Employee engagement is a critical factor in the success of any organization. Engaged employees are more productive, more loyal, and more likely to stay with their company for the long term. In this blog post, we’ll explore the role of employee engagement in retention and productivity, with a focus on examples of companies that have successfully implemented engagement strategies.

What is employee engagement?

Employee engagement is the extent to which employees are committed to their job and the organization they work for. Engaged employees are enthusiastic about their work, willing to go above and beyond to help their team and the company succeed, and committed to the organisation’s goals and values. They are far less likely to change jobs because of their alliance with the company.

Employee engagement is not the same as employee satisfaction. An employee may be satisfied with their job, but not necessarily engaged. For example, an employee may be happy with their salary and benefits but not feel strongly connected to the company’s mission or culture.

According to Employment Hero:

• Employee engagement increases productivity to the tune of 21% higher profits per year
• Highly engaged teams experience 41% fewer absentees
• On the other hand, low employee engagement costs businesses $5000 on average for new hires

Why is employee engagement important?

Employee engagement is important for several reasons:

1. Increased productivity: Engaged employees are more productive and more likely to stay with their company for the long term. They are more focused, more creative, and more committed to achieving the organization’s goals.
2. Improved retention: Engaged employees are less likely to leave their job, reducing turnover and associated costs. They are also more likely to refer friends and colleagues to the company, helping with recruiting efforts.
3. Better customer satisfaction: Engaged employees are more likely to provide excellent customer service, leading to higher customer satisfaction and loyalty.

Examples of Australian companies with successful employee engagement strategies

Atlassian

Atlassian is an Australian software company that has a strong commitment to employee engagement. The company offers a range of benefits and perks to its employees, including unlimited vacation time, on-site fitness classes, and free food and drinks. Atlassian also encourages employees to participate in charitable activities and community events.

Atlassian has a strong focus on company culture, with a set of values that guide its hiring, training, and management practices. These values include: “Open Company, No Bullshit!,” “Don’t #@!% the Customer,” “Play, as a Team,” and “Be the Change You Seek.”

From 2005 onwards, Atlassian, an Australian software company, has adopted a unique approach to drive innovation within the organization. Every quarter, the company organizes a “ShipIt Day” during which employees are given complete autonomy to work on any project of their choice for 24 hours, while all other duties are temporarily suspended. According to the company, a single ShipIt Day is likely to generate more ideas for new products and improvements to existing ones than the combined outcome of the entire quarter.

Commonwealth Bank of Australia

The Commonwealth Bank of Australia (CBA) is a large Australian bank that places a strong emphasis on employee engagement. The bank offers a range of benefits and perks to its employees, including on-site childcare, flexible work arrangements, and generous parental leave policies.

CBA also places a strong emphasis on employee development, offering a range of training and development programs to help employees grow and advance in their careers. CBA offers a full wellness program complete with cooking classes and mindfulness meditation.

Telstra

Telstra is a large Australian telecommunications company that places a strong emphasis on employee engagement. The company offers a range of benefits and perks to its employees, including flexible work arrangements, on-site fitness classes, and generous parental leave policies.

Telstra also places a strong emphasis on diversity and inclusion, with a range of programs and initiatives aimed at creating a more inclusive workplace culture. Telstra has also prioritised employee feedback, something that has been shown to boost job satisfaction tenfold.

Canva

Canva is an Australian graphic design software company that is known for its innovative approach to employee engagement. The company offers a range of benefits and perks to its employees, including unlimited vacation time, free meals and snacks, and on-site yoga classes.

Canva also places a strong emphasis on company culture, with a set of values that guide its hiring, training, and management practices. That’s why Canva is attracting over 300,000 job applications per year.

Want to spend less time and money hiring? Engage your current employees

In conclusion, employee engagement is a critical factor in the success of any organization, and Australian companies have demonstrated this through their successful engagement strategies. Engaged employees are more productive, more loyal, and more likely to stay with their company for the long term. Companies prioritising employee engagement can improve retention rates, increase productivity, and enhance their reputation as an employer of choice.

Companies should emphasize and consider employee engagement strategies before job applicants become employees. Informing candidates about your culture and tribe is key to identifying and attracting candidates who share the company’s values and culture. By incorporating your company’s values and employee engagement initiatives during the recruitment process, recruiting firms can help companies build a strong foundation of engaged employees who will contribute to their success over the long term.