Knowledgeable, engaged employees are the lifeblood of any business. But by some estimates, today’s employees are disengaged from their jobs in larger numbers than at any time in history. This presents a problem for companies both in the U.S. and abroad, as it leads to high turnover and lackluster performance by employees. Conventional wisdom tells us that the more companies can do to keep their valuable workers, the better it is for them in the long run. Unfortunately, the message doesn’t seem to be penetrating.
A recent U.K.-based survey by management consultancy the Hay Group found that a number of top companies simply aren’t trying hard enough to retain workers. The report’s authors surveyed more than 300 leaders at FTSE 250 and Fortune 500 companies about their employee engagement practices. And while a large majority (84 percent) admitted that employee engagement is critical, fewer than one-third of respondents report having a robust program for worker retention. More than two-thirds of respondents reported that they have not changed their behavior despite a more competitive marketplace for top-tier employees.
According to Ian Silvera, writing for International Business Times, there are several trends changing the global business environment when it comes to employee engagement. These so-called “megatrends” include individualism, digitization and demographic change, and all are having a significant impact on global business.
Employees today are looking out for themselves, which is to be expected and healthy, but it’s critical that organizations align employees’ goals with their own, otherwise they’re working at cross-purposes. They’re also more digitally literate and connected than ever, so they can keep current with employment trends and opportunities in their industry. Ultimately, it’s mostly about harnessing employee enthusiasm, or raising it in a way to put it to use for the company.
“An engaged workforce needs to be ‘enabled’ to turn its enthusiasm into action,” according to the Hay Group. “If people feel held back by weak systems, bureaucracy or conflicting pressures, they will not be able to deliver to their full potential. Even worse, their frustration may lead them to stop trying, or move on.”
The report, titled “Are You Missing Something? Engaging and Enabling Employees for Success” notes that going forward, top-performing companies will be those with a comprehensive employee engagement plan that aligns workers’ individual goals and aspirations with the success of the company as a whole. This also means giving back to employees and rewarding them for ideal behavior in the workplace.
As the hiring pace becomes brisker and the job market heats up, employees who have been “stuck” in a position they don’t want to lose will start to become more mobile and look elsewhere for new opportunities, unless their employers begin to put retention plans in place now.