While a pay rise is always cause for celebration, adding a few extra numbers to your employees’ salaries isn’t the be all and end all of boosting staff satisfaction.
According to recent research published by Gallup, money – although important – may not always trump employee engagement. The research found 63 per cent of ‘engaged’ employees would not leave their job if they won $10 million in the lottery. This goes to show that many people see work as an integral part of their lives, not just an opportunity to earn money.
This research should be encouraging for employers who spend time and effort trying to improve employee engagement, as it offers proof that engaged employees are more loyal and committed to the company.
Gallup’s findings also revealed that only 20 per cent of ‘actively disengaged’ employees would stay in the same job if they won the Lotto, with 41 per cent instead opting to find a different job. This shows that disengaged employees would quickly leave the company if they felt they had added financial security.
This research comes after Gallup published an in-depth report offering more insight into employee engagement, titled ‘Engagement at Work: Its Effect on Performance Continues in Tough Economic Times‘.
The report further highlights how employee engagement strategies can benefit companies, not just financially but also in terms of productivity and innovation.
“Gallup research conducted in 2012 – which examined 49,928 business or work units and included about 1.4 million employees in 192 organisations, across 49 industries and in 34 countries – makes clear that employee engagement strongly relates to key organisational outcomes in any economic climate. And even during difficult economic times, employee engagement is an important competitive differentiator for organisations” reads the report introduction.
Employers looking to improve engagement strategies may benefit from conducting an employee engagement survey. These can help to pinpoint areas in which the company is excelling in keeping staff members happy, as well as areas for improvement.
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