Employee engagement is vital for any business, regardless of the situation. Not to be confused with job satisfaction or staff happiness, employee engagement refers to the extent to which employees are personally invested in the success of your business.
They’re willing to go the extra mile because they identify with the company’s mission, purpose, or values on a personal level. They’re more happy, productive, and healthy. This literally translates to quantifiable benefits for the company.
A recent study published by Gallup indicated that an actively disengaged employee costs their organization $3,400 for every $10,000 of salary, or 34 percent. That means an actively disengaged employee who makes $60,000 a year costs their company $20,400 a year. For a startup looking to make the best use of their funds, that’s a huge chunk of money leaving the bank.
Engaged employees are basically, a company’s secret nuclear missile.
The next question then, is how can a company keep their companies engaged?
Starting with Why
Why does your company exist? Why does your company stand for these values? These “Why” questions should be asked with current employees together in a collaborative manner to codify the team’s vision for the company in the future.
Simon Sinek has a great TED talk on this here.
For a young startup, it’s very important to start from the why because this sets the tone for future interactions between employees and other key stakeholders, both internally and externally. By having a clear set of values and vision for the company, employees are better able to see how they can contribute to this vision.
Take e27 for instance. Why do we host events like the Echelon Asia Summit and the TOP100 program? It’s very simple: because we want to bring the ecosystem together and empower the stakeholders within it to succeed.
Rehaul your communication channels
Another option is to work on communication channels in your company.
Ideally, you want to make sure that communication is frequent, consistent, inclusive and flows two-ways. This allows for companies to leave no stone unturned and for individuals to voice out their necessary concerns.
This could take the form of daily huddles where staff members write out a brief summary of what they plan to do for the day. This way, everyone knows what everyone else is doing and can step in to help when necessary.
Some other methods which companies could consider are CEO open hours, Town Halls and even suggestion boxes.
What Weiting will cover in this month’s AMA:
These are just some of the ideas and concepts we’ll be covering this month during our AMA with Weiting Tan on Employee Engagement. We’ll be holding it on Facebook Live so don’t forget to turn on notifications from our e27 Facebook Page.