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According to a Gallup study, nearly 33% of Americans feel engaged at work. This percentage goes down to 23% at international level.
Low engagement has cost the global economy $8.9 trillion dollars or 9% of global GDP. These stats underscores the need for improved employee experience than ever. So, how can you ensure that you have engaged employees at work?
This piece takes you through the importance of employee engagement and how an Employer of Record (EOR) service provider can significantly improve engagement levels for your company.
What is Employee Engagement?
Employee engagement is the level of enthusiasm and dedication an employee feels toward their job and workplace. It shows how committed they are to their work and how motivated they are to contribute to the company’s success.
A study by Deloitte reveals that nearly 87% of the engaged employees are less likely to leave the organization than unengaged employees. It signifies the importance of employee engagement.
As Simon Sinek, renowned author and business leadership expert, states, "When people invest financially, they want to make a profit. When people invest emotionally, they want to contribute."
Why is Employee Engagement Important?
An employee is the most valuable asset any organization can have. Therefore, employee engagement is crucial for businesses planning to expand their operations across borders. Engaged employees can contribute significantly to helping the organization achieve business goals continuously and stay with the company for a longer period.
The following points explain why employee engagement is so important for organizations:
Productivity
Engaged employees work diligently and are more focused on the bottom lines. They put extra effort into ensuring time-bound project deliveries and streamlined business processes. It enhances the overall business productivity.
Improved Retention
Engaged employees are more concerned about the organization and develop a bond of care and compassion with the organization. Therefore, they stay longer than the disengaged employees, improving the retention rate of the organization.
Enhanced Customer Engagement
Engaged employees affect an organization’s customer satisfaction. A happy and engaged employee treats customers well, which leads to happy customers, higher revenue, and profit generation.
The Role of an EOR in Enhancing Employee Engagement
An EOR service can help companies looking to improve their employee experience when expanding globally. It can help organizations with:
Smooth Onboarding:
Onboarding is where new hires learn the company’s culture and carry these lessons into their roles. A smooth onboarding is important to ensure high retention rates for the organization.
An EOR helps new hires adapt to the company culture and understand organizational processes quickly. It can ensure smooth onboarding by providing proper training, resources, and introductions, creating a strong foundation for a long-term relationship with the organization.
An EOR manages all of the complex legal, contract, and tax prep for employees, reduces confusion, allowing new hires to focus on preparing for the role, meeting colleagues, and settling into the company culture.
Effective Communication:
Communication is the key to an improved employee experience. Organizations practice clear communication by ensuring open and transparent communication channels between the team leaders, managers, and employees.
Companies must maintain effective two-way communication. Sharing updates, project goals, and other vital aspects can improve the engagement rate. Good organizations encourage anonymous feedback and listen to the concerns and suggestions of the employees.
An EOR ensures clear communication between employees and management to keep everyone informed about key updates, project goals, and important business details, maintaining high engagement.
Accurate and Timely Pay:
A timely and accurate salary is the least an employee can expect from his employer. An accurate and timely payment is the key to employee satisfaction. Delayed or inaccurate salaries can lead to high turnover rates.
A global EOR knows how employee benefits impact your global workforce. It ensures timely and accurate pay with competitive benefits in local currencies without any exchange fee for your workers, no matter in which jurisdiction they operate or work.
An EOR handles all benefits to ensure peace of mind to the employers while keeping the employees satisfied and protected. This helps free up HR teams to focus on their core competencies.
Offboarding:
Offboarding, just like onboarding, plays a vital role in the employee experience. A positive or negative departing employee can influence his peers about the experience he has had with the organization. Therefore, a good and positive offboarding is important for you to improve the employee experience.
A well-structured offboarding experience is significant for organizations. A reliable EOR partner can take care of a seamless offboarding experience to ensure a positive, lasting impression on the employees.
Introducing Recognition Programs:
The regular recognition of contributing employees makes them feel valued. It encourages other employees to perform better and work hard to contribute their part in achieving organizational business goals.
An EOR can help companies design reward and recognition programs to celebrate team successes and individual achievements and keep them motivated.
Career Growth:
EORs assist companies in developing and implementing skill development programs, workshops, and career enhancement training sessions for employees.
It makes them feel special about the organization. These initiatives help employees build a significant growth trajectory within the organization.
The Impact of Engaged Employees:
Companies that prioritize employee engagement through EOR partnerships can expect:
- More productive teams
- Higher retention rates
- Increased profitability
- Enhanced customer satisfaction
As Timothy R. Clark, Founder & CEO of LeaderFactor, aptly puts it: "Highly engaged employees make the customer experience. Disengaged employees break it."
Enhance Your Team’s Engagement with an EOR solution.
Are you concerned about the low engagement level of your global teams?
An Employer of Record partner can simplify and streamline your plans of business expansion across borders while simultaneously enhancing your employee engagement levels.
Global Expansion can help you boost your employee engagement levels through the entire employee lifecycle. You can have everything you need to hire, onboard, and manage global teams with one global EOR partner.
Connect with us today to explore new growth opportunities across borders while growing employee engagement levels with ease.
