Better Employee Engagement for Better Profits
When business leaders look for ways to increase their profit margin, they primarily focus on the management of two key areas: sales and costs. Strategies that increase your revenue or reduce costs by streamlining your processes are common ways to increase profits. One often overlooked area that can boost your profit margin is taking steps to increase your employee engagement. How Employee Engagement Impacts the Bottom Line When employees are actively engaged, they are fully committed to putting forth their best effort at work. The extra focus, energy and effort provided by fully engaged employees has been shown to increase performance in a number of key areas for businesses. In 2012, entrepreneur, leadership expert and NY Times best-selling author Kevin Kruse posted an article that compiled the results of a variety of scientific studies that looked at how employee engagement impacts the bottom line. These studies show that fully engaged employees have higher morale, lower turnover, and fewer accidents on the job, which improve profits by reducing costs. Actions taken by engaged employees also directly leads to improved customer service outcomes which build brand recognition and loyalty for the companies that employ them. This, in turn, increases sales, which...
Read MoreHave We Lost Our Innovative Thinkers?
Without innovation, how are businesses able to move forward and gain an advantage against their competitors? With much difficulty, I would imagine! So what exactly is innovation? Innovation can be a tricky thing to define; the dictionary defines it as “something new or different introduced” while the ABS (Australian Bureau of Statistics) describes it as “the introduction of a new or significantly improved good or service; operational process; organisational/managerial process; or marketing method”. The definition itself is quite wide so you think that innovation would be easy enough to introduce into a business. Quite surprisingly however, a recent report released by the ABS, shows that less than half of Australia’s 770,000 businesses (42.2 % in fact) are highlighted as engaging in some form of innovative activity. And while some industries are more innovative than others (administrative and support services; financial and support services; health care and social assistance; professional scientific and technical services; and other industries lead the pack), all sectors remain below the 50% mark of businesses considered to be innovative. The ABS report states that lack of capital for start-ups, geographic isolation, and low collaboration numbers between key players in the market are factors resulting in the...
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