When companies look for ways to improve morale at their company, they sometimes think that writing a big check for perks will make their employee engagement issues go away. Just like money doesn’t solve all of our problems in our personal lives, throwing money at increasing engagement won’t solve the professional issues at your company.
Turnover costs are estimated to be 30 percent of an entry-level employee’s salary and up to 400 percent of the annual salary for an employee with a highly specialized skillset. Employee engagement efforts must come from the top: At companies where management models the type of behaviors they want to see in their employees, the workforce is found to be 55 percent more engaged and 53 percent more likely to stay with the company according to research by the Harvard Business Review.
While this may make improving employee engagement sound daunting, management and executives should see it as an opportunity to make their workforce more productive without having to increase their budget. And the data is clear, happy workers are 12 percent more productive than unhappy ones, according to a study from the Warwick Business School.
That’s why we’ve put together this list with the top 3 ways you can improve employee engagement, productivity, and ultimately, profits, without putting a major dent in your company’s wallet.
1. Walk the Walk
When Hewlett-Packard first started their ascent to the top of the computing world, they developed the “HP Way,” which required management to walk around the floors of the office interacting with employees on daily basis and soliciting new ideas to improve the company. Bob Kalsey, who’s father helped found HP, said,
“People there felt their work and opinions were valued, and they took pride in that. We all want to feel genuinely a part of something larger than ourselves, and when we do, we are loyal and eager to go the extra mile. Unlike many C-level people who insulate themselves from low-level workers, Dave and Bill weren’t absent from their employees’ daily lives.”
2. Allow More Flexible Working Hours
Many managers still require knowledge workers to maintain a fixed, nine-to-five schedule day in day out. Letting your employees work from home even once a week can make all the difference between having happy, engaged employees or a group of disgruntled workers who feel like cubicle monkeys.
3. Work Together, Give Together, and Play Together
An easy way to instill a sense of camaraderie among employees and management is to participate together in community events like a fun run or a charity event. You can also start intramural sports teams in soccer or softball so that employees and management can create bonds outside of the office.
Another option is company wellness programs where employees monitor their steps with pedometers like Fitbit. These programs also provide the ancillary benefit of increasing employee health and decreasing healthcare costs.
When thinking about ways to increase employee engagement, there’s no need to spend money on fancy events, dinners, or ping pong tables at the office.
Discover how Watergate Hotel uses Beekeeper for daily standup meetings!
Focus on ways to improve communication between employees and management using old school techniques like walking the floor, or even new school ways with Beekeeper. You’ll find your ROI from using these strategies will be unmatched by your other efforts that just required your signature on a check.