COVID and post-COVID era has fostered a positive trend in the corporate sector and keeping employees engaged and motivated has become quintessential.
Advantage Club, a global employee benefits provider has recently released a report on the impact of employee engagement and appreciation on the tenure of association of an employee with the organisation.
Organizations want to drive employee engagement: A survey reveals that 90 percent of the companies want to drive employee engagement to keep the employees motivated. As a result, about 45 percent employees are likely to stay longer at a workplace with greater engagement and appreciation.
21% companies profitable with highly engaged workforce: In today's competitive environment, employee engagement has emerged as a vital driver of business success. According to the report, about 21 percent of companies are more profitable and productive with a highly engaged workforce. High levels of engagement encourage employees to stay with the company, foster loyalty and boost organizational performance and stakeholder value.
74% of disengaged workers look for jobs, better work culture
Among actively disengaged workers in 2021, 74 percent of the workforce is actively looking for new employment in search of a better work culture.
Only 14% organization provide managers tools for rewards, recognition
Organizations are now implementing new age technologies to keep the employees engaged and motivated. Motivation and recognition go hand in hand and more recognition leads to higher motivation. However, only 14% of organizations provide managers with the necessary tools for rewards and recognition.
Employee engagement firms reap results
Employee engagement is a $10 billion market that is expected to increase at a CAGR of 14.1 percent from 2021 to 2028. Top corporations that introduced employee engagement programs have seen employee satisfaction (esat) scores of 98 percent.
Commenting on the release of the report, Sourabh Deorah, Co-Founder & CEO, Advantage Club said, “ Advantage club reports prove a direct relationship between the engagement and employee’s tenure with any organisation. We firmly believe that management needs to put out well-thought plans and strategies for employee engagement and retention - it may include benefits, perks, bonuses or even a timely recognition of high performance. This report highlights the significance of such programs for every business that aspires to grow exponentially in years to come”.
For the year 2021 - 2022, attrition has been reduced by 45 percent among Advantage Club's engaged employees, it said in a press statement.