Employee engagement is vital for creating a positive work environment and to drive commercial success. Engaged employees are more productive and committed to achieving company goals. They also take less sick leave and are ultimately more commercially successful for a business. However, measuring employee engagement effectively and leveraging it to drive savings can be a challenging task for many organisations. So, what can be implemented to measure employee engagement and how can employers use them to promote cost-saving initiatives?
Surveys and feedback from employees are key to grasping how happy an employee is. These surveys should include questions that gauge employees’ feelings about their work, team dynamics, leadership effectiveness, and overall job satisfaction.
One company with the ability to survey thousands of employees is WorkL for Business. The world’s largest live employee engagement data platform, which was launched in 2017, currently helps over 600 organisations globally drive increased engagement, productivity and commercial performance through surveys and data analysis. The digital platform measures, tracks and improves employee engagement to drive productivity, cost savings and improved commercial performance with proven results. This holistic approach covers all aspects of employee experience and supports an organisation’s people function, managers as well as employees directly.
WorkL’s Six Step Methodology to improve engagement to drive commercial performance in the industry includes;
- Reward and Recognition
- Information Sharing
- Empowerment
- Wellbeing
- Instilling Pride
- Job Satisfaction
These Six Steps to Workplace Happiness are the foundation of WorkL’s test, featuring 31 questions that employees answer. Developed by behavioural scientists, data analysts, psychologists, business leaders, academics and other independent parties, the survey accurately monitors employee engagement and wellbeing in the workplace.
High rates of sick leave and Flight Risk can indicate low levels of employee engagement. Monitoring these metrics over time can help identify areas of concern and opportunities for improvement. WorkL’s predictive Flight Risk indicator determines how likely an employee is to leave their role in the next nine months and data shows that 83% of these employees do then go on to leave the organisation.
Analysing key performance indicators (KPIs) such as sales figures, customer satisfaction scores, and project completion rates can provide insights into the correlation between employee engagement and business results as well.
Linking commercial success to positive employee experience can be done through WorkL’s exclusive Extra Discretionary Effort (EDE) calculator. This calculates the link between results, productivity and profits and helps to measure and to determine how much extra effort your employees put in. WorkL links this to productivity, staff turnover, sick absence and commercial performance to calculate ROI and an organisation’s improvement between surveys and against industry and competitors.
Investing in employee wellness programs can lead to significant cost savings in the long run. Healthy and engaged employees are less likely to take sick leave, incur healthcare costs, or experience burnout.
Providing opportunities for professional growth and development demonstrates a commitment to employee success and can increase job satisfaction and engagement. Well-trained employees are better equipped to perform their roles effectively, resulting in higher productivity, fewer errors, and reduced training costs over time.
Measuring employee engagement is crucial for understanding the health of an organisation. By implementing strategies to improve engagement and leveraging it to drive savings, businesses can create a positive workplace where employees are happier, more productive, and more committed to achieving shared goals, ultimately leading to improved commercial success.
By Lord Price, Managing Director of Waitrose
Lord Price has over 40 years experience as a business leader, driving success throughout the John Lewis Partnership, serving as the Managing Director of Waitrose for over eight years, nearly doubling the store count.
Lord Price is also a published author and member of the House of Lords. He joined the Conservative Government as the Minister of State for Trade and Investment in 2016.
In 2017 Lord Price Founded WorkL for Business and WorkL in his bid to make the workplace for employees a happier place. His Six Steps to Workplace Happiness has been published as a book and is the foundation of Workl, supporting organisations to improve employee engagement and experience and helping individuals find happier jobs.
