6 signs it’s time to start investing in employee engagement surveys
The glaring signs that it’s time for your business to start investing in employee engagement, and how to do it with surveys.
Read MoreWhether you’re a HR professional, a team leader or a business owner, you’ll know that it can be tough to find money in the budget for any new initiatives, when every penny matters!
Employee engagement is often overlooked in budgets, with big ticket items such as marketing and business development coming up trumps, however ensuring you have an engaged, happy workforce is paramount to the success of your business.
Let’s take a look at how you can approach a conversation to ask for a bigger employee engagement budget.
The general rule of thumb is that a company should spend between 1% – 2% of their payroll expenses on employee engagement.
So, for example if your company’s monthly payroll is £200,000 your monthly employee engagement budget should be somewhere around £2000 – £4000.
However, many factors affect how much a company invests in engagement, including company size, industry, location and how good (or bad) the current level of company culture is.
And we know what you’re probably thinking – that’s expensive! But trust us, the cost of disengagement is much higher.
Gallup’s State of the Global Workplace 2023, found that 6 in 10 employees are not engaged at work. When combined with actively disengaged employees, low engagement costs the global economy $8.8 trillion dollars, or 9% of global GDP.
Low engagement costs the global economy $8.8 trillion dollars, or 9% of global GDP.
Gallup's State of the Global Workplace 2023 ReportThe first priority in your budget proposal should be to outline clearly the why, how and what.
Showcase why you need a bigger budget, how it will be spent, and what the anticipated difference (ROI) it’s going to make to the wider organisation. Once you have these pillars outlined, the rest of your proposal should follow.
Consider creating a presentation with all of the key information, list the new ideas you have, how they’ll improve your employee engagement strategy further, as well as the costs.
Here at Stribe, costs start at just £3 per person, per month and we’ve had some amazing successes through the use of our platform, including reducing Wigan & Leigh College stress related absences by 13%.
Employee engagement is known to positively impact absenteeism, lower turnover, increase retention, productivity and even profitability.
With this in mind, do your research and showcase that employee engagement programs aren’t just fluffy, nice-to-have initiatives, but that they’re essential for creating long-lasting healthy, happy and high-performing teams.
Present your argument for a larger budget with a long-term view. Show your company’s decision-makers that their organisation be saving money and resources in the long run if your team feels more engaged.
Following this simple structure will help you to create a convincing business case to ask for the budget to expand or start your employee engagement journey.
Employee engagement doesn’t have to cost the world and there are plenty of initiatives that can be put into place that are budget friendly or cost-free. Here are some ideas to boost your engagement levels if your budget doesn’t get approved or is delayed.
The glaring signs that it’s time for your business to start investing in employee engagement, and how to do it with surveys.
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