Modern-day CFOs are pivoting their focus not only on salvaging financial performance, but on creating a culture-based engagement to compete and succeed in today's competitive landscape.
Modern-day CFOs are pivoting their focus not only on salvaging financial performance but also on cross-functional matters around improvement, efficiency, and support to create a culture-based engagement to compete and succeed in today's competitive landscape. It's no secret that disengaged employees, coupled with high turnover rates, can negatively impact the balance sheet, costing an organization millions of dollars and preventing them from becoming a destination workplace.
So how are modern-day CFOs increasing employee engagement while supercharging the balance sheet? With the positive value that engaged employees bring to an organization, CFOs are aware, now more than ever, that making investments up-front in an engagement platform that allows employees to do their best work and leverage their uniqueness will ultimately drive productivity and profit for the immediate and longer term. By evaluating the hidden costs of attrition such as hiring, training, onboarding, and development, leaders across the organization are finally able to determine the business case for investing in each employee.
“So why isn’t this being done already?” is the question in your mind and that’s a good one! Here’s the dirty little secret: today’s HR systems are built for an old, analog world where systems were built to revolve around companies and not the end-users; companies literally can’t accomplish this goal today, that’s why it’s an unsolved mystery. To create a competitive, engaging, and profitable organization, CFOs are now starting to recognize the value a system that revolves around the end-user; the employee—allowing CFO's to garner a 360-degree realistic view about employees, teams, and company culture because it gathers qualitative and quantitative employee feedback and delivers actionable insights that can positively impact the bottom line.
For CFOs, it's all about the economics of engagement, so here are five benefits to adding an employee engagement software to the organization:
Increases Employee Engagement
Employees that use engagement tools that they can personalized and configure feel empowered and are enabled to take action to drive their personal productivity each day are their own champions of success, which in turn creates a community of collaboration and empowerment among the team and for the company.
Gives Employees a Voice
Employee engagement software that empowers AND enables each employee to create and champion goals, to drive manager check-ins, to connect to peers for trusted advisory and to get trusted feedback gives each employee a voice that can travel up, down and across the organization.
It can mean everything to a new hire (and to the company!) to have a platform for input, development, and the ability to cultivate new relationships from day one and on-demand. This could be the difference between "Do I want to keep working here?" and "I love working here."
Improves Retention Rates
The top reasons employees exit an organization are poor fit with their manager, lack of recognition, feedback, development, and the inability to contribute to organizational goals. This allows employees to see and understand how they fit into the broader scope of the organization. Good people leave because they can, so they do if they must.
When people feel valued, heard, and appreciated, their productivity increases and are more likely to contribute at a higher level. They will feel more responsible for their success, thus driving growth and results for the organization. An incremental $19 of productivity per person per day is finally measurable, and no doubt meaningful when added up over the entire employee population!
With CFOs investing in employee engagement software tools, they are taking giant steps towards improving engagement for all employees and profitability in their organizations. This is supercharging the balance sheet and ensuring the highest level of ROE (Return on Employee).
Determine Your Cost of Attrition
Want to determine your organization’s hidden cost of attrition? Access our attrition calculator to see what employee disengagement is costing your organization.