Global engagement levels continue to fall.
Uncertainty in the global economy appears to be impacting employee production throughout every region. A new survey by The Hay Group found that global engagement levels continue to fall; just two-thirds of workers feel that they are properly engaged by their employers.
Top performers continue to boast a high engagement rate, showing the value of building involvement among the workforce. Properly engaged workers create a number of benefits for organizations, including increased innovation and lower turnover rates. The Incentive Performance Center estimates that disengaged employees cost the American economy $350 billion a year in lost productivity. Therefore, it is important that firms utilize global reward programs to help increase engagement among staff.
"To truly drive productivity, business leaders must understand the role they have to play in enabling high levels of performance – removing the barriers that are holding their employees and their organizations back," said Mark Royal, senior principal of Hay Group Insight.
Global reward programs can help tie incentives to performance by building an understanding of the long-term objectives being pursued by organizations. With this knowledge, employees are more likely to buy into their roles and help the company accomplish its goals. Reward programs are also an effective way to encourage specific behavior and create the right environment for staff to succeed.
The study found that businesses were often stifling the performance of their most engaged employees. In South America, which had one of the highest levels of motivated workers, 74 percent of employees said they often felt motivated to go beyond their formal responsibilities, but only 61 percent said they believed their environment allowed them to perform at their best.
Building a cooperative culture can help more workers feel engaged, as they know they have the support of their coworkers and supervisors. This could allow staff to consistently achieve their top level of performance. To create this positive environment, businesses can use rewards to acknowledge hard work and commitment. These small measures help staff feel appreciated, which can increase company loyalty and reduce turnover.
With consistent and effective global reward programs, companies are likely to see an increase in the number of energized employees. The enthusiasm and excitement that these workers are able to bring to their positions can help organizations lift productivity and become leaders within their industries.