Have you ever wished for a magic wand that magically improved workforce engagement and business revenue, all while saving money? Well, your wish just came true. We did the research and found these key workforce amplifiers – simple talent strategies that improve business results across the company.
Workforce Amplifier #1: Increase Workforce Engagement
Workforce engagement is a key factor to your company’s success, not to mention one with tangible returns. Companies that successfully maintain high engagement rates among employees see a 22% increase in their profits. So how do they do it?
The costs of a disengaged workforce is more than just unhappy employees, it could be as much as 34% of their annual salary in lost productivity each year. Disengaged employees are more likely to leave the organization, and studies show that every lost employee can lead to financial losses up to 2X their annual salary.
Fortunately, there are proven ways to increase workforce engagement through workforce amplifiers. When used in tandem with digital tools, workforce amplifiers can be core strategies that lead to exponential improvement for your workforce’s engagement and your business impact.
Workforce Amplifier #2: Increase Workforce Diversity
Traditional hiring practices tend to result in low diversity. Why is that? In most cases, a mix of job postings that use more aggressive or masculine language and unconscious bias when reviewing applications. Sadly we’re not aware of how much unconscious actions limit workforce diversity, which can put a significant dent in your workplace happiness and bottom-line.
For every 1% increase in a workforce’s gender and racial diversity, sales revenue goes up 3% to 9%. Not only that, but 67% of active job seekers look at how diverse a company is before accepting a job offer. Oh, and did we mention that there’s a 59% increase in creativity, innovation, and openness, as well as a 37% improvement in assessment of consumer interest and demand?
So you can see why diversity is a key workforce amplifier, and one that is worth investing in.
The new generation of ethical AI hiring tools can actually reduce, if not eliminate, unconscious bias in hiring. If you want to learn how, you can download our team’s awesome report on how to triple talent pool diversity using our Censia Talent Intelligence ATS plug-in.
Workforce Amplifier #3: Focus on Employee Development
Want to stop churn, increase engagement and get a more skilled workforce?
Well, studies found that 94% of employees would stay at a company longer if it invested in their career. And since losing an employee costs anywhere from tens of thousands of dollars up to 1.5-2x their annual salary, it becomes blatantly obvious that investing resources to increase workforce engagement should be a top priority for any company.
“Employees that have development opportunities are 30% more engaged at work.”
The focus on personal development is not just at play once someone has been hired, either. It has become a key consideration for millennials when applying to jobs.
Employees that have development opportunities are 30% more engaged at work. And it’s not only employees who win: Over 50% of organizations that invest in learning technology see almost immediate improvements in their engagement and productivity.
When it comes to employee engagement and your company’s success, it is clear that focusing on increasing workforce engagement through an improvement in workforce diversity and personal development opportunities should be top priority.
To learn more key strategies for success in the now and the future of work, download our latest eBook below.