The title of this article may sound like an obvious statement, but developing a successful employee engagement strategy and implementing it is the real challenge. A 2017 Deloitte report has shown that nearly 80 percent of executives rated employee engagement either very important or important, but only 22 percent were “excellent” at building a positive employee experience. Even more troubling, 59 percent of respondents indicated that their companies were either not ready or only somewhat ready to address the employee experience challenge. These reservations or lack of preparedness to improve employee happiness could ultimately create challenges in establishing a collaborative team environment. The end result can decrease overall productivity and affect a business’ bottom line.
Feelings of unpreparedness or intimidation are common when a company is attempting to implement an employee engagement strategy, however, overcoming the challenge of engaging employees is a small roadblock in the ongoing pursuit to unlock the potential of happy employees and a motivated team.
There are many benefits to having happy employees. A boost in creativity, productivity, and service quality have been directly linked to employee happiness and all serve a company’s bottom line. Happiness creates increased efficiency in the workplace and overall employee retention. A recent Forbes article stated, “When looking at Fortune’s ‘100 Best Companies to Work For’ stock prices rose an average of 14% per year from 1998-2005, compared to 6% for the overall market.”
Happy employees have been shown to be up to 20 percent more effective in the workplace than unhappy employees. A TINYpulse Survey on employee satisfaction and engagement has shown that the correlation of happiness is more dependent on the perception of one’s coworkers versus one’s direct supervisor(s). The NY Times has indicated that both employees and managers are spending more and more time working in collaborative teams than working individually, showing the value of creating strong, positive team interactions. This is why 5 Dynamics helps companies build more productive teams by leveraging individual strengths and weaknesses to foster collaboration and team balance.
Feeling valued and appreciated are critical elements to employee happiness and retention. Studies are conducted on what workers care about on the job on a regular basis, but a recent one from Boston Consulting Group (over 200,000 surveyed worldwide) found that the most important factor to most people is a simple desire: appreciation for their work.
You’re very likely to thank a stranger when they hold a door open for you, so it’s only logical to go the extra mile to thank the hardworking individuals who work every day to help keep your company strong. There are a few things to keep in mind when thanking your employees, which are easy to achieve and cost less than unhappy employees will cost your company. Showing appreciation for your team and their performance will increase employee morale, retention, and collaboration.
Contact 5 Dynamics today to learn how our unique insights into individual work methodology and team dynamics can help you create the most effective, happy team possible while ensuring maximum employee happiness.