Despite the uncertain economy, 77% of Australia's work-force are keeping their options open for a role that better fits their needs.
...it takes an increase of 5 to 8 percent of an employee's salary to change behaviour. However, using noncash incentives, behaviour can be influenced at a cost of only 4% of the emplouee's salary.
In the 2008 Employee Involvement Association Suggestion System Survey – 33 participating companies reported a total saving of over $564 million – an average saving of $9,000 per implemented suggestion.
According to Hewitt Associates, every engaged employee is worth about $5,000 each year in additional profit.
A 10 year Fortune 500 Study showed that those companies with high employee engagement outgrew lesser engaged companies by 4:1.
69% of workers surveyed say that non-monetary forms of recognition provide the best motivation.
McKinsey&Company have found that a … high-performing sales force can boost its share of a customer’s business by an average of 8 to 15 percentage points
Disengagement stifles productivity - it is a cost to business of $33.5 billion a year.
"Companies with high engagement levels achieve superior financial results... these companies have 3.9 times the earnings per share – when compared with those companies in the same industry with lower engagement levels.”
Most Companies use a variety of disjointed programs to recognise and reward their people. Learn how to get more from your employees without paying more...
Companies in the top quartile on both engagement and enablement, exceed industry averages on five-year return on assets, return on investment, and return on equity by 40 to 60%.
70% of organisations have adjusted their reward-and-motivation programs during the past 12 months… 27% made changes to increase employee motivation.
"Personal recognition and the use of premiums (non-cash rewards) reduced absenteeism in each of the four Quarters measured - ranging from 29% to 52% each Quarter for reward recipients. Absenteeism reductions were not found in control groups."
Research has shown… “Engaged Employees that focus on satisfying customer needs increased customer spending by 22.7%”
The Hewitt Survey noted that 'Best Employers' average profit growth outstripped that of the other organisations in the study by 25% to 21%.
Earnings Per Share grew 2.6 times more among companies with top-quartile employee engagement levels…
Watson Wyatt found 44% of companies surveyed actually encouraged an increase in the use of Recognition Plans during the recession and 64% expect to keep their Recognition Programs permanently.
The ROI of Recognition Case Study: "Nationwide Building Society (UK)
- a 1% decrease
in turnover saved £1M per annum in recruitment and productivity loss"
An exceptional worker can deliver up to 40 percent more value to the Company than his or her average counterpart... which can translate into enormous financial gains.
Towers Perrin found that firms with the highest percentage of engaged employees collectively increased operating income 19% and earnings per share 28% year-to-year.
Of the organisations which know they experienced cyber incidents…17% suffered from loss of confidential or proprietary information, 16% encountered a denial-of-service attack and 10% financial fraud.
"Towers Perrin found that high-engagement firms experienced an earnings-per-share (EPS) growth rate of 28%, compared with an 11.2% decline for low-engagement firms."
Towers Perrin research showed that only 14 percent of employees worldwide consider themselves to be fully engaged in their work.
Global Research has revealed High-Performance Engagement Index Companies produced shareholder returns 9.3% higher than the returns for the S&P 500 Index from 2002 - 2006.
…research shows that the difference in a well-constructed versus poorly constructed reward program can mean a +84% ROI or a -92% ROI respectively.
KPMG's People First Recognition Program has reduced turnover by 3.6%, saving $3 million and $5 million per annum.
Voluntary employee turnover is at a record high of 14 percent... work / life balance is the most important factor in employee attraction and retention.
85% of a company's capital is derived from intangible assets such as knowledge, technology/intellectual property, brand/reputation and human talent.
Business Units within organisations in the top engagement quartile have 44% higher profitability than those business units in the bottom quartile
Foodstuffs – New Zealand’s largest retail group, used a culture change program to ensure focused growth. Within the first year, ROI on the project exceeded $600,000…
25% of top-performing employees plan to leave their companies when the right opportunity present itself. Innovation is an opportunity to re-engage the workforce
Incentive Programs increase Individual Performance by 22% and Team Incentives by 44%.
Companies with high levels of employee engagement ... improved their operating income by 19.2%...
International Survey by Accenture, show 67% of job seekers target employers who recognise and reward accomplishments.
The case for Sales Incentives and Product Knowledge... McKinsey research indicates that as many as 40 percent of customers remain open to persuasion once they enter a store.
A 15% improvement in employee engagement can mean a 2% increase in operating margin - Towers Perrin.
Those companies who have both staff and customers engaged outpace their competition by 26% in gross margin and 85% in sales growth.
Telling employees what to do goes only so far. To get the most out of your workforce, you need to build engagement…
64% of Business Leaders agree that improving individual performance is critical to achieve growth targets
Survey data from 41 organisations, with over 1 million employees worldwide, who used employee engagement/recognition and reward strategies, showed that 75% realised improvements in their survey scores, regardless of the economic downturn.
Employee Recognition by Supervisors and Managers can turbocharge Employee Engagement - increasing it in some cases by as much as 50%.