The ROI of Investing in a Consumer-Grade Engagement Platform
04 Aug 2024, posted in Blogs
Transforming engagement into profit: The value of engaging with your people
As leaders, we’re constantly evaluating where to put our resources for maximum impact. And we’re constantly looking for a simple fix that offers a long-lasting impact.
Investing in consumer-grade engagement platforms is not just a good idea—it’s essential for driving exceptional returns. Few businesses engage across the entire colleague lifecycle: from attracting talent, to onboarding, development, retention, and separation. Fewer platforms cater to the different needs and requirements of your people at every stage, losing out on potential benefits.
Cost savings and efficiency gains
Colleague turnover is more than just a headache—it’s a major financial drain. Replacing your team members can run anywhere from 50% to 150% of their annual salary. With new hires leaving within three months or less than 90 days, the costs can add up quickly. And let’s not forget the 54% drop in productivity during onboarding. This is where a robust engagement platform comes in. By fostering a more connected and motivated workforce, we’re not just keeping your team for longer—we’re saving significant sums on recruitment and training.
Recruiting the best talent is no small feat. Nine out of ten employers are struggling to fill positions, which can drive up costs by as much as 6%. Investing in an engagement platform can enhance your company’s employer brand, making your people advocates for the business and making it easier to attract top candidates. With 89% of job seekers considering a company’s reputation, a seamless and positive engagement experience can make all the difference.
Improving colleague satisfaction and retention
We all know how critical it is for companies to invest in their team’s growth. But not everyone does it effectively. Only 15% of workers feel their employers are investing in their development, yet 89% would stick around if given more opportunities for growth. Lack of investment in training could drive up turnover by 28%. A consumer-grade engagement platform makes it easier to provide training and development opportunities that keep colleagues engaged and happy.
When you’re looking to retain your talent, onboarding is crucial, as productivity can drop by up to 54% during this time. That’s why it’s important to invest in the right tools from day one. An effective engagement platform ensures that new hires have everything they need to hit the ground running. Nearly 52% of exiting colleagues say their departure could have been avoided with better management support. A great engagement platform supports your people throughout their entire journey with your company, not just during onboarding.
Engagement isn’t optional
The bottom line is this: engaged colleagues are more productive, effective, and efficient. Investing in a user-friendly engagement platform can transform your workplace. With 50% of staff leaving within 18 months and only 15% feeling valued, it’s clear that a commitment to engagement is not just beneficial—it’s crucial. A great engagement platform helps align colleague satisfaction with your business objectives, creating a thriving and productive environment.
The ROI of investing in consumer-grade engagement platforms goes far beyond the initial investment. It’s about cutting turnover costs, enhancing recruitment efficiency, and significantly improving colleague satisfaction.
At Engage, we use consumer-grade technology in an engagement platform that drives not just profitability, but overall business success. In a landscape where retaining top talent and keeping colleagues satisfied is more challenging than ever, investing in the right engagement tools is essential for sustained growth and success.
