We know engaged employees are more productive, have better morale, and are more likely to stay with the company, which can lead to lower turnover and recruitment costs. They also have a positive impact on customer satisfaction, which can lead to increased sales and revenue long-term.
What employee engagement means in 2023
McLean & Company defines employee engagement as "an overall sense of being energized by and passionate about one's work and dedication toward one's workplace".
In 2023, employee engagement is likely to continue to be an important concept for employers, as engaged employees are more productive, motivated, and satisfied with their jobs. Companies may use various methods to measure and improve employee engagement, such as employee feedback tools, employee surveys, increased communication, and employee recognition.
Why employee engagement is important
Employee engagement is essential for a company's overall success and growth. It touches every aspect of the business from onboarding, hiring, and reputation to financial performance, retention, and productivity. Disengaged employees cost U.S. companies up to $550 billion a year. With that being said, if a company only cared about its ability to make money, and nothing else, it would want to incorporate employee engagement initiatives into its performance strategy.
Employee engagement and business performance
A crucial factor in business performance is employee engagement. Companies with engaged employees have better financial performance, increased productivity and customer satisfaction, improved safety, and employee retention.
High levels of employee engagement lead to better business performance. Engagement matters because it helps companies achieve more with what they have which can boost their competitive advantage in their industry. Engaged employees bring more to the table than those who are disengaged. Knowing how to maximize that value can make a huge difference for companies in today's competitive landscape.