Don’t be fooled into thinking that your company can’t afford to engage employees in a tangible, meaningful way.
At first blush, the cost of an employee engagement program like Xceleration’s may seem daunting. Keeping your team members engaged and happy is more than a full-time job and there must be some significant expense in that process, right?
The fact is, you’re right. There is some cost, but it’s more expensive to allow your employees to become disenchanted with their role in your company and flee to the welcome embrace of another employer.
Marisa Haehnlein is Senior Vice President of Client Solutions at Xceleration and she says breaking down the cost of engagement versus the cost of losing an employee really exposes the differential.
“If implemented properly, the outcome greatly outweighs the investment,” Haehnlein says. “The cost of employee turnover can equal six to nine months’ salary including the cost of training, lost experience, and overworked staff.”
Those stats are backed up by a number of studies, and you can even project the math onto your own workforce here. The massive expense of losing people makes many companies nervous enough to offer all kinds of perks to their employees – from unlimited PTO to gym memberships, remote working, and use of company-owned housing and vacation properties in cities around the world. Trouble is, there is no guarantee these added benefits will actually help retain your top talent.
The good news here is that your company doesn’t have to go that far out on the employee engagement limb. In fact, you can start on the road to retention in small steps just by offering a program that recognizes their accomplishments and efforts in tangible ways.
“Recognizing employees’ hard work sends the message that their contributions are appreciated,” Haehnlein says. “This can lead to greater job satisfaction and increased productivity, in addition to motivating others on the team to improve their performance.”
The question of how an engagement program like this gets paid for is more easily answered than you might think, and it starts with a conversation with your accounting department. You will likely learn that you already have the money necessary to engage your team members, tucked away in discretionary budgets and other programs.
Haehnlein breaks it down even more by adding: “The cost of a cup of coffee per employee, per day is a great starting point for a budget. “
Think about that – a cup of coffee a day, per employee – something you probably already provide in the break room.
Then there are the intangible benefits, like an improved customer experience (from being tended to by your happy employees). Additionally, appreciated team members say they work harder and are more engaged when they feel valued and recognized.
Don’t be fooled into thinking that your company can’t afford to engage employees in a tangible, meaningful way. In fact, it’s possible you can’t afford not to.