Attention is better than a cure
According to the Employee Engagement Report 2011, less than one third of all employees can be classified as actively engaged at work. Put another way, statistics show that 66% of employees are disengaged and 60% are actively looking for work elsewhere. These alarming figures should cause employers to ask themselves Are your employees truly engaged? And in 66% of cases, the answer is a resounding No.
So what can be done to rekindle the passion and enthusiasm you need from your employees in order to maximise your success? Well, there are numerous seemingly quick fixes to the solutions, but quick fixes often see a quick return to old ways. To name an example, you may see instant results from a staff meal or outing, but regulate these and they become the norm, inevitably leading to a resurgence of the disengaged. Salaries and fringe benefits will not steer employees to maximising their productivity. The goal for any company should be for their employees to be proud of where they work, optimising performance and happy within their roles. The answer to fixing this problem has to be longer term.
Employers should seek to be a company people want to work for. As simple as that sounds, you do not need a carnival and an Xbox to keep employees engaged. Instead, be a company that promotes opportunity and individual progression; allow your staff to feel they are truly part of the bigger picture. A fantastic way of creating this atmosphere is to introduce a share scheme.
A share scheme will not only create and restore engagement, but also involvement. Employees can instantly become part of the bigger company vision, beyond their own individual contributory role. If the workplace becomes a hub of involvement, it is inevitable employees will become more engaged, more productive and generally happier.
Another benefit of implementing a share scheme is the capacity to bring employees together, transforming from what could be a group of disengaged individuals into a productive and efficient team. Share schemes, especially when offered to all employees as opposed to a select few key people (for example under a Share Incentive Plan, or, if eligible, an Enterprise Management Incentive), have consistently proven themselves to be successful in aligning everyone to a common goal. If you are unsure whether or not a share scheme may be right for you, look at the influence they have had in companies such as Sports Direct and B&Q, and if you are unsure which share scheme may be best for your business, contact us today!
However, it is important that any arrangements are communicated properly. Share schemes are at their most effective when everyone concerned completely understands the benefits. Through share ownership, you are incentivising your employees to become part of the company, and rewarding them with what they help create it is principally a positive motion and should be conveyed as such.
If you are considering implementing a share scheme, or have one you are seeking advice with, contact a member or the RM2 team on 020 8949 5522 or via email on email@example.com.