The Bottom Line Impact of a Disengaged Workforce
Prioritizing workplace engagement and satisfaction isn’t just about employee wellbeing—it’s also about the bottom line. Gallup’s research reveals that business units with engaged workers enjoy a 23% higher profit compared to units with miserable workers. Disengaged or actively disengaged employees cost the global economy a staggering $7.8 trillion in lost productivity, equivalent to 11% of global GDP.
Teams with satisfied employees experience lower turnover and absenteeism rates and enjoy higher levels of employee and customer loyalty. Even a 20% pay raise is often insufficient to lure employees away from a quality manager who keeps them engaged and satisfied at work. In essence, wellbeing at work is of paramount importance to both employees and employers.
In conclusion, workers today are facing unprecedented levels of unhappiness and disengagement. While remote work options and schedule flexibility are essential, they are not the panacea for job satisfaction. As the Great Resignation continues, it falls upon employers to create a culture that fosters job satisfaction, and it all begins with effective management.
According to Jim Harter, this shift towards better management is not a mere pipe dream; it’s entirely achievable. By focusing on meaningful conversations, redefining roles, and providing support and development opportunities for managers, organizations can unlock the key to thriving in the Great Resignation era.
