Is Employee Engagement the Key to Business Success
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There’s been a lot of buzz about employee engagement in the workplace and for good reason. Today’s organizations face changing working patterns, evolving employee expectations and growing complexity — all of which pose significant challenges for keeping people engaged and motivated on the job. With so much at stake, are executives and HR professionals focusing adequate attention on employee engagement? What impact are prevailing tools, approaches and practices having on workforce productivity? And how do all these factors affect overall performance and, ultimately, the bottom line? Ian Parkes, director of Coleman Parkes Research, and Joyce Maroney, director of the Workforce Institute at Kronos, will address eye-opening research that sheds new light on the challenges, opportunities and costs of employee engagement — or lack thereof — at today’s organizations. They’ll discuss key findings, highlight areas for improvement and explain the roles leadership, technology and talent management play in optimizing workforce engagement for sustained competitive advantage. You’ll gain valuable insights into: The increasing complexity of working life and the impact on employee engagement. The high opportunity cost of time wasted on non-job-related administrative tasks. How the role of HR needs to change in order to build a culture of engagement. Ways outdated technology is hindering employee productivity and engagement. Why the inability to recruit and retain skilled talent is a core business disruptor. Key drivers of engagement and how your organization can unburden the workforce.
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Is Employee Engagement the Key to Business Success
- 1. The $687B Dollar Question: Is Employee Engagement the Driver of Business Success? IAN PARKES, COLEMAN PARKES RESEARCH JOYCE MARONEY, DIRECTOR, THE WORKFORCE INSTITUTE AT KRONOS
- 2. Today’s Speakers • Joyce Maroney, Director, Workforce Institute at Kronos • Ian Parkes, Director, Coleman Parkes Research
- 3. Focus Areas • About the Study • Standardize, Streamline, Simplify • Putting Best Team Forward • Overall message on employee engagement • Helping the workforce be their best • Improving and innovation $687Bn opportunity cost being incurred = $1,518 per employee per year $88Bn opportunity cost being incurred = $1,645 per employee per year
- 4. Taking Care of Your People Pays Dividends Engagement’s Effect on KPIs Source: Gallup 2013 Employee Engagement Survey
- 5. The Virtuous Cycle of High Performing Organizations Engaged Employees Better Products Better Services Happy Customers
- 6. The HR role needs to change and drive employee engagement When asked 78% employees agree they need to feel more engaged in the business 71% feel the HR role is changing and 80% say it needs to change to meet the changing business needs 67% report that there is a lack of concern from the management team as long as the job gets done. 66% agree the HR role is more about managing risk than people. 59% of people say a focus on them as an individual would improve workplace engagement.
- 7. Top CEO Challenges 1. Rapid Pace of Technological Innovation 2. Cyber Security 3. Increased Regulation 4. Shortage of Skilled Labor 5. Management Diversity Source: 2015 Fortune 500 CEO Survey
- 8. Winning With Your Workers
- 9. Standardize, Streamline & Simplify To Unburden Your Workforce
- 10. Technology in use but is failing …say that better technology would positively impact engagement. …say workforce solutions that fail to respond to employee and business needs is adding unpredictability. …agreed that a lack of good technology in the business causes undue workloads. …said new technology creating new ways of working is a core disruptor within the business. …reported better technology/automated systems would reduce workplace complexity. …cited poor technology/lack of automation as a key daily difficulty. …of respondents only rank the technology in the business as a top three asset. 72% 64% 63% 60% 57% 56% 35%
- 11. When Your Organization Gets in the Way • What kind of organization will you be? − Perspective on Payroll: • Cost or Investment? − Customer Focus: • Tasks or Relationships? − Empowerment: • Rules or Judgment? − Processes: • Complex or Simple?
- 12. The working day is too complex Only 38% of people say it is very easy to complete all tasks 44% of people say working life is too complex Reduction in admin/paperwork would reduce complexity according to 63% of people. 74% of respondents said employees need better control over their working lives Management pressure 62% Insufficient staff 60% far too many processes 61% 47% said that they feel employee engagement is strong across their business
- 13. The opportunity cost of admin Time spent on non-core job role Time spent on pure admin 3.4 hours per week 3.5 hours per week 3.1 hours per week The benefits if people got the time back that would add value to the business included 60% said they would have the ability to focus on more important tasks 57% could focus more on customers 60% said they would be able to think more strategically 54% 61% Opportunity cost $687B opportunity cost being incurred = $1,518 per employee per year Canada equivalent $88Bn opportunity cost $1,645 per employee per year
- 14. Unburden Your Employees: Technical Advantage • Employees expect better tech: − Consumerization − Digital Natives (Gen Y and Z) − More Control: Work and Life − Consistency and Fairness • Employers need better tech: − Complex Compliance − Efficiency − Value-added Tasks − War for Talent Create More Time for Engagement
- 15. Put the Best Team on the Field
- 16. Talent management Lack of skilled staff (57%) and not enough staff (60%) are adding two key difficulties faced. 59% report the CEO is more finance than people focused. 71% report skills shortages as driving business unpredictability. 65% say that the inability to recruit and retain the right talent is a core disruptor in the business. Only 42% of respondents rank people as a top three asset.
- 17. Step 1: Understand Current Culture Step 2: Define Target Culture Step 3: Use Tools to Shape the Culture Step 4: Plan the Change Step 5: Calibrate Culture Drives Results
- 18. Org Design Resources & Tools People & Development Performance Management Leadership Work Environment Informal Interactions Vision & Values Target Culture Reprinted courtesy of Boston Consulting Group Building Culture
- 20. Great Culture Starts at the Top
- 21. Millennials! • They Comprise 34% Of Today’s Workforce • By 2020, ~50% Of All Workers Will Be Millennial • “Our sires' age was worse than our grandsires'. We, their sons, are more worthless than they; so in our turn we shall give the world a progeny yet more corrupt.” –Horace 20 BC
- 22. How to Attract and Retain Millennials • Millennial Myths: − Self-absorbed − No Respect For Experience − Unreceptive to Coaching − Motivated By Googley Perks − Lazy − Entitled • Millennials Crave: − Community & Higher Purpose − Flexible Work − Real-time Coaching − Opportunities to Build Skills − Technology For Efficiency − Entrepreneurial Environment
- 23. Rising Tide of Fairness Legislation • The Vast Majority Of Employers Want To Do Well By Employees • “Laws are drafted to address the lowest common denominator of employer behavior.”
- 24. Fair Schedules • Emerging consensus around the 3 elements of schedule equity − Clear and objective − Provides broad and deep visibility − Employers can see where the problems are, why they are occurring and fix them • There needs to be an agreement between employers and employees about promised hours. • Pay more attention to availability • Find ways to involve employees in the schedule setting process
- 25. Help Your People Do Their Best Every Day
- 26. May be Cheaper to Train Than to Recruit
- 27. Collaboration Creates Value: Socialize the Workplace “In the long history of humankind (and animal kind, too) those who have learned to collaborate and improvised most effectively have prevailed.” - Charles Darwin • Improved Knowledge Sharing To Increase Employee Engagement • Improved Speed Of Innovation • Improved Engagement from Structured Collaboration
- 29. Everyday Analytics • Not Only For PhDs • Every Manager Should Have An Analytical Mindset • Create A Culture Where Analytics Can Flourish: “Let’s Try It.” • Think Human, Not Vulcan Analytics starts with willingness to say… I don’t know. Let’s find out.
- 30. Leadership Development is a Sustainability Strategy Trustworthy Leadership Identify Future Leaders Development = Investment Talent is Everything Talent Follows Great Leaders
- 31. Final Thoughts There is a lack of engagement being seen across all employees driven by inadequate communication, poor, outdated systems and complex processes. The world of work is getting more complex and failing to meet the change in work/life balance that so many seek. Current technology is not an enabler for the most part; it is a hindrance and adds complexity due to being not fit for purpose. Talent management remains a core concern and admin tasks are creating a multi-billion dollar opportunity cost to businesses. Senior management need to focus on the people not the finances and lead from the top.
- 32. © KRONOS INCORPORATED │ October 25, 2016 │ Learn More • Read more from the Workforce Institute at Kronos at www.workforceinstitute.org • Read the book. Free download of ereader version at: − http://www.workforceinstitu te.org/downloads-bobbie/ − Password = WFI