Picture this: A magic wand that instantly increases workforce engagement! And best of all, it does it while improving revenue and saving money.
Sound too good to be true?
Well, hold on to your hats because our latest research found not one but three magic wands (ok, they are called Workforce Amplifiers) that do just that.
Workforce Amplifier #1: Increase Workforce Engagement
Workforce engagement is essential to the success of your business. It’s also at an all-time low, and it costs companies—a lot.
The costs of a disengaged workforce are more than just unhappy employees. It can 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.
Companies that successfully maintain high engagement rates among employees see a 22% increase in their profits. So how do they do it?
One great way to improve engagement is through professional development. Invest in your team, and they will invest in your business. Another is to promote more actively from within (which saves time and money to boot). And, of course, there are more, so you’ll want to read our latest eBook on the topic to learn how some of the best companies in the world boost workforce engagement.
Workforce Amplifier #2: Increase Workforce Diversity
Did you know that for every 1% increase in a workforce’s gender and racial diversity, sales revenue goes up 3% to 9%?
How about 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 with diverse teams?
And a 37% improvement in the assessment of consumer interest and demand?
Diversity is an amazing workforce amplifier for so many reasons, but it is also a big struggle for companies. And why is that? It’s because most companies aren’t aware of their biased hiring practices.
These can include everything from not checking unconscious bias to using masculine language in job descriptions. Sometimes the bias doesn’t even happen in our companies but comes as an inheritance from previous employees who systemically fail to promote women of color, resulting in broken rung on their career ladder.
The surprising solution to this problem is the latest generation of ethical AI hiring tools. If you want to learn how they work, 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?
Develop your workforce.
It’s so simple and yet so effective. Invest in your people, and they will invest in your company. As a matter of fact, 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’s 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 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.