Navigating Uncertainty: The Time is Now to Invest in Employee Engagement
The halfway point of the decade has brought a lot of uncertainty in the workplace. Recent reports show that nearly 80% of workers feel disengaged, and managers – the backbone of organizational success – are experiencing the highest levels. The lack of motivation caused the second biggest drop in workplace engagement in the past 12 years, signaling serious challenges ahead for businesses.
Global engagement levels must be paid attention to. Last year alone, declining global employee engagement cost the world economy a staggering $438 billion in lost productivity. The bigger picture is even more alarming — the global cost of disengaged employees has skyrocketed to $8.8 trillion annually. So, how do we deal with uncertainty and reinvest in our employees?
Uncertainty Is Holding Employees Back
Many employees are navigating an uncertain work environment. With so much civic activity and unrest happening around the world, nearly half (49%) of U.S. workers report that recent policy changes are affecting their daily work. They’re worried about:
- Job security
- Inability to focus on tasks
- Discussing changes with their peers
Even while many are disengaged at work, they’re still choosing to stay. In fact, 64% of workers say they aren’t looking for a new role, largely due to economic and labor market uncertainty. When faced with change, which companies have seen a great deal of recently, many employees feel lost in what lies ahead. So, they tend to default to familiar approaches – even if those strategies are not well-suited for current challenges. This results in stifling innovation and adaptability, leaving organizations vulnerable in an era where agility is essential.
Why Engagement Matters
The connection between employee engagement and business success is irrefutable. Research from McKinsey & Company reveals that employees who are both resilient and adaptable report 3.8 times higher levels of innovation than their peers. It even shows that companies in the top quartile of employee engagement achieve 23% higher profitability than those in the bottom quartile. The benefits of engagement continue, as engaged employees are:
- 3.5 times more likely to be working at their full potential
- 3 times more likely to be innovative
- 17% more productive
How Do We Fix Employee Engagement?
The solution lies in reinvesting in employees – particularly managers – to foster connection, resilience, and purpose. Forward-thinking companies are already taking action to create meaningful change. They recognize that equipping their people with the right tools and support is essential to thriving amid unexpected change.
At reacHIRE, we offer programs that can help you not only implement strategies to engage your workforce, but also weave it into your organization. Companies that prioritize engagement not only unlock the full potential of their employees but also drive lasting success in an increasingly complex workplace environment.
One of our partners was concerned about team cohesion in a politically divided climate, so we launched a program called “Better Together.” This initiative created a safe space for employees to exchange perspectives, fostering deeper understanding and collaboration.
We’ve also helped a partner struggling with underrepresentation of women in leadership, and initiated a program to develop female leaders in their highly technical organization. Over the past four years, this initiative has built a strong bench of talented women ready to lead.
If your company is asking itself, how do we deal with uncertain times? The best way is to invest in your people. Visit reacHIRE to learn more about our proprietary Leadership Development Program powered by Aurora. We work with your company’s needs to ensure our program can make a long-lasting impact and address uncertain times head on.