The true value of an engaged employee
All business leaders know engagement is one of the keys to attracting and holding onto top employees. However, have you considered whether employee engagement may have a monetary value, and how loyal your most engaged workers are likely to be?
Gallup sought out to answer that question at the end of last year, adopting a unique spin on the issue. The research firm asked more than 1,000 American employees whether they would keep their job should they win $10 million in the lottery.
The answer may surprise many – three-quarters of engaged workers claimed they would keep working even if they scored such a big win.
Breaking down that figure, almost two-thirds (63 per cent) said they would carry on working in their current job, while 12 per cent said they would continue working but seek another role.
Meanwhile, only a fifth of “actively disengaged” employees said they would continue in their current job if they won the lottery.
These findings prove that employees are looking beyond mere monetary compensation and are seeking additional, less tangible benefits from their job.
The implications for businesses are enormous, according to Gallup. While an engaged employee is likely to stay longer and thus reduce turnover costs, they have also proven to be more productive than their less-engaged peers – those who go to work “merely for a paycheck without any sense of emotional compensation”.
With Gallup reporting earlier last year that less than a quarter of workers in Australia and New Zealand are engaged at work, now is the time for businesses in the region to step up their game. This year, taking the initiative to actively engage and develop your staff for success could be the wisest investment you make.