We've all had those moments where we can't focus and nothing seems to get done. Maybe it lasts for an hour or maybe it's the entire day. When it extends to several times over the course of the same week, it might be a problem. Approximately 70 percent of employees in U.S. companies are disengaged from their work, according to Good.co. This can cause a plethora of problems for businesses when it's not kept in check.
Disengagement hurts business
Unhappy workers can cost U.S. companies between $450 billion to $550 billion annually in lost productivity. They are not focused on or worried about getting the job done. Sometimes, they even go out of their way to show everyone just how much they don't like their jobs. This leaves the 30 percent of engaged employees to pick up the slack. These workers perform 20 percent better than their peers and have a significant impact on the business. Their higher levels of productivity, sales and creativity lead to overall company performance 202 percent more efficient than that of their competitors.
However, that number could be better if a larger percentage of employees were fully involved at work. Approximately 46 percent of new hires don't last two years, which costs companies up to 300 percent of the base salary of each replaced worker. When turnover rates are high, they hinder your business's performance. New hires won't be able to do the job on the first day, so you'll lose time and money during the recruitment and training processes.
When you find ways to retain your staff, you'll be better off financially. Engaged workers contribute to a 147 percent higher earnings per share as well as a 19.2 percent improvement in operating income. Disengaged employees do the exact opposite. They send the operating income nearly double in the opposite direction with companies losing 32.7 percent. The more disinterested workers you have the more your business banking account will suffer.
Improving employee satisfaction
To keep your staff in your company, you'll need ways that will ensure they feel welcome at the business. Eighty-nine percent of new hires fail because they don't fit in with the company's culture, Good.co reported. Luckily, keeping your employees engaged is easy to do without messing up your financial plan, Business News Daily explained.
- Be open – Your employees want to know what's going on in the company. How is business? Are clients happy with their work? Are there any issues? Communication and transparency are important aspects of running a successful company, so make sure your workers know any information that applies to them.
- Recognize – Employees may have to show up every day, but that doesn't mean they don't want to know their work is appreciated. If they're putting in the effort, make sure you thank them. Show them that they are valued at the company. Offer to buy them lunch, give them an extra day off or just send them a personal message. When you reach out for a job well done, your staff will want to stay.
- Listen – When you're the boss, you probably do more behind-the-scenes work. You may not interact with consumers or employees as much as you'd like to. However, that doesn't mean you should stay outside the group. Ask your staff for their reviews on how the company is performing and their suggestions for how it can improve. By knowing their thoughts, you can create an environment that will embrace their individuality and make them feel welcome.
Disengaged workers can harm your business, so make sure you have a company culture that will keep them interested and happy while at work.