Employee engagement: the powertool to grow your business

Categorised in: Employee Engagement, News

[Don’t miss our talk about Employee Engagement and how it can power up your business at the SME Live Expo – 16/10, 12.15pm at the People Seminar]

Human capital is a key value creator, so employee engagement is now a clear measure of business success and the challenge is 2 fold:

ATTRACT

• UK unemployment rates are at lowest since 1975 at 4%
• UK workforce is shrinking at the same time as vacancies are rising – according to the CBI
• Job seekers becoming more discerning and engage with employer ‘brands’

RETAIN & ENGAGE

• Today’s work force is more fluid and more likely to ‘job hop’ to build their career portfolio
• Almost three quarters (73%) of millennials agreed they would be more motivated to work if it was recognised by personalised benefits in addition to salary – the same goes for 65% of Gen X and 57% of baby boomers.

Why engagement matters?

It is a fact – engaged employees drive more business growth. Companies with strong employees engagement rates experience 87% higher staff retention, 17% higher productivity levels, 20% higher sales and 19% increase in revenue turnover.

Engagement goes way beyond a casual dress code. Companies gaining recognition as Best Places to Work For are working hard on many levels to engage their people, according to Sunday Times Best Small Companies to work for 2018:

• Personal growth
• Giving something back
• Remuneration & Reward
• Leadership
• Benefits
• Well being

And for SME’s, the challenges of engaging and retaining talent can be potentialised by limited resources, cost pressures, competition and lack of specific knowledge of HR and legal matters.

Taking a leaf out of the US book of engagement

A model that has been successful in the US for over 30 years can present the solution to those challenges.

The PEO (Professional Employment Organisation) model, which has recently been adapted to the UK needs by Hive360, is based on  ‘co-employment’ and group buying power. In America, where 3.4mi workers are employed through this model, companies using PEO grow up to 9% faster, have up to 14% less staff turnover, are 50% less likely to go out of business and reduce admin costs significantly per employee.

Hive360 has a unique 360 degree approach to employment support services. Besides outsourced payroll and pension administration, we also offer companies an HR legal support hotline, support with training and gaining access to the apprenticeship levy.

For employees, a pay & perks portal gives them access to services such as 24h NHS approved telephone GP service, specialised phone counselling, health and wellbeing advice and thousands of shopping and lifestyle discounts. Through the portal they will also receive their payslips in a GDPR compliant way and be able to see their pensions performance in real time.

Power up your business

If you want to know more about how the PEO model can benefit your business, our MD will be speaking at the People Seminar at the SME Live, on Tuesday (16th), at 12.15pm.

The SME Live will take place at the NEC Birmingham, next week, on the 16th and 17th of October. We’ll be at stand L52, come and meet us and we’ll be happy to give you further details about our services and a demo of our pay & perks portal.

Register here for your free tickets.

Sources: Perkbox, OnePoll, Napeo, KPMB, CBI