There’s a popular term being thrown around, “employee engagement”.
We’ve seen it mean everything from having sleeping pods in the office to software platforms that connect management to their employees.
Well, just so we’re clear:
A recent Gallup poll shows that 66% of America’s workforce is disengaged AND would leave for AS LITTLE AS a 5% pay increase.
How many of your employees would leave for a 5% pay increase?
Multiply the number of employees with your employee replacement costs (lost revenue+scouting+interviewing+onboarding+training+ramping up).
# ee’s X $$$ = $$$$$$$
Even a 100% commission only car salesperson costs $15k to replace.
This could add up to 6 or even 7 figures very quickly.
At NetWellth, we define “employee engagement” as influencing employees to want to stay at your organization without directly increasing their compensation.
What do employees need to feel engaged?
Here are some of your employees core needs:
- Mutual respect for/from their superior(s)
- Believe in the long-term vision of the company
- Feel like they’re part of the team and their feedback is valued
- Have the potential for advancement
Check out our original piece and let’s discuss how you can drive significantly more to your bottom line by getting a handle on employee retention.