Companies of all sizes often have difficulty understanding the importance of developing trust and engaging employees in their organizations. CEOs will sign off on a serverless API because someone has shown them that it can save cloud computing costs, but the value of employee engagement, employee collaboration and trust often goes uncalculated.
That is not to say that companies don’t see problems that result from the lack of employee engagement and collaboration. A survey by Forbes and Deloitte Global Human Capital Trends revealed that 76 percent of survey respondents (2,500 organizations in 90 countries) believe that they have a significant retention and engagement problem. Ninety percent of these leaders think an engagement strategy will have an impact on business success, but barely 25 percent of them have such a strategy.
How Employee Engagement Can Affect Your Bottom Line
There is a direct and tangible added business benefit to organizations that invest in their employees. In fact, Gallup (via Dale Carnegie) claims that companies with engaged employees outperform those without by up to 202 percent.
On the flip side, there is a measurable cost to having unengaged employees: higher turnover (estimates show employee turnover equals about 150 percent of an employee’s salary), lower productivity while on the job, and increased employee absence. American businesses lose approximately $500+ billion per year because of disengaged workers, according to Gallup1 and Office Vibe.
How to Build Employee Engagement
Trust is a necessary ingredient of both engagement and innovation. If the people in your company are innovating, producing sustainable results, and building exceptional work relationships, they are also building trust in each other, and your company, in the process.