Is Poor Employee Engagement Holding Your Company Back?
To progress as a business, you need to get the most out of your time and the most out of your employees. But how? Well, one thing that’s essential for the ongoing success of any business is effective communication with employees. Read on to find out why improving employee engagement will help you create a happier, more productive workforce.
The rise of human resources
Over the past few decades, the human resources (HR) department has started to play a much bigger role in businesses. Typically, the HR team deal with any issues relating to employees, and as such they’re a significant part of any company. After all, your employees are your biggest asset, they’re what makes your company what it is. But the question is – has the work of the HR team become too focused on profits?
With an increasingly competitive market, employees are being asked to do so much more over the course of their working day. It’s not easy balancing an ever-expanding list of responsibilities with general workplace politics, absences and mounting dissatisfaction. And the result is often a high staff turnover or an inefficient, unproductive team.
So what is the best way of getting the most from your employees and retaining staff? Many HR professionals argue that the best way to improve employee satisfaction and productivity is through improved employee engagement – in other words, it’s time to talk to your staff.
Wasted time leads to wasted money
Rather than dealing with the workforce collectively, speaking to employees on a one-to-one basis can reveal some problems that are otherwise ignored.
According to a new study, nearly three hours a week are wasted on unnecessary administration tasks. Working on addressing these basic time-wasting issues will give your employees more time to work on what matters.
Wasted time is estimated to cost UK businesses nearly £2,000 a year for each employee. Add to this the cost of hiring and training new employees to replace dissatisfied team members who have left your company as a result of poor team morale, and you have quite a chunk of your profits disappearing.
When was the last time you sought out new ways of engaging your team and improving their working environment?
A lot of businesses take a laid-back approach to improving their working processes and seem to be reluctant to find new strategies to improve productivity and efficiency. However, simply setting time aside to engage with your staff could have major benefits for your business.
With more regular, effective employee engagement and a deeper understanding of how your team work on a day-to-day basis, you can uncover exactly which areas of your business need your attention. The result? A happier team, more effective processes and a healthier profit margin.
UWM is a team of business finance experts based in Leeds. We believe in a personalised approach to accounting and business management that puts your company first with tailormade financial services. Get in touch today to see how we can help your business plan for ongoing financial success.