People Power Your Profits, Engaged People.
According to the Gallup organization and their studies on engagement done over the last few years, only about 30% of American workers are engaged in their work. The engaged employee is the person that has a passion for what they’re doing. They have a profound connection with their company and they believe in their work. They’re the people in your organization that drive innovation, that care, that really move your organization forward. Unfortunately, you only have about 30% of your workforce that falls into that category.
It’s a known fact based on this study that customer ratings can be improved through engagement. A 10% improvement can be made if you have more engaged employees. A 22% profit improvement, and 21% improvement in productivity, can be gained all because people are more engaged in what they’re doing. You will also experience as much as 37% less absenteeism and 41% fewer mistakes equating to better quality, better profit margin, better safety which translates directly to the cost of your insurance.
People are responsible for a majority of the hidden amounts of money that seep out of your business. Businesses need to acknowledge that their success is tied directly to their ability to attract, motivate and retain good people, NOT to their ability to sell and move products and services. People bring the creativity, the ideas behind all of the innovation needed to stay viable in the marketplace. People design the products and services that your customers need and want. People build the relationships with other people, your suppliers, bankers, customers and other employees. Those people nurture and care for all of your business relationships through the dealings they have every day. The actions they take or do not take turn into the money that you are in business to earn. People deliver your products and services. And if something goes wrong, they are the face of your company, the first line of defense for customer care. How they interact with the customer or the supplier or the vendor directly impacts your company’s bottom line and its reputation.
Everything can be traced back to people. Your people should be treated like gold. And yet, companies typically view people as a commodity they can always get more of, as an expense they have to keep in check. People are actually an asset, an investment and your job as an employer is to attract and retain highly engaged people, people who care and are actively invested in what they do. Then your job is to provide them with a workplace and a work life where they can excel, be successful and bring success to your organization. People Power Your Profits™ and the right mix of people in the right roles, in an environment created for all to thrive can be a business strategy that gives a business a competitive edge.
Nancy O’Keefe, MBA, MS, is a Workplace Expert, Leadership Coach, Keynote Speaker, Trainer, and Author of the Book Unlimited Talent: What Every CEO Needs to Know to Win the Workforce War. She works with CEOs and senior executives to create profitable and productive workplaces that attract, motivate and retain great people. She is a thought leader in strategy, management and cultivating talent. She can be found at https://nancyokeefeconsulting.com