per year. However, their findings also show that engaged employees take less than 3 days sick leave per year whereas as disengaged staff take more than 6 on average.
Employees with greater knowledge feel more empowered within their position and offer a much better service to your customer, even if they do not have direct contact with them. incentivebank gives you the tools to reward your staff for product knowledge.
77% of companies have difficulty in attracting the right candidate for their business, particularly in more senior roles, so differentiating your proposition is increasingly important. A recent study conducted by Employee Benefits Magazine shows that candidates are 8 times more likely to be attracted to companies with structured engagement and motivation strategies. Many organisations now reward their existing staff for making referrals to help fill vacant job roles. Recommendations like this promote community and communication in the workplace and encourage staff to think of the bigger picture of the business.
Recognition amongst colleagues can have a massive impact on positive attitudes in the work place, and there is little better than receiving a thank you for a job well done. Thank you has a meaningful impact on people’s performance, thank you is free, 100% recyclable, and always appreciated. A simple thank you when done with sincerity and accompanied by an appropriate reward can increase employee engagement by 35%. incentivebank helps you to deliver a reward that is appropriate and not, as some rewards are, a disincentive. Consider the bottle of champagne given to someone who dislikes champagne, the initial recognition is nice but the negative association and the inevitable staff room chats lead to a reward that hasn’t inspired the next great win.
Communication is an important aspect of employee engagement. The two most important drivers of employee engagement identified by CIPD research into engagement levels are; having opportunities to give feedback and; feeling well-informed about what is happening in the organisation. These, in turn, promote better performance, employee retention and positive emotions towards work.
Encouraging ideas and suggestions from your employees can be an invaluable resource for your business. Two-way communications and feedback mechanisms within your business allow all employees to feel listened to and valued, but also unlock some genuinely great ideas that otherwise go untold. Towers Watson research shows that employee involvement, sharing information and getting feedback directly relates to a 2.2% increase in shareholder value.
incentivebank helps you to say thank you to your employees in style and takes the guess work out of any rewards that you gift them. The huge reward choice available ensures that there is a reward to suit every taste and protects you from the damage caused by giving an inappropriate reward.
If you are interested in improving performance in any of these areas talk to us today about how we can work with you to achieve a happier more profitable workplace. Call the team on 0845 003 8765 or contact us online