In the wake of the great resignation and the trend of quiet quitting, companies everywhere are fighting to find ways to acquire, obtain, and motivate top talent. All of these goals are supported by an engaged workforce. The question is, how engaged is your workforce? Let’s go over some metrics and questions you can ask to gauge how well your company is doing at engaging your workforce.
1: What is your retention rate?
We’ll start with a fairly obvious one: retention rate. Retention rate and turnover are great ways to check your company’s engagement success. According to SHRM, the basic formula for calculating turnover is:
(# of separations during the measurement period /
average # of employees during the measurement period) x 100
Using this formula, you’ll get a good understanding of how your company is doing in retaining your employees. It is best to also compare this number to the average for your industry, as some companies tend to have higher turnover rates due to the nature of the job. If your turnover rate is higher than the industry average, you’ll want to understand why. This is a big indicator that your employees may not be engaging with your company or their work.
2: All Employee Feedback is Positive
If you regularly send out employee surveys to get feedback on how your employees feel about the company and what they think should be improved, you may feel good seeing almost all positive feedback. However, this can be a sign that your employees actually aren’t engaging with your company. When employees feel that criticism might put their job in jeopardy or that complaints might lead to follow-up questions they aren’t interested in answering, an employee will likely give all positive feedback to keep out of trouble/left alone. Alternatively, they just may not care enough about the company to give any recommendations. It’s great to get positive feedback, but make sure you verify that the feedback is actually positive and not just a blanket covering up big problems.
3: Employees Have Trouble Articulating Goals
When your employees are asked about their department’s goals, can they answer quickly and clearly articulate those goals? If they can’t, or the goals stated by most employees in the same department are inconsistent, then there may be problems. It may be that they aren’t connecting with their work and don’t care about the department’s goals, o, it may be an issue with leadership. If leadership doesn’t clearly communicate goals to their subordinates, than your employees become disconnected from their department. It is hard to motivate employees who don’t know why they’re showing up for work every day. If all they’re doing is what’s asked of them, without any understanding of the bigger picture for their department and the company, they are likely to become disconnected from what they are doing.
4: It isn’t Personal
A goals follow-up question to ask employees is, “How does it benefit you if you achieve your department goals?” Here’s where you will really see how engaged your employees are. If they believe meeting goals only improves their job security, then the moment another company comes along with a better offer, you’re losing the employee. Your employees should not only know and understand their department goals but also how meeting those goals directly benefits them. One of the simplest, most cost-effective ways of doing this is to offer an incentive program for your employees.
How to Reengage Your Employees
Incentives are consistently shown to be an effective way to motivate and engage employees. With the right incentive program, technology, and rewards, you’ll be well on your way to a happy, motivated workforce.
The best way to set up your employee rewards programs is to work with experts who can custom-tailor a solution for you. At All Digital Rewards (ADR) our engagement program experts can provide your organization with easy access to a best in class reward portfolio, a skilled engagement team to help strategize, design, develop, implement, and manage your new employee incentive programs. Whether you need bulk gift cards, prepaid card virtual rewards, instant egift cards, supporting technology for your employee reward and recognition programs, program administration, or something else altogether, ADR can provide the solution you need, custom-tailored to your requirements and supported by proprietary advanced incentive technologies.
All Digital Rewards is a leading provider of advanced incentive and prepaid transaction technologies. We offer simple & secure reward experiences, a massive selection of reward and incentive products, the services you need to help build your incentive program, and destinations for processing and payout. We leverage a cloud-based, innovative technology platform and extensive reward incentive partner relationships. ADR leads the way in the field of Reward Management Technology and Incentive issuance. We are constantly evolving and optimizing the ways we serve our client customers and incentive supplier partners.
To learn more about how All Digital Rewards can help you increase engagement among your workforce, contact us today! You can call us at 866-415-7703 or click here to schedule a demo!