How are you retaining key employees within your organization?
by the Illinois Manufacturing Excellence Center
The Illinois Manufacturing Excellence Center is an IMA member economic development organization…
As manufacturing advances, companies report sizable skill gaps. The need for a qualified skill set is essential for success. In order to keep a business growing, qualified candidates need to surface while key employees are retained.
Leaders are familiar with the basic understanding of employee engagement. However, do they know just how engagement affects the workforce?
What can success of an engaged workforce offer an organization?
- Quality: On average, a low-engaged workforce has 5,658 errors (as measured by external and internal parts per million) in comparison to a highly-engaged workforce who only has an average of 52 errors.
- Sales: Highly-engaged sales personnel attain an average of 99% of sales goal. On the other hand, disengaged sales personnel only attain an average of 91%.
- Productivity: Organizations with a highly-engaged workforce realizes 26% higher employee productivity than those who have a workforce who are less engaged.
- Profitability: Organizations who have highly-engaged employee have a 22% increase in profitability over those who have fewer engaged employees.
In order to achieve and sustain those elements of a successful business, focus on the key driver, which is employee engagement.
When the focal point is employee engagement, positive outcomes not only support the organization with key drivers associated with a Service Profit Chain, but there are also positive effects that directly relate to employees.
What can success of an engaged workforce offer internal personnel?
- Increased Performance: Employees who are highly engaged report a 21% increase in their performance.
- Motivated Employees: A total of 78% of employees who are recognized for their work report being more motivated.
- Reduced Turnover: There is a 14.9% lower turnover rate for companies who provide employees with continuous feedback.
Drive growth to benefit clients, employees, and the overall organization by focusing on what matters most to the workforce. Be committed to focusing on properly measuring engagement to see what is driving the workforce. Doing so will allow prioritization of various topics such as additional training, employee development options, and feedback.
For more information, contact Amy Fitzgerald.