The cost of workforce disengagement can be very high for any small business. For example, a Gallup report showed that a disengaged team has 37% higher absenteeism rates and is 18% less productive. Unfortunately, it isn’t easy to recognize and distinguish between worker disengagement, lack of motivation, and dissatisfaction. This is why it’s essential to track your employee engagement KPIs.
How to Spot an Engaged Employee
A satisfied employee won’t have too many complaints about their work. A motivated one has the inspiration to work hard at their role. However, these two types of employees aren’t usually the most loyal. To increase workforce loyalty and retention rates, you want your workers to be highly engaged.
Reliable indicators of employee engagement include:
- Personal investment in your organization’s culture, success, and evolution
- Won’t quickly jump ship for better financial perks or promotions
- They seek a long and successful career at your organization
Keeping your workforce highly engaged increases your chances of business success. Here are some strategies to measure your efforts toward maximizing staff engagement.
Measure Diversity and Inclusion
Your employees will be much more engaged in a warm, friendly, and inclusive workplace. Consider creating diversity and inclusion quotas and track your progress toward achieving those in your company. Collect data on these key inclusion areas:
Compare your inclusion data with compensation to measure pay equity in your workplace.
Absenteeism and Turnover Rates
According to one study, absenteeism per shift worker can cost your company about $2,660 annually. However, engaged workers consistently show up at work and always give their best. This is why absenteeism merits serious consideration as a KPI for employee engagement and business success. Employee turnover rates make for useful insights, too. You can track these indicators as follows:
- Track absentee rates to measure your employees’ desire to be at work. Account for legitimate absenteeism in your analysis.
- Turnover rate data indicates the number of disengaged employees. Aim for a less than 10% annual turnover rate. It is good for certain workers to leave, especially those that don’t want to work for you or aren’t a great fit for your organization’s long-term vision and mission.
Tracking Absenteeism in Hybrid Workplaces
Hybrid work models that incorporate a degree of telecommuting tend to generate higher job satisfaction, motivation, and engagement rates. These arrangements can also reduce absenteeism, boosting productivity.
Using Surveys and Meetings to Collect Engagement Data
Employee engagement surveys can reveal a lot about what employees feel about your company. Here are some tips for conducting a meaningful workforce survey:
- Conduct them regularly
- Incorporate open and closed questions
- Encourage continuous feedback
- Keep surveys confidential
Ask about the following:
- Disparity between workplace expectations and reality
- Employees’ work and life balance
- Thoughts on company support for career growth
- How valued they feel
- Things your organization could improve on
Instead of just sending out questionnaires, consider incorporating one-on-one meetings, either online or in-person. You should infuse positivity in these interviews. Inquire about what your organization could do better. The objective is to let your employees feel that they belong in your company’s brighter future, which is why you should use positive language during these meetings. From the outset, make it known that you value employee feedback and will use it to optimize workplace experiences and engagement.
These are some techniques you can use to measure employee engagement in your organization. For more expert tips and resources to help you successfully run your small business, consult our team of professionals at Economic Development Collaborative today. We provide entrepreneurs with a broad range of tools to catalyze economic growth.