Junot Diaz, a Pulitzer Prize winning writer said, “Colleagues are a wonderful thing – but mentors, that’s where the real work gets done.” And Diaz is not alone in his belief. Many of the top companies in the world believe in the power of having a mentor at work and 70% of Fortune 500 companies actually have a mentoring program! Studies on these programs have shown over the years that, mentoring is indeed a powerful force at the workplace in three integral ways.
Does employee engagement have an actual impact on an organisation’s profit?
Growth in revenue for the above-average Glassdoor rated companies was on average 9x larger than growth in revenue for S&P 500. The average growth in revenue for the above-average Glassdoor rated companies was 53%.
HR and hiring managers are both accountable for the success of the onboarding process.
Talya N. Bauer in the SHRM Foundation's Effective series “Onboarding New Employees: Maximizing Success” mentions that “simply writing down a formal plan will not help new employees succeed. The key is to engage important stakeholders and new employees in interactions that help them understand one another and how they interact over time.” HR should empower hiring managers with guidelines.
Investing in Employee engagement decreases attrition rates and saves costs on recruitment.
Consider this. The organisation you are working in has high attrition rates. To solve the problem, your company invests in a recruitment scheme which effectively manages to hire enough employees to fill in the vacant positions. Your organisation trains these new employees and the system works as per normal.
The employee participation rate gauges the reliability of your survey results. The score itself is a key measure of employee engagement. It indicates employees' willingness to share their opinion and feelings toward your company. A low participation rate indicates a warning signal on talent attrition. Non-respondents having a 2.7x higher likelihood of leaving the company within 6 months.
So, the higher the participation rate, the better. But the truth is, HR leaders spend hours and a lot of energy and resources on employee surveys to get very low participation scores at the end.
Work-life balance refers to free time, self-care, time with family or for hobbies and interests. Anyone can and should take measures of their own to create work-life balance, but it’s going to be hard to achieve without a supportive or accommodating work environment.
Further, Bersin claims that at the moment, 40% of Americans believe they have to sacrifice work-life balance in order to have a successful career. They haven’t been proven wrong yet.
Studies have shown that the return on investment on people analytics can be as high as $13.01 for every dollar spent. On LinkedIn, the number of professionals with "People Analytics" listed as a skill has increased by >60% over the past 12 months and the Harvard Business Review identified big data as the next "management revolution".
Topics: Employee Engagement
Employee and Customer Loyalty aren’t they the same thing?
Ever wondered why employee loyalty is so important, and how it relates to customer loyalty? After all - the NPS (Net Promoter Score) and the eNPS score (Employee Net Promoter Score) - are calculated in the same manner. Both scores are valuable for the company’s progress and wellbeing. But how? And what’s the link between them?
Open communication culture doesn’t only entail simply updating fellow department members or managers about work progress. In order to have great communication, everyone should aim to build stronger relationships with their peers and managers across all departments.
The era of lifetime employment at a company is over.
Leaders who can find ways to maximise the time their talent spends with them can create a powerful and sustainable competitive advantage for their companies.