Einar Westerlund, the Director of the recent Winter 2014 Best Small and Medium Employers (BSME) in Canada Study, at the Queen’s Centre for Business Venturing (QCBV), states, “The business cost of each disengaged employee in an organization is in the neighbourhood of $10,000.” In addition to the major benefits to attracting and retaining engaged employees.
So whilst business leaders push to boost productivity and Human Resources ramble on about engagement and inclusion stuff, the irony is both are seeking the same thing, it just different terminology.
"The study’s data shows that organizations with the most engaged employees achieve:
65% greater share-price increase
26% less employee turnover
100% more unsolicited employment applications
20% less absenteeism
15% greater employee productivity
up to 30% greater customer satisfaction levels"
Having the right people, doing the right job, they actually love doing, and have a natural talent and passion for, will result in a far greater boost to productivity in the short and long term, than any incentive scheme. Particularly if supported by systems and training/mentoring to enable staff to do what they do best, even better.
The study is designed to measure employee engagement in businesses that employ between 50 and 399 employees. Engagement is QCBV and Aon Hewitt’s well-researched behavioural measure of ‘employee commitment to the success of the organization they work for.’ Over a ten-year period, more than 111,000 employee surveys have been completed, providing solid evidence of the tangible and intangible benefits of having an engaged workforce.