Keeping employees satisfied and engaged in their current positions can go a long way to boosting your profits. Unengaged employees may be doing their jobs, and they may even be relatively good at it, but they're probably not passionate about their position or the company. This translates into untapped potential and lost profits. The following EOS system describes 3 ways to improve employee engagement and proven strategies that can ultimately boost your profits and gain traction on your business.
1. Increase Productivity
Employees who are motivated and productive will ultimately accomplish more for the company. One way to motivate employees is to provide rewards that are geared with individual employees in mind. Offer incentives that are personalized to each employee. Non-cash incentives can include time off for those who want to spend more time with family or a trip for individuals who enjoy travel.
Another great way to increase productivity is to schedule "buffer" days after returning from vacation. Many employees dread coming back from time away from the office because of all the piled-up work that's waiting for them. The day after returning from vacation shouldn't include any scheduled meetings and should allow for the employee to spend the entire day catching up without interruption.
2. Reduce Absenteeism
Absenteeism affects the bottom line in a number of ways including the loss of customers because of delays, increased pay for other employees in terms of overtime, and increased expenses for sick leave. It's critical for businesses to understand how interconnected being engaged and enthusiastic on the job is to an employee's overall well-being.
Discourage excessive absences by tracking and then displaying absences in a public area. Recognize and reward good attendance while discussing with employees why they have a high rate of absenteeism and then work toward implementing solutions. Finally, make sure the policy regarding absences is articulated and understood by every employee.
3. Limit Turnover
Employee retention can potentially save a company thousands of dollars. Studies have shown that disengaged employees are much more likely to leave a position than those who are engaged. To retain a greater number of employees for longer periods of time start by conducting social exit surveys when employees leave. These are different from traditional exit interviews in that they interview colleagues of the individual leaving to gain a better understanding of why the person left.
Of course turnover isn't always a bad thing. When implementing a new vision for growth there will be people who are either not right for certain positions or not appropriate for the company overall. Understanding the difference between good and bad turnover and handling it in a positive manner can save money in the long run.