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How Engaged Are Your Employees—and Your Customers?
June 09, 2009
Who cares how engaged your employees are, right? As long as they do a passably good job, and don't expect pay that exceeds what your're willing to pay them, it doesn't matter whether they care about their jobs or not. Unfortunately, it's a little more complicated than that. You may not care, but your customers or clients might care quite a bit.
There are rewards to be reaped by cultivating an engaged workforce, and, by extension, an engaged and loyal customer base. According to The Economics of Engagement, a new report from the Enterprise Engagement Alliance, one of the greatest opportunities to increase corporate profits —and subsequently boost the economy —lies in motivating workforces to improve performance, drive greater customer engagement, and ultimately, increase revenue.
The report provides an analysis of research in the field of "Enterprise Engagement," and offers how-to information on recently developed benchmarking tools that can quantitatively measure the benefits of employee and customer engagement. These measurement tools demonstrate the bottom-line impact of enterprise engagement, both to corporations and to the economy as a whole, using financial language senior executives, investors, and economists should recognize. Among other things, the 27-page report looks at:
1. The cost of employee disengagement (i.e., the $350 billion lost annually in productivity, accidents, theft, and turnover).
2. Evidence of the link between employee engagement and better performance. Studies from Gallup, Towers Perrin, Sirota Consulting, and Watson Wyatt are cited.
3. Proof the financial performance of companies improves when employee engagement is a priority. For example, publicly traded companies on the Fortune 100 Best Places to Work List significantly out-perform the average S&P 500 company and the Russell 3000 index.
4. Case studies of companies—such as IBM, Sears, and Costco—which, drawing on before and after data, have benefited demonstrably from enterprise engagement.
5. Tools that make the business case for engagement, including Gallup's Q12 employee engagement diagnostic and its new CE11 analytic designed to test customer engagement. Together, the Q12 and CE11 form the basis for "Human Sigma," a measurement tool of the employee-customer encounter.
"One of the most encouraging findings of this report is the revelation that vast reserves of overall performance potential are essentially hiding in plain sight," says Bruce Bolger of the Enterprise Engagement Alliance. "Engaging the people companies deal with on a day-to-day basis—both internally and externally—in a comprehensive, compelling, and connected way will create a result that is more than just the sum of its parts. Naturally, as with any such investment, the return needs to be demonstrated to decision makers, and there's a growing body of evidence in the engagement arena that does just that."
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