Employee engagement has long been a hot topic in the HR industry for good reason.
Studies support the notion that organizations with high levels of employee engagement have a competitive edge when it comes to talent management, which continues to be one of the biggest challenges facing HR professionals today.
High engagement is associated with a desirable company culture which aids with attraction efforts. Supported and nurtured employees feel a deep connection to the organization and thrive within it, boosting retention.
The Role of the CFO
This is all great news for the CHRO, but what does that mean for the CFO? Forward-thinking CFOs are recognizing the important part employee engagement plays in their role within the company. They understand that employee engagement is a leading indicator of the financial health of their organization.
“To win in the marketplace, you must first win in the workplace.” – Doug Conant, former CEO of Campbell Soup
Employee engagement is the extent to which employees feel passionate about their jobs and are committed to propelling it forward. Engaged employees feel personally connected to their work and measure their success by the success of the organization. It’s employee engagement that drives employee behavior, this in turn increases operational efficiency and supports future growth.
5 Employee Engagement Best Practices for CFOs
What role can the CFO take to positively impact employee engagement? We’ve identified 5 best practices.
Establish Vision and Purpose
Bersin by Deloitte identified leadership practices that impact employee engagement. Developing a strong sense of purpose topped the list.
According to their research, mission-driven companies experience significantly higher levels of innovation and retention. The ability to inspire was also cited. Infusing energy, passion, commitment and connection into your organization’s mission and direction is essential to engaging your workforce.
Focus on Communication and Collaboration
Employees want to feel that their opinions matter. Without proper communication channels, employees find it difficult to remain involved.
Beyond being heard, employees want to be a part of a team. By providing them with resources that encourage interaction and crowdsourcing across all levels of the organization, you satisfy their basic need to belong.
Encourage employees from all levels to contribute to the organization’s overall strategy for success. When employees feel involved in the big picture you encourage a culture of ownership, an environment where engagement thrives.
Give your employees the authority to make their own decisions, and support the consequences, good or bad.
Recognize and Reward
No one likes to feel unappreciated. Don’t wait until performance review time to dole out praise. Recognition should be given frequently and, most importantly, with sincerity.
A supported employee is engaged and confident in their ability to achieve the organization’s long-term goals.
Demonstrate to your employees that you are committed to their development within the organization by providing them with the tools they need to thrive.
Build the next generation of leaders by monitoring their performance through thorough and consistent reviews, by setting attainable goals, and by providing the coaching and training they need.
Finally – The best thing a CFO can do to drive employee engagement is to recognize its importance and invest in the resources needed to measure and develop it. Leading by example is the best employee engagement tactic a CFO can utilize.
Dive Deeper With Your Free CFO Guide To HCM
Want to take a more strategic approach to managing your workforce? This guide will give you what you need to for better collaboration with HR, attracting and retaining talent, and identifying soft costs, and of course several other key topics for CFOs.