Employee engagement has become a business buzzword — a phrase often thrown around in meetings, but not clearly achieved in most companies. In Harvard Business Review’s “Why the Millions We Spend on Employee Engagement Buys Us So Little”, Jacob Morgan explains that companies are spending too much on employee engagement with minimal return. As a result, they are missing out on real impact when it comes to their workforce.
We see the same problem when it comes to CSR or employee giving programs: too much effort, too little return or impact. Here are our three takeaways on his research and how you can apply it to your employee giving initiatives.
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Think long-term, not in one-off initiatives
According to Morgan, companies that drive real impact are those that focus on the bigger picture. It’s not about engagement; it's about experience.
“. . . most initiatives amount to an adrenaline shot. A perk is introduced to boost scores, but over time the effect wears off and scores go back down. Another perk is introduced, and scores go back up — and then they fall again. The more this cycle repeats itself, the more it feels like manipulation. People begin to recognize the short-term fixes for what they are.”
When it comes to employee giving, it’s not just about a one-off initiative or one campaign. Rather, how are you enabling your employees to give back to their communities and increase their impact 365 days a year? How can they use the power of their employer to support the causes that matter most to them?
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Happier employees = increased retention
Morgan’s study shows that a focus on the environment you create for employees (culturally, technologically and physically) will create more engaged and happy employees. Happier employees are more likely to stick around. When you calculate the cost of turnover, retaining your employees is a critical component to long-term business success.
Employee giving campaigns may seem like a “nice to have” initiative as you work to strengthen your ties to the communities you serve. However, when you connect giving campaigns with the overall employee experience, it’s clear the efforts have both external and internal benefits for the company.
Employee experience increases profitability
Run the numbers. Organizations that work to create a valuable and meaningful employee experience are able to see results where it matters — the bottom line. Morgan’s research shows companies that invest in employee experience see an increase in profits, revenue and stock price.
Employees increasingly want to work for companies that are focused on a greater purpose in their communities. A robust initiative that makes it easy for employees to support the causes that matter most to them — either through matched funds or volunteer time — is an important component of the employee experience. A small investment in employee giving can pay 10 times the return when it comes to fostering an engaging work environment.
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