Disengaged employees are costing you money

If you think your disengaged employees aren't costing you money, you're wrong. A study by Gallup found that actively disengaged employees cost U.S. companies $450-$550 billion per year in lost productivity. That's a lot of zeroes.

What's even worse is that these numbers are likely only going to get worse as the years go on. According to a report from LeadershipIQ, 20% of newly hired employees will fail within the first 45 days on the job and 80% will fail within the first 18 months. 

So what's the root cause of all this disengagement and failed hires? Turns out, it might be you. 

The study also found that managers account for 70% of the variance in employee engagement. In other words, if your employees are unhappy, it's likely because of their direct manager. Not only that, but according to another study by the American Management Association, nearly 50% of employees have left a job because of their boss at some point in their career. 

Ouch. 

But it doesn't have to be this way! There are plenty of things you can do as a leader to increase employee engagement and create a positive work environment. Here are a few ideas to get you started.

Communicate the Company's Vision

As a leader, you must communicate the company's vision to your employees regularly. By doing so, you'll ensure that everyone is on the same page and working towards the same goal. Furthermore, your employees will feel appreciated and valued when they understand how their work contributes to the success of the company.

Encourage Feedback

To gauge employee engagement, you need to encourage feedback. This can be done through regular one-on-one meetings, surveys, or an open-door policy. It's important to listen to what your employees have to say and consider their feedback when making decisions about the company. Not only will this make your employees feel heard, but it will also help you make informed decisions that will benefit the business as a whole.

Offer Opportunities for Development

If you want to keep your employees engaged, you need to offer them development opportunities. This could include training programs, cross-training, or leadership development courses. By investing in your employees' growth, you'll show them that you value their contributions and want them to be a part of the company for the long haul.

Recognize Achievements Large and Small

Everyone likes to be recognized for their achievements, no matter how big or small. Showing appreciation for a job well done is a great way to keep your employees engaged and motivated. You can do this through verbal praise, written notes, or public recognition at company events. Whatever method you choose, make sure that your employees know that you appreciate their hard work.

Offer Competitive Benefits and Perks

Last but not least, offer competitive benefits and perks to attract and retain top talent. This could include anything from health insurance and 401(k) matching to paid vacation days and flexible working hours. By offering a comprehensive benefits package, you'll show your employees that you're committed to their wellbeing—and that will go a long way in increasing employee engagement.

Employee engagement is a hot topic these days - and for good reason. With so many studies showing the high cost of disengagement and the ease with which great employees can relocate, it's more important than ever for leaders to find ways to keep their team members happy and engaged. The good news is that there are plenty of things you can do as a leader to increase engagement levels. So what are you waiting for? Get out there and start engaging!