The level of engagement your employees exhibit on a daily basis has a profound impact on your bottom line. Truly engaged employees work with passion and feel a sincere connection to their company. They drive innovation and move the company forward in numerous ways.
Yet a recent Gallup poll reveals only 33% of the 126 million American’s who work full-time are engaged and inspired at work.
This means a staggering 67% of American workers are either “not engaged” or “actively disengaged” which is believed to cost U.S. companies approximately $550 billion annually. Many reports and surveys over the past couple of years have highlighted lack of feedback by managers as a contributing factor and the most common reason for staff moving on.
By comparison, companies with high levels of engagement among staff members experience much greater productivity, and increased revenues by as much as 23%, best-in-class customer satisfaction scores, less employee turnover and fewer safety incidents.
There may be no greater example of this than The Walt Disney Company. At Disney, leaders are expected to be out in the operation and away from their desks on a regular basis. They are encouraged to say “thank you” as much as possible, actively listen to fellow cast members, and make recognition and positive feedback a daily, year-round priority.
Demonstrating one or more of the Four Key Basics of Safety, Courtesy, Show an Efficiency is ingrained in the workplace culture from the start. These everyday interactions – when sincere and delivered on a consistent basis, and given in a timely manner, provided the necessary foundation to propel Cast Members to even higher levels of engagement and helped to deliver a differentiated guest experience.
Employee experience in the workplace is becoming equally as important as salary and other perks. If your employees don’t enjoy their environment, they are less likely to stay around. The need to feel valued, respected appreciated and “part of the vision” are key drivers for many.
When team members’ behaviours are reinforced through consistent recognition and feedback, they tend to feel valued and appreciated and will ensure their customers do as well. Publicly recognising your workers for outstanding service, achieving sales goals or reaching certain milestones can build your employees’ pride in their work and your company. Used correctly, employee recognition and positive feedback is an important talent management tool that can help guide employee performance, create an environment that will lead to higher levels of engagement, reduce employee turnover and ultimately drive business performance.
Consider this: employees who do not feel adequately recognised or given regular feedback are 2 times more likely to leave their job in the next year. In contrast, when companies provide a better customer experience (which can be cultivated by increased employee recognition), studies have shown that 40% of consumers are willing to spend more on your products resulting in increased profitability.
Are you looking to create a corporate culture where people feel motivated, inspired, and appreciated? Are you eager to make a positive impact on your bottom line through improved customer experience, reduced staff turnover and absenteeism and increased productivity?
If so, the time to act is now. Your staff are your only competitive advantage. Without them, your business is like any other, and yet many senior executives still don’t appreciate the correlation between positive feedback, employee effort and corporate performance.
At Brownie Points we believe recognising performance and giving positive feedback really works… and we can make it work for you.
Brownie Points is working with thought leading organisations around the world to tailor employee feedback and recognition programs that have a positive impact on the bottom line.
With our growing network of alliance partners we are able to offer cost effective solutions for any business.
To learn how Brownie Points could make a difference in your business, call the team today on + 61 (3) 9909 7411 and book a free demonstration, or email us at info@browniepoints.com.au for more information.
