Research suggests that many engagement "programs" fail because they are viewed as a marketing initiative rather than a strategic change management initiative. One of the foundational keys to this kind of enterprise change is establishing baseline data and then implementing constant, ongoing measurement and analytics to measure the impact of the strategy.
We always begin with the famous question, "What is the ROI of an employee engagement strategy?" Although many naysayers are convinced there is no way to attach ROI to an employee engagement strategy, research directly ties engagement to your bottom line.
In the 1970’s, Dr. Jack Phillips developed the ROI Methodology offering a successful method for measuring the impact and ROI of business initiatives.
The ROI Methodology can be explored and transformed to reflect employee engagement by following 6 key steps:
The potential of reaping the benefits of an outstanding employee engagement ROI is a reality, and our team at C.A. Short Company can guide you through the process of implementing your engagement strategy and your process for measuring its impact.
Depending upon your company's present level of engagement, investing in employee engagement and recognition can yield a significant return on investment. Take, for example, these findings from Gallup's 2017 State of the American Workplace study. Compared to companies with low levels of engagement, those with a highly engaged workforce experienced, on average:
If you'd like to see an example of how to calculate an actual Engagement Strategy ROI, read our blog entitled How to Determine Employee Engagement ROI.