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In Focus: Employee Engagement’s Financial Benefits

After studies came out indicating the world's workforce was dramatically disengaged in their professions, more organizations have stepped up efforts to buck this highly negative trend, leveraging advanced recognition and rewards programs to get staff members back up to optimal performance.

After studies came out indicating the world's workforce was dramatically disengaged in their professions, more organizations have stepped up efforts to buck this highly negative trend, leveraging advanced recognition and rewards programs to get staff members back up to optimal performance. When employees are disengaged or simply not happy with their employers, the chances of reaching the most profitable operational activities are relatively slim.

On the other hand, companies that take engagement seriously and work to help employees become more comfortable, confident and productive each day will have a lot of opportunities to excel with respect to financial growth. Talent retention and attraction are two of the most critical components of a successful business, and this is even truer today given the wide breadth of information prospective applicants can get about working at a given firm. 

Today, brand management is just as contingent upon employee engagement as it is in raw marketing strategies, as a stronger workforce and culture will almost always generate a higher level of potential to attract new customers to the business. At the end of the day, a well-formulated engagement strategy that takes into account all of the desires and preferences of workforce members will be a sound investment, and one that fewer companies are going to be able to get by without before too long. 

Unique approaches excel
Forbes recently reported that many retailers and other service industry competitors are paving the way toward progressive engagement programs on a case-by-case basis, affirming that this sector is well-suited to these types of investments. Whereas restaurants, grocery stores and the like were not always the best at committing to employee retention, morale or even corporate culture, decision-makers in this arena are beginning to change their minds. 

High turnover rates can be crippling to any business, but this has always just been a point of relative apathy in the service industry given how quickly employees move on. Some leaders are putting their money on the belief that retaining their service industry employees will lead to more significant profit gains, and this is already paying off for a wealth of organizations that have chosen this path. 

According to Forbes, Market Basket, one of the bigger grocery store chains in the United States that had a pretty bad summer in the press because of problems with its workforce management, has launched a program that completely changed the tides. The news provider pointed out that the strategy deployed to better engage employees was not only for the staff, but also for customers, as the company worked to regain its stature in a short period of time. 

Remember, it will always be easier and more affordable to preemptively deploy engagement programs such as recognition initiatives before bad press comes to pass rather than as a reactive approach to damage control. According to the source, Market Basket's initiative is still very much in its infancy, and only time will tell if it does work to further engage both employees and customers by the end of the investment cycle. 

Leverage recognition for engagement
There are myriad ways in which an organization can go about engaging its workforce, but few compare to the fluidity and effectiveness of recognition programs. When employees are being supported and encouraged by their managers, supervisors, executives and especially each other, the culture generally builds in a far more engagement-friendly fashion. 

Using a professional service provider to get these recognition programs off the ground efficiently can quickly boost a companies' engagement rates. 

Ever wonder what the myths of recognition entail? Click here to download our white paper.

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