Why employee engagement matters – and 4 ways to build it up!!

As you know, employee engagement is an important factor in how well organizations function. But how important is it, really? Joe Wedgwood of The Happiness Index answers that question using the latest research on engagement — and he provides some helpful tips on how to improve engagement in your organization.

Organizations with high employee engagement levels outperform their low engagement counterparts in total shareholder returns and higher annual net income.” — Kenexa.

Your people are undoubtedly your greatest asset. You may have the best product in the world, but if you can’t keep them engaged and motivated — then it counts for very little.

By making efforts to keep your people engaged, you will maximize your human capital investment and witness your efforts being repaid exponentially.

The benefits of an engaged workforce

1. Increase in profitability: 

Increasing employee engagement investments by 10% can increase profits by $2,400 per employee, per year.” — Workplace Research Foundation.

 There is a wealth of research to suggest that companies that focus on employee engagement will have an emotionally invested and committed workforce. This tends to result in higher profitability rates and shareholder returns. The more engaged your employees are the more efficient and productive they become. This will help lower operating costs and increase profit margins.

An engaged workforce will be more committed and driven to help your business succeed. By focusing on engagement and investing in your people’s future, you will create a workforce that will generate more income for your business.

2. Improved retention and recruitment rates:

“Replacing employees who leave can cost up to 150% of the departing employee’s salary. Highly engaged organizations have the potential to reduce staff turnover by 87%; the disengaged are four times more likely to leave the organization than the average employee.” — Corporate Leadership Council

Retaining good employees is vital for organizational success. Engaged employees are much less likely to leave, as they will be committed to their work and invested in the success of the company. They will have an increased chance of attracting more qualified people.

Ultimately the more engaged your people are, the higher their productivity and workplace satisfaction will be. This will significantly reduce costs around absences, recruitment, training and time lost for interviews and onboarding.

3. Boost in workplace happiness:

“Happy employees are 12%t more productive than the norm, and 22% more productive than their unhappy peers. Creating a pleasant workplace full of happy people contributes directly to the bottom line.” – Inc.

Engaged employees are happy employees, and happy employees are productive employees. A clear focus on workplace happiness, will help you to unlock everyone’s true potential. On top of this, an engaged and happy workforce can also become loyal advocates for your company. This is evidenced by the Corporate Leadership Council, “67% of engaged employees were happy to advocate their organizations compared to only 3% of the disengaged.”

4. Higher levels of productivity:

“Employees with the highest levels of commitment perform 20% better than employees with lower levels of commitment.” — The Society for Human Resource Management (SHRM).

Often your most engaged people will be the most dedicated and productive, which will give your bottom line a positive boost. Employees who are engaged with their role and align with the culture are more productive as they are looking beyond personal benefits. Put simply, they will work with the overall success of the organization in mind and performance will increase.

5. More innovation:

“Employee engagement plays a central role in translating additional job resources into innovative work behaviour.” — J.J. Hakanen.

Employee engagement and innovation are closely linked. Disengaged employees will not have the desire to work innovatively and think of new ways to improve your business; whereas an engaged workforce will perform at a higher level, due to increased levels of satisfaction and interest in their role. This often breeds creativity and innovation.

If your people are highly engaged they will be emotionally invested in your business. This can result in them making efforts to share ideas and innovations with you that can lead to the creation of new services and products — thus improving employee profitability.

5 Powerful Tech Trends That Could Affect Your Business!!

It would be an understatement to say that technology has disrupted the business landscape. Every aspect of modern organizations today—how they create, communicate, transact and serve—is shaped by technologies that were far beyond the wildest dreams of business leaders a couple of decades ago. To paraphrase Bill Gates, technology and business have become so inextricably interwoven that you can’t really talk meaningfully about one without talking about the other.

The digital juggernaut is one of the best examples of this fact. With Indian consumers increasingly going online to browse and buy goods and services, everyone, from small businesses to solid old state-run corporations, is investing heavily in mobile, web and social platforms to give their users an end-to-end digital experience. At the back-end, too, things have become quite complex, with disruptions like the Internet of Things (IoT), Big Data Analytics and Cloud Storage, the risks posed by increasingly sophisticated cyber-attacks, and workplace trends like distributed teams and a mobile workforce, increasing the dependence of enterprises on technology.

This makes it extremely important for Indian organisations to build the necessary technological capabilities either in-house or through an external vendor/technology partner. So what are the top technology trends that Indian CIOs and business leaders need to prepare for in the coming years? Here’s our list.

1. The Internet of Things (IoT) to become more pervasive

Once upon a time, hardware used to be just that; now, it is incomplete without software that gives it a brain of sorts. And we’re not just talking about cars, televisions and watches—from footwear to refrigerators and household inverters, nearly everything around us is getting smarter. According to Gartner, the number of ‘connected things’ worldwide will touch 8.4 billion in 2017, up 31% from 2016, and this figure will cross 20 billion by 2020. This makes IoT one of the top trends to watch. We have seen some industry applications of this lately. One such instance is where the B2B arm of Airtel implemented a sophisticated IoT-based solution that enabled Luminous to roll out a new line of ‘smart inverters’. The device can collect and analyse data, and send valuable real-time performance and maintenance updates to customers through a mobile app.

2. Greater use of data analytics

Data analytics is pretty close to magic. For example, it’s what enables an e-retailer or a music streaming website to accurately predict what apparels or songs consumers like, and serve up those on a platter. The next few years will see data being structured and analysed much better to derive actionable insights into things like customer acquisition, market forecasting, inventory management, cost optimization, etc. For this, organizations will need to put data gathering and processing systems in place at every level.

3. Remote working and technology-enabled collaboration

Steve Jobs once said that innovation comes from people having ad-hoc hallway meetings or calling each other up at 10.30 pm with a new idea. His words have become even more significant in today’s world, where a ‘clock-in, clock-out’ system is being replaced by the seamless workplace, where boundaries of distance or time do not matter. Videoconferencing and collaboration tools will increasingly make it possible for workers to become truly mobile and respond more quickly to business needs.

4. Better security to deal with sophisticated attacks

Moving to an increasingly digital environment also exposes enterprises to higher levels of risk. Juniper Research predicted last year, that cybercrime will cost businesses $2 trillion by 2019. Therefore, CIOs will need to add muscle to their security architecture, and protect their digital assets and networks extremely zealously. Investing in building strong access control, data encrypting and monitoring systems should be a critical priority for business and technology heads.

5. Providing customers an end-to-end digital experience

In addition to app-based services, organizations and marketers are using technologies like Virtual/Augmented Reality, location-based targeting, Artificial Intelligence, etc. to improve customer experience in the virtual world. With people increasingly getting hooked on to machines, whether it is wearable tech, mobile phones or TV screens, marketers will have to get smarter about how they find, delight, convert and retain customers.

There are a lot of tech partners that can help enable businesses on this path. Airtel for instance is helping businesses across India prepare for a smarter and more connected world with solutions like Intelligent Connectivity, Enterprise Mobility, Cloud, Collaboration, IoT, and more. Companies like BPCL and Luminous have relied on Airtel Business to provide a significantly enriched experience to their respective customers. Airtel helped BPCL revamp its manual gas refill booking system, by creating a 24×7 IVR and SMS-based booking platform across 4600 BPCL distributors nationwide. This platform has enabled millions of customers to make their gas refill bookings effortlessly and quickly, and that too, in the language of their choice.

Source: http://bit.ly/2uq7S0S