Employee engagement levels have been dropping for several years. The statistics today are showing the levels of engagement are hovering at an all-time low. We all have to start reversing the decline because at the end of the day success comes down to a human equation. Companies are realizing that cannot grow and thrive without passion, innovation and productivity their people bring to their business.
In today’s digital, hyper-connected economy, high performing employees are in demand and demanding. They want more out of their jobs. Compensation is just one component, but they greater encouragement, honest feedback and opportunities to further their career path. Companies are recognizing these demands and making investment efforts to finding antidote to help with the engagement crisis. Here are five practical forward-looking steps you can take now.
- Make Continuous Feedback and Coaching
It is stated that 85% of employees from diverse companies said they would like to receive frequent on the job performance feedback from their managers. But only 45% of those employees stated they are getting feedback. Enterprises have heard their employees and have taken the steps to expanding their performance management to a full range of development opportunities, feedback, coaching and evaluations throughout the entire year not just when their fiscal year is complete. This engagement will develop a new proactive role for managers at all levels to build relationships with their employees. It will help managers provide consistent positive feedback which strengthens engagement and job satisfaction and lets the employee know they are on the right track.
- Create Development Opportunities for the Skills and Roles You’ll Need
Demand on key technical and leadership roles far out weight the supply. Often the best way to fill key positions is to develop the talent you already have and promote from internal. This would be a win-win for everyone. Internal growth opportunities are a sure way to keep employees engaged and motivated. When you identify keep job roles and skill sets, you can then actively prepare individuals for management positions. Promoting by aptitudes and qualities instead of purely seniority can establish and recognition employees with strong leadership to prepare them for important vacancies as they open up.
- Make Succession Management a Top Priority
A high number of disengaged employees put the blame on a lack of internal career development. Succession planning is an obvious remedy, but most enterprises simple do not have the resources to devote to train successors for many critical roles. With about 20% of the workforce planning on retiring in the next five years, now would be the ideal time to start or strengthen their succession planning. You need to recognize and identify employees past the C-suite who have valuable and hard to find skill sets. As they say, strengthen your bench to have a seamless transition period, when a leader would decide to leave or retire from your company. By building in-house depth and specialized expertise, you will create a foundation for long-term employee engagement.
- Align Compensation Strategies with Today’s Competitive Market
It wasn\’t that long ago that due to budget restraints, dollars would go to the high performers. Now things have changed, where candidates are highly mobile and specialists are scarce and top talent are calling the shots. Employees today who feel under-appreciated and ill-treated are willing and able to leave their position, especially the best and brightest. To keep your high performers engaged and happy, you need to deliver commensurate rewards, including commissions, bonus and even stock options.
- Empower Employee Connection and Collaboration
Having employees stationed at multiple of sites around the world, and all working on mobile devices at some point of their days, companies need a way to keep their contributors well connected to each other and the applications and information their employees require to do their job. Enterprise collaboration tools have a proven record and solution to help remote teams work together efficiently and productively. This will also help with open dialog across the hierarchy and engage all teams involved. With this tool, it will help with innovation and circulate ideas quickly and the enterprise culture would become more responsive to emerging trends and opportunities.