How to Boost Your Bottom Line Through Employee Engagement
Workplace Wellness New workforce management technologies are increasing employee engagement, efficiency, and cutting costs.
Employee engagement has a direct impact on your bottom-line. But can it be a major driver of business success? For Joyce Maroney, Executive Director of the Workforce Institute, that’s the billion-dollar question.
"There are hard dollar metrics that support the assertion that organizations with employees who are more engaged are more successful,” says Maroney. “Across the board, organizations whose employee engagement scores are in the top quartile are performing significantly better on key business metrics like profitability, productivity, and customer satisfaction than those who score in the bottom quartile.”
According to a recent global report by the U.S.-based Workforce Institute and Coleman Parkes Research, the average Canadian worker wastes 3.1 hours per week on tedious administrative tasks. This costs companies $4,934 per employee annually, leading to frustration and active disengagement. By giving employees tools to increase engagement and productivity at work, researchers believe Canadian businesses could recover as much as $88 billion per year.
Workforce technology can increase engagement
Typically, improving employee engagement starts with improving employee experiences, and this includes removing obstacles that limit efficiency. With the rise of the Internet generation, today’s workforce sees technology as more than a quick fix, with 7 in 10 respondents actively seeking updated technology solutions to help them feel more engaged. But most workers — regardless of generation — are looking for the right kind of technology.
“The gap between the consumer technology that people use and what they use in the workplace can be another source of frustration,” reports Maroney. “Increasingly, people are carrying technology in their pockets that makes their current workplace technology look pretty old by comparison.”
Empower and engage employees and managers
The possibilities are nearly endless with workforce technology — employers can boost employee satisfaction and drive engagement through timely, accurate, and automated payroll systems. They can reduce stress and build trust with their teams by identifying the causes of unplanned absences and dealing with them fairly.
For employees, innovative workforce technology can empower them to request time off, swap shifts, forecast their workloads, and more, without having to speak with HR, payroll, or line managers. Employees can take a more active role in the workforce management process, and they can do it all remotely with their tablets, smartphones, and laptops.
Kronos has found that the answer to the $88-billion question is yes — employee engagement is indeed a key driver for business success. By utilizing a transparent, automated system, business leaders can remove obstacles that negatively impact engagement while simultaneously supporting a healthy work-life balance. Cloud-based human capital management technology is a very viable solution.
Kronos is a global human capital management technology company with 40 years of experience in workforce management solutions.