According to Gallup, disengaged employees cost the US $483 billion to $605 billion each year. Hence, increasing employee engagement is the sure-fire way for a company to save costs and increase revenue.
What is the cause of disengagement? How does it impact the cost and revenue?
A company I was working for, declined to bid for a multi-million dollar project. The required investment to execute was too high. The real reason, however, was that many of us who were working there were prisoners of the past, hence we did not think big.
But we were completely engaged- had a sense of ownership, were emotionally connected to the company, and were ready to go beyond our assigned work roles. The result of such high engagement was that we re-framed the situation and evaluated the decision regarding the bid. We tried to convince the president to reconsider the decision of declining the bid. We oriented him and the other team members toward the vision of a bright future for the company.
We went for the bid and won the project. The project turned out to be the recurrent revenue generator. Later on, when the other revenue streams for the company dried up, the project generated millions of dollars every year ensuring the company’s survival.
The above is just one of the examples of what engaged employees can do.
You may listen to my discussion with Kara Ro (the former world champion in boxing) on the show “TKO with Kara Ro” on this subject by clicking here.