Three Ways Employee Engagement Impacts Your Bottom Line - Succession Plus

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Three Ways Employee Engagement Impacts Your Bottom Line

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Three Ways Employee Engagement Impacts Your Bottom Line

By , June 26, 2016
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Every Monday people head into work from the weekend – either excited to get a jump on the week, or filled with dread to face another 30-120 hours of stress and obstacles. How many of each category are you currently employing? Employee engagement is a top concern among business leaders, and for good reason. Here are three ways that impacts your bottom line.

 

Employee Engagement Affects Productivity

The first and most direct way employee engagement can improve bottom line is with higher productivity. TNS global research shows that engaged employees have a clear understanding of their jobs and adequate training to do their jobs well. As a result, firms can see improvements to safety ratings or reduced absenteeism or other key metrics without having to make capital improvements. Companies with higher employee engagement can see up to a 12 percent productivity boost according to research. What would a 12% boost in productivity look like for your business?

 

Employee Engagement = Morale

Companies with engaged employees experience reduced turnover, which offers a stronger recruitment position against competition. This is becoming increasingly important as the demand for highly skilled labour and professionals continues to rise. There are a variety of ways to make employees happier on the job. Paying your people fairly is only part of the equation. Successful companies often combine benefits such as flexible schedules, wellness programs, and equity to encourage long-term employee engagement. Here are some additional ways to improve employee satisfaction on the job.

 

Employee Engagement Enables Creative Problem Solving

Finally, companies with happy employees are better primed to realise customer success stories that give a business a supercharge in brand perception. There is no limit to the many ways that an engaged employee can surprise and delight customers. Check out this list of 11 of the best customer service stories for a few examples.

 

In conclusion, investing in your employees can pay off dividends for your business.

Craig West

Craig West

Managing Director | Succession Plus

Craig West is a strategic accountant who has over 20 years’ experience advising business owners. His background as a CPA in public practice, provided invaluable experience in the key issues of concern to business owners. Following 6 years of study to gain two masters degrees, Craig focused on Capital Gains Tax (CGT) for business sales advising on strategic management of tax issues. This experience formed a very strong view that business owners (and often their advisers) were unprepared and unaware of the steps required to prepare a business for exit.

Craig now acts as a strategic mentor for mid-market business owners and has written four critically acclaimed books on employee incentives, succession planning, asset protection and exit strategies. Craig has conducted numerous seminars and keynote presentations throughout Australia & internationally, including adviser education programs for the Institute of Chartered Accountants and CPA Australia.