Today, less than 12% of the fortune 500 businesses of 50 years ago still exist.
And while there are many contributing reasons for this, in a world of interruption and change, businesses need to take on an agile people-centric approach to survive and stay leaders in their field.
One way to improve your people-centric approach is by facing head on the ‘worldwide employee engagement crisis’. The Gallup organization has highlighted that, in spite of billions of dollars of funding and so called ‘magic fixes’, employee engagement levels have stubbornly remained at around 13 percent.
Yet there seems to be a mismatch in how leaders are processing this.
Leaders are trying to fix the data, whereas employees are looking for meaningful work. Some key research from LSE has highlighted that meaningful work - the feeling that an employee knows and understands how and why their work matters - can make a huge difference to the way in which employees engage with their company.
By focusing on regular feedback, you can start to center the employee experience at the heart of your business, and benefit from the documented increase in engagement that allows.
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Make employee engagement a global KPI
One of the biggest mistakes that can be made around the employee engagement is the assumption that tracking KPIs is enough. The data is important, but once you start to have an understanding of the information, you need to start engaging with the data.
Tracking engagement and milestones, allows HR and C-level stakeholders the opportunity to provide insight and feedback that can have a positive and powerful impact on your company culture. Prioritizing employee engagement to the extent that it is seen as a measure of your organization’s success can make all the difference to your company’s survival.
By showing your staff that employee engagement is a priority, employees are more likely to appreciate the meaningful work that they are doing and feel like valuable members of a team. Then use the collected data to define strategies that work across the levels of your business, and allow you to be open to innovation.
Give managers the data to make a difference
Let’s say it up front: an annual feedback drive isn’t going to cut it anymore.
The truth is, this is rarely effective, and can seem more of a token than an attempt to engage with employees.
Rather than seeing it as a top-down check on performance, feedback can be encouraged and incorporated to allow for greater ownership and partnership potential. By allowing managers and supervisors to access data, it’s possible to encourage open communication and dialogue across teams.
It will also allow you specificity to your plans and your initiatives by helping you, and your managers, understand what is relevant for your team. As your teams develop and grow, this can become increasingly vital to ensuring that you know and understand what is happening across all levels of the business.
Employee engagement is a problem - it’s a persistent churn that’s seen even at the best companies in the world. Today, however, big data allows us to enable a data-driven approach to employee engagement.
The at-scale, 1:1 personalization that modern tools allows is going to enable smart organizations of the future to build to last. If you’re not already implementing feedback loops and at-scale personalization internally, you’re going to be like a projected 50% of S&P 500 companies: replaced in the next decade.
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