Key Findings from the State of Employee Engagement Report 2023/24

Fresh off the press, an astounding 64% of UK Human Resources specialists are waving red flags about the state of employee engagement. Yes, you heard rightly – we’re talking about a severe slowdown or even a drop in engagement levels over the past year.

Want to dive in a little deeper? Stand by while we dissect the key takeaways and explore what it means for you and your company. So, without further ado, let’s look at why employee engagement serves as a wake-up call for companies to rethink their strategies.

The dip

WorkBuzz’s State of Employee Engagement Report 2023/24 found that a whopping 64% of HR experts have discovered that employee engagement levels have either levelled off or deteriorated in the past year.

Given the changing dynamics of today’s workforce, employers should treat this pattern seriously. In light of the findings of more than 400 UK-based HR consultants, it turns out that 24% of participants have noticed a dip in engagement at their workplaces. That’s quite a jump from 18% just 12 months earlier.

Now, here’s the inside knowledge. We’re witnessing a slight decline in employee engagement, but it isn’t just the usual suspects (the rising cost of living). No – there’s more to the story. We mean there’s a bit of a plummet. And guess what’s taking centre stage? A lack of good old-fashioned listening.

Just 17% of companies are jumping aboard the ‘pulse survey’ bandwagon to see how the troops are feeling every month or quarter. Even more interestingly, this is a fairly steep decline from the 33% who were back in the loop in 2022.

It’s almost like the volume got turned down on the employee feedback channel, and we aren’t really doing the happy dance over here.

So, it isn’t just solely about money – it’s about the emotions and vibes as well. But why does this matter, and what can we do about it?

The significance of listening to employees

Let’s break this down for you. Steven Frost, the master of everything employee engagement at WorkBuzz, shared his thoughts on this trend, which has been causing a stir.

He says, “After much progress since the pandemic, there’s been a worrying backwards step in terms of employee engagement and active listening over the past 12 months.”

And here’s where the story takes a turn. Against the dramatic backdrop of the high-cost living situation, it looks like companies are banking on quick wins – we’re talking productivity and retention. On the other hand, Frost sees this as slightly puzzling:

“This is counterintuitive of course, because when employees feel listened to, they are more likely to stay in their jobs for longer and be high performing.”

Frost believes companies must crank up the volume on listening to their staff. That’s because when workers feel like they’re being listened to, this is when the magic happens. They stay in the company for longer. And, believe us, they aren’t just there for the free tea – they’re high performers in the spotlight.

When times get tough, this isn’t the time to silence staff voices – it’s time to amplify them. But why? Because your employees might just hold the master key to your most challenging issues.

Recognising employee listening as a critical necessity

Let’s focus on something imperative – hearing your team. The State of Employee Engagement Report isn’t merely dishing out advice – it’s literally waving a banner, crying, “Attention, HR people!”

It goes beyond just treating employee listening as a subtle engagement tactic. It’s more about acknowledging it as a savvy move to keep valuable team members and boost business performance.

Think about it. Those engagement surveys don’t just act as questionnaires – they’re Sherlock-level investigations into why a person may be contemplating departing from the company.

So, you see? These surveys are like taking a peek behind the curtains to resolve the mysteries of employee disengagement.

Frost also thinks keeping the A-team around doesn’t just mean offering snazzy perks. It’s more about creating a work culture that encourages employees to stick around. If you neglect employee voices, essentially, you play Jenga with the building blocks of your blossoming culture.

But wait, there’s more. When the going gets tough, the tough starts listening. In these tricky moments, your workers aren’t just talking, they’re actually delivering solutions to work through the most demanding business dilemmas.

So pop on those headphones and turn up the volume to catch every detail of what your team is saying – their words might be the secret formula for your next ground-breaking business breakthrough.

The takeaway

As a financial professional, it’s essential to take note of these insights and adapt strategies accordingly because employee engagement is the name of the game.

If you want to know more, the State of Employee Engagement 2023/24 report spills the beans on the challenges and opportunities. Don’t miss out – get hold of it here.

In a landscape where talent is the hottest currency, it’s not just a suggestion to decipher employee engagement – it’s a must-do.