Employee Engagement

  Image Credit : Pexels (https://images.pexels.com/photos/730564/pexels-photo-730564.jpeg?auto=compress&cs=tinysrgb&w=600) Banking industry leaders are facing significant challenges to manage their talent. According to Quantum Workplace research, only 50 percent of employees in the banking sector are highly engaged and 35 percent are a retention risk.  Attracting, retaining, and engaging skilled employees has proved difficult amidst the low unemployment rates currently experienced in the job market. (Ryba, 2021)   Importance of Employee Engagement in the Banking Industry According to recent annual reports of a few Licensed Commercial Banks in Sri Lanka, the Employee Turnover rate is higher than 15% and even closer to 20%. This is mainly due to the ‘brain drain’ in Sri Lanka over the past couple of years with the uncertain economic situation. Though the main reason remains unchanged, there are some other reasons such as Increased work pressure in the work...

  Image credit: Pexels (https://images.pexels.com/photos/15467754/pexels-photo-15467754.jpeg?auto=compress&cs=tinysrgb&w=600) Employee Engagement is crucial for any organization to achieve its organizational goals. To productively achieve the goals, you need to have a set of committed employees who drive in the same direction as same as the company. For this reason, companies are nowadays looking for strategies to improve employee engagement for increased productivity.   Requirement of an Employee Engagement Plan   There can be various strategies to improve employee engagement. However, it is important to identify your employees, their concerns, and what can influence them most in the terms of Employee Engagement. An employee engagement plan is a mechanism that organizations develop to define and prioritize their actions for improving employee engagement. It enables recognizing the key factors that influence employee engagement, identifying the employees...

  Image credit : Pexels ( https://images.pexels.com/photos/3184292/pexels-photo-3184292.jpeg?auto=compress&cs=tinysrgb&w=600)   One can trace the roots of the concept back to the early  history of team building , when researcher Elton Mayo discovered that factors such as concern from upper management, more pleasant physical conditions, and social ties with coworkers influenced a worker’s mood and motivations, thus increasing both productivity and  employee retention rates . (Robinson, 2022) However, the phrase ‘Employee Engagement’ was primarily used by William A. Kahn(1990) in his Management Journal article published at Boston University. Kahn(1990) defined personal engagement as   ‘ the harnessing of organization members’ selves to their work roles; in engagement, people employ and express themselves physically, cognitively, and emotionally during role performances’.   Image Link: ( https://rebelsguidetopm.com/wp-content/uploads/2021/04/Co...

                                                                    Photo Credit: Pexels (https://images.pexels.com/photos/4079281/pexels-photo-4079281.jpeg?auto=compress&cs=tinysrgb&w=600) Engaged employees can be considered the to be biggest asset in an Organization. Also, if the majority is disengaged, it will be the biggest cost for the company as well. With the challenging economic situation, Employee Engagement is considered at an all-time low, as resignations are high, and the salary increments and other rewards are very low due to the strict cost management. According to Gallup, employee engagement is on the decline. In 2022, only 32% of full and part-time employees are engaged, with more than 15% actively disengaged. And the ratio of engaged to disengaged employees continues to rise. (Powel, 2023)...