In 2015, only 32 per cent of employees were engaged at work meaning they were happy with their employment. Millennials were the least engaged at work and the most likely to be actively looking for employment elsewhere.
American businesses spend between $450-$550 billion annually on actively disengaged employees. There are several causes for disengagement in the workplace including stress, employee burnout and lack of teamwork. Sixty per cent of employees stated their jobs contribute to a significant amount of stress in their life. And 38 per cent of Americans feel overwhelmed at work.
Companies that actively engage their employees reap major benefits. They outperform their peers by 147 per cent in earning per share, have products with fewer quality defects and fewer safety incidents. Businesses with high engagement also have less turnover and less absenteeism from their employees. Sixty-nine per cent of employees say an environment that facilitates teamwork is the number one reason for high productivity.
Fortunately, there are techniques companies can use to create a more engaging workplace. Executives can create retention strategies focused on culture, teamwork and communication. Because 76 per cent of employees under 30 want their employer to do more with employee engagement. Companies should also hire and train the best managers available. Since they account for the variance in employee engagement scores.
Employee engagement is an important part of having a successful business and retains productive employees. To learn more about how to engage your employees to check out this resource from the University of Southern California Applied Psychology program.