The new financial year generally forecasts a scramble to allocate budgets for various sections of the company. But where does the employee engagement budget come from? Is there a benchmark figure for Directors or Heads of Engagement to work with?
The level of engagement of employees is first and foremost the vital component in any business which can affect profitability, productivity and audience activity.
“Employee engagement is probably the most important component to increase productivity. An engaged employee will be keen to come to work, feel valued, be less absent, innovate and contribute their intellect and skills for the benefit of their employer. All key ingredients for the government’s ambitions to make the UK a leading proponent of productivity in the workplace.”
Budgets for employee value propositions generally come from HR, branding from Marketing and change management from IT or Finance. Unfortunately, employee engagement can be an afterthought, small, and chipped off the combined budget of HR and Marketing. Without the strategic process or significant importance that other departments may have, engagement often gets the loose change.
But how can you change this lethargic and despondent thinking? How can you make employee engagement high on the list for budget allocations?
You should treat employee engagement like any other business process. From outlining the objective, the strategy, tactics and actions to potential risks involved.
Strategically outlining the program can help map out approximate costs and contingencies. Combined with the headcount cost of each member of staff can give a ballpoint figure to work from. Equally, an annual allocation based on the percentage of sales can push engagement importance higher up the ladder. It can even align it with other departments within the company.
The Business of Engagement report found that ‘employees who are happy and feel in control are 57% more likely to be engaged and 53% more likely to be productive’. Instead of shying away from engagement, get your budget in before it becomes an Oliver Twist moment!
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At ClearVoice Comms, we are experts in delivering employee engagement and communication strategies that inspire your people and transform your business. We influence change through the power of communication to improve your company’s performance. For more information or help with budget allocation for employee engagement, call or email us today and let us show you how the power of communication can change your business.