Sometimes in business, great results do not always tell the full story. In some cases, great results can mask an issue of high staff turnover. If your business has a relatively good model, great products and a continual upward trajectory, why would you look for an issue? The truth of the matter is that there will be a financial implication if you have a disengaged team, which often results in a high turnover of staff. In addition, the cost of hiring a new employee is much higher than that of retaining an existing one. For these reasons, team engagement is of great importance to your business.
Let’s look at how team engagement can boost your business and see how the effects trickle down throughout everything you do.
The number one advantage of team engagement exercises is a boost in staff morale. Staff who work each month just waiting for their paycheque are much less productive and more likely to ‘pull a sickie’. If your business operates on a ‘transactional’ model, meaning the focus is solely on profit, your staff can often feel undervalued. Switching to a purpose-driven model helps keep your team feeling like they are part of the bigger picture.
A purpose-driven business model makes room for team engagement, team building and ultimately lifts staff morale—the result of this lift, a happier, more productive team. By making your team more effective, you get the best from them every hour that they are on the clock.
A healthy team is a happy team. Health and well being play a massive part in your team’s attitude to work. Using team engagement is a great way to keep your team both healthy and happy. The two are inexplicably intertwined, as is staff morale. The links between health and happiness can be found in all walks of life. When you are functioning as you should, life takes much less of a toll. This is nowhere more apparent or important than the workplace.
Staff retention follows from staff morale and health and well-being, like a lost and hungry dog follows the smell of steak. Poor staff retention is a major drain on resources. Every time you need to train a new member of staff, your finances take a hit. A great benefit of team engagement often overlooked is finding an issue before it becomes a problem. Thus, team engagement not only promotes the best workplace environment it also works to highlight issues you may not have been aware of. Knowing why a team member has left is valuable information. Knowing what their issue is before they go and rectifying it – priceless.
The end game of any business should be client/customer satisfaction. The client/customer are the very people you are trying to attract and retain. The workplace ethos will always play a big part in your success here. When your team are happy, they will exude an aura that seeps into every aspect of your business. Smiles travel for miles, passed from face to face, wherever they reach. This is one of the most attractive traits any business can dream of attaining. An environment that promotes success will relish in success. And that all starts with the face of your company, your team.
Organising regular team building activities helps keeps teams motivated and improves team engagement.