In the era where the word engagement is in every business strategy and is the focal point of many marketing campaigns, why do some managers and CEOs forget that engaged employees are their best asset and are key to business growth.
The problem sometimes is that senior managers can assume that all employees want is more money, more benefits and, less work. However, in many cases, this isn’t true. Sure, people aren’t going to say no to better perks, but that is not what rallies people within an organization to perform their best, add-value and stay loyal.
If you look at some of the fastest growing companies from the last 20 years and the companies that have cult-like followings, you will see that the main thing that they have in common is:
- They stand for something
- They have a reason for existing
- They know who they are as a brand
- They know what they have to offer the world
It might seem idealistic, but people generally want to be a part of something bigger, a higher purpose so to speak. And for most people (non-entrepreneurs) they will achieve this through supporting their companies’ greater purpose.
The United States is ranked the best country in the world for cultivating entrepreneurship (Source: GEDI 2017), but only 6% of the population owns their own business, which is their day job (Source Kauffman Foundation 2016). This means that the majority of the working population is working within somebody else’s company and therefore need to find their life’s purpose through their day job as well as what happens outside of the office.
So, what does this mean for CEOs, CFOs and, senior management? It means that to have an engaged workforce, they need to rally their employees around the business’ core purpose to provide a reason for being (outside of the all-mighty dollar) and to create job fulfilment.
According to Gallup, employee’s working for a core purpose and common goal aka engaged, show
- 24% – 59% less turnover
- 10% higher customer ratings
- 21% greater profitability
- 17% higher productivity
- 28% less shrinkage
- 70% fewer safety incidents
- 41% less absenteeism
So, therefore, to build a core foundation for business success and an engaged workforce you need to ensure your business has a relevant core purpose and a clear unbreakable reason for being that is lived and breathed by the wider team and stakeholders.
About the Author
Jacqueline Hickman is a communications, marketing and brand management specialist with over 10 years experience and a serious passion for building and supporting businesses with a marketing first approach. She has expertise across the retail marketing, consumer goods, real estate, technology, and financial sectors and have experience working on both sides of the desk (agency and in-house) which gives a unique understanding of the challenges businesses face while being able to bring an outsider’s perspective of the situation. Jacqueline is currently an account manager for Sandbox Brand Marketing in Calgary, AB.