In today’s fast-paced business world, employee engagement has emerged as a crucial factor for success. Beyond just being a buzzword, it is a vital component that can significantly impact an organization’s productivity, profitability, and overall growth. In this article, we will look at some of the benefits of focusing on employee engagement as well as some internal efforts made by SDK that helped lead us to be named one of the Star Tribune Top Workplaces for 2023.
The Basic Benefits of Employee Engagement
Engaged employees are motivated and committed to their work. They take pride in their roles and are more likely to go the extra mile to achieve their tasks and contribute to the organization’s success. When employees are engaged, they work with a sense of purpose and enthusiasm, which ultimately leads to increased productivity. SDK participates in the annual Gallop Q12 survey and is proud to show employee engagement at 64%, which puts the firm well above the average of 34% for all U.S. workers.
Employee turnover can be a costly issue for businesses, especially in the current job market with an unemployment rate under 4%. It involves recruitment expenses, training costs, and the loss of valuable institutional knowledge. Engaged employees are more likely to stay with an organization because they feel connected to its mission and values. They have a sense of loyalty and are less inclined to seek opportunities elsewhere. While average employee turnover for accounting firms is between 17% – 23%, SDK is proud to share that our firm turnover rate for last year was at 6%. While we know that number could fluctuate, it is a solid sign for our firm that the efforts we are making seem to be resonating with our employees.
Besides the internal benefits, engaged employees are also more likely to deliver exceptional customer service and interact positively with those outside of your business. This means improved customer satisfaction, loyalty, and ultimately, increased revenue. Your employees are the face of your company, and happy employees lead to happy, and loyal, customers.
The “Quiet Quitting” Trend
You may have heard the buzzwords “quiet quitting” recently and wondered what it was and how it may affect your business. The term “quiet quitting” refers to employees putting in only the minimum effort to accomplish tasks and basically just filling a seat and watching the clock. While there have always been a few employees we can point to in our business that may not be going above and beyond, this “quiet quitting” trend has reached a high post-pandemic. Gallop reports that as many as 59% of the world’s global workforce fall under the “quiet quitting” umbrella. That is a staggering statistic for business owners. One major way to thwart this trend in your office is by focusing on employee engagement.
How to Address Employee Engagement in Your Business
If you are reading this article thinking all of the concepts behind employee engagement sound great, but have no idea where to start, that is a common feeling. SDK’s HR Director, Tiffany Hand, SPHR, has some advice for those looking to increase their efforts around employee engagement. Her three main principles are as follows:
- Have a consistent way of collecting data. Whether you engage an outside resource or do internal surveys through a service like Survey Monkey, there are ways to collect data from your employees and compare the results you are seeing.
- Branch out from the people in your environment that typically handle employee relations. Engagement is a collective effort; it’s not a one-person show. Encouraging others to actively participate in engagement initiatives can yield remarkable results. Getting feedback and ideas from people on all levels throughout the business is also a great way to learn more about what your employees are looking for with their working environment.
- Don’t collect data unless you plan to share it. Transparency builds trust, and sharing insights gleaned from data not only demonstrates your commitment but also invites employees into a more open and collaborative workplace culture.
Increasing employee engagement is not something that happens overnight. It takes consistent effort and commitment to the objective. It is also not a one-size-fits-all concept. If you are looking for a place to start, reach out to Tiffany Hand to have a conversation about how she and SDK may be able to help you get started. While our firm is still focused on increasing our engagement, as we always will be, SDK has had some very positive results in the recent year. One way we can see that we are successfully listening to our employees is by surveys such as the Star Tribune Top Workplace. This survey is completed anonymously by employees and the top 200 scores are named “Top Workplaces” for that year. SDK is proud to be a Top Workplace for 2023.
Employee engagement is not just a feel-good concept; it’s a powerful driver of organizational success. At SDK our mission remains to help our clients and people maximize their business and personal potential. Reach out to us today with questions about your business’s accounting needs and we are happy to connect you with a CPA that can help you achieve your goals. Connect with Tiffany by phone at 612-332-9353 or email at email@example.com.