Forward-looking managers are always looking for ways to increase the engagement of front-line employees. They understand that the secret sauce to the best possible service is a team that is deeply connected to the company’s mission.
Can you quantify the impact of engagement? Gallup provided some interesting findings in a landmark study of the American workplace (in which 10 million employees were surveyed). A comparison of the median differences between companies in the top quarter of employee engagement and the bottom quarter is telling:
• 10% in customer satisfaction scores
• 22% in profitability
• 21% in productivity
• 25% in employee turnover (high-turnover organizations)
• 65% in employee turnover (low-turnover organizations)
Engagement is not just about your employees, however. Engaging customers is also crucial to the success of your business! The same study (which also surveyed 10 million customers) found that fully engaged customers provide companies with a 23% premium in terms of wallet share and profitability.
So, what happens when BOTH your employees and customers are engaged? A 240% boost in performance-related outcomes compared to companies with neither engaged employees nor customers.
Source: Gallup, State of the American Workplace report