📈 Boost your bottom line with this culture-building tactic.
Financial success starts with investing in your team.
With 2024 under way, we're all hearing the same question: how can we optimize our strategies to maximize value this year? 🤔
ROI is critical to any business strategy. But what about those not-so-tangible aspects of a company, like workplace connection and employee recognition?
👉 Calculating their ROI might seem tricky, but it’s not impossible.
Investing in workplace connection and employee recognition isn’t just about fostering a positive culture—it’s a sound financial decision. 🤑
A Gallup report revealed that disengaged employees have 18% lower productivity and 15% lower profitability. It costs a whopping 34% of the employee’s annual salary, which is $3,400 for every $10,000 they make. 😱
By prioritizing your team’s well-being, you're investing in your most valuable asset: your people. Let's explore.👇
In today's edition:
👀 How to track ROI when building culture
💰 Ways to easily drive more ROI
📊 3 ways to quantify the ROI of workplace connection and employee recognition
👀 How to track ROI when building culture
Implementing effective recognition programs and facilitating employee connection involves time and money. So how can you measure these seemingly intangible benefits?
👍 Improved employee engagement: Better engagement leads to enhanced morale, resulting in an increase in productivity by 17% and profitability by 21%. Use a quarterly employee survey to measure changes in engagement.
🙅 Reduced absenteeism & turnover: The costs of replacing an employee can range from one-half to twice their annual salary. Reducing turnover is a huge opportunity to save. Keep track of how often your employees miss work or leave your company.
🙂 Improved customer service: 35% of companies with an official employee recognition plan have an increase in customer satisfaction. Customer feedback can help tell you whether your employees are engaged.
💰 Ways to easily drive more ROI
Investing in your employees has significant cost savings and increases revenue, leading to a substantial ROI. So, what are simple ways you can get started?
✨ Improve workplace connection: 77% of employees say building close relationships with colleagues is the most important factor in job satisfaction.
Set aside weekly team time for virtual or in-person hangouts.
Use tools like Coffee Talk to automate connections and scheduling.
🏆 Encourage employee recognition: 69% of employees say they would work harder if they were recognized more. Not doing this yet? Start now.
Set a goal to give your employees meaningful recognition once a week.
Slack apps like Shoutouts and Celebrations integrate recognition and appreciation seamlessly into daily work life.
Want more? Check out this blog post with tips on measuring the ROI of culture-building initiatives.
✨ Hey, culture champ. You might also like these resources:
🌟 What is employee recognition?
📣 16 employee shoutout examples your coworkers will appreciate
🎮 12 fun games for virtual team meetings
See you next time! 👋
Was this newsletter forwarded to you? Don't let your friends have all the fun.
Your voice counts – share your thoughts! Comment below (we promise we read every response).
Passionate about culture and connection? Fill out this form for a chance to be featured in our next newsletter!