Engaging employees is challenging enough without misinformation to contend with, which is why Michael C. Fina recently authored an infographic to address common misconceptions. Compiled below are the five most persistent myths of employee engagement along with the truths behind them:
MYTH #1: CASH IS KING
Cash is a “hygiene” factor, meaning organizations have to get pay right, but incremental investments do not have a significant impact. According to current research, intangible benefits such as career opportunities, performance management, and organization reputation are the most effective engagement drivers.
MYTH #2: RECOGNITION PROGRAMS OFFER LITTLE RETURN ON INVESTMENT
It’s a fact: organizations that invest in incentive and recognition programs enjoy increased customer spending and revenues. Improving engagement levels among staff can increase revenue by as much as 23%. Additionally, companies with high-performing recognition programs are 12 times more likely to have strong business outcomes than those without.
MYTH #3: HIGH PERFORMERS DON’T NEED EXTRA MOTIVATION
High performers are good at motivating themselves, but they too can become unhappy if they aren’t regularly engaged on a personal level. In fact, low performers are actually more engaged than high and middle performers in 42% of organizations.
MYTH #4: MANAGERS KNOW HOW TO ENGAGE EMPLOYEES
The title of “Manager” does not grant the bearer the ability to engage employees. It is a skill that requires training and practice to be effective. According to the American Society for Training and Development, 26% of managers are unprepared to transition into management roles, and a whopping 58% receive no training at all.
MYTH #5: MILLENNIALS ARE DIFFICULT TO ENGAGE
The image of Millennials as job hoppers is a generational misunderstanding. Millennials place a high value on engagement, and are ready and eager to commit to an organization with the same values. The top 3 workplace concerns of Millennials have nothing to do with pay or career advancement. In order of importance, they are: working for a manager they can learn and respect from, working for people they enjoy, and having a good work/life balance.