A recent Gallup poll found that engaged employees display an unexpectedly strong commitment to their work. Almost two-thirds (63%) of workers whom Gallup classified as engaged in their jobs would not leave their current position if they won $10 million in the lottery. This commitment did not translate as strongly with those workers disengaged counter-parts. Only 42% of disengaged workers, and 20% of actively disengaged workers polled say they would continue to work in their current job.
Beyond the Paycheck
Looking at those numbers, we can safely say that the majority of engaged workers embrace the benefits of having a job they love, beyond the paycheck. Although the number of engaged workers who would stay is impressive, there really isn’t that many engaged workers. So, we’re really left with a slice of a slice of the workforce who would stay.
What can employers offer to make that slice bigger –to increase commitment beyond the paycheck? Companies can get extremely competitive with their compensation practices, but that won’t necessarily translate to commitment, engagement or retention. Pay is merely one piece of the puzzle.
Shared Values
The 2012 Global Workplace study by Towers Watson revealed that 27% of employees who plan to leave in the first year on the job, cite feeling disconnected to the organization. In order to establish shared values, the organization has to make it a priority to establish and communicate those values. Values, culture and mission should be a part of all recruiting initiatives, from branding efforts to the hiring process.
Workplace Relationships
67% of employees say that good workplace relationships are a reason they would stay in their current position. This has a lot to do with the environment, communication and culture that employers should be creating and fostering for their workers.
- Employers need to put a strong emphasis on cultural fit in the hiring process.
- Provide a safe social collaboration platform to their workforce.
- Create an environment free of judgment and full of questions. One that is conducive to learning from one another.
Recognition
Immediate and varied recognition can impact effort and retention by up to 87%. That’s a pretty drastic increase that comes along with the cheapest and easiest piece of the engagement puzzle. Recognition is so simple, it has proven benefits and it feels good to give and receive; yet leaders are notoriously stingy with their acknowledgements.
Employers at all levels of the organization need to first recognize the benefits of creating a culture of recognition. Simply acknowledging and rewarding workers can have such a dramatic affect on the entire organization. HR pro and founder of Blogging4Jobs, Jessica Miller-Merrell said:
“It Starts at the Top. Any type of culture shift within an organization must have senior leadership support. It’s that simple because without them walking the talk, the change won’t happen. No way no how.”
Feedback
Soliciting feedback is considered by many employee engagement experts to be the most effective tool in increasing engagement. Employers make some valiant effort and spend some serious dough on improving the things they think are the issues.
Well, how about working on the known issues? They will only be identified through the solicitation of employee feedback on a regular basis. 33% of employees said that a lack of open, honest communication has the most negative impact on employee morale.
Don’t get me wrong, competitive compensation coupled with effective and relevant benefits are vital to keeping great talent in-house, but there’s so much more to creating an engaged, committed workforce. Honestly, compensation is the easy part, and that’s why so many companies aren’t going beyond the paycheck to ensure that their workforce is satisfied and heard.
The idea of winning the lottery is a pretty cool barometer for workplace commitment. Would you stay in your current position if you won $10 million tomorrow? We want to know! Leave a comment –would you stay or would you go?
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