Did you know that, according to a study by Gallup, only 13 of employees worldwide are engaged in their jobs? Whether your business is a start-up, mid-sized, or a multinational organization, disengaged employees are a huge detriment to every aspect of a business. Meanwhile, engaged employees are more motivated, invested in success, and are therefore more likely to make extra effort in their daily tasks. So, what are the main benefits of having an engaged workforce?
Engaged employees are more likely to improve your business’s profitability and increase revenue. Engaged staff are committed to an organization’s values and goals and want to contribute to its overall success. According to the same study by Gallup, companies with engaged employees perform those without by up to 202%.
When an employee leaves it can cost 33% of their salary to replace them. Between the time and money spent to find a new candidate, and then the time to train and onboard, it can take a while for productivity levels to stabilize. When employees are engaged they are less likely to leave their jobs, meaning you can spend valuable funds on developing your current staff. Businesses with an engaged workforce are also more likely to attract new and qualified employees.
Engaged employees are happier in their jobs and tend to be more passionate, which leads to greater workplace innovation. If employees feel supported within their roles, they are more likely to strive to go above and beyond to create new products and services. Teamwork will also improve, leading to greater cross-collaboration and organizational growth.
While the complexity surrounding workplace engagement isn’t going away, competencies are an extremely useful tool for managing it. Competencies translate hard to define job requirements into observable behaviors, allowing employees to understand and develop their skills more effectively. By deciding on your organization’s core competencies, essentially key values, you are more likely to encourage employees to work towards organizational goals. You are also more likely to hire employees who embody these core competencies, leading to increased culture fit and engagement.
To learn more about employee engagement and how competencies can help you start seeing benefits in your organization, contact our team today.