ROI of employee engagement

The Real Deal with ROI of Employee Engagement: Part 2

In Part 1 of this series, we focused on how WeSpire measures the ROI for employees or “users” on our platform and explained the importance of going all in for building employee engagement—dipping your toe into this kind of thing doesn’t work and doesn’t get you the return you need.

We’ve seen a “network effect” when it comes to ROI of employee engagement on implementations like WeSpire and as the number of new users on the platform increases, the program gains momentum.

Left with the question of how to maximize the ROI of employee engagement,  from our experience, there are some tried and true ways to increase the number of users, engagement and ROI at your company:

Lead from the top, again and again

Emails, speeches and videos in which the CEO explains exactly why a platform like WeSpire is foundational to what the company is attempting to accomplish can be extremely powerful. The directness of the message—specifically asking employees to sign up on the platform and become engaged in doing good for the company—has a surprisingly big payoff in terms of ROI. But this has to be done on a regular and ongoing basis, not just once at launch.

Incentives play a big role

Ideally,  it's best to develop intrinsic versus extrinsic value to your programs—but to get the attention of employees, extrinsic rewards are often very helpful. Extrinsic rewards raise awareness and entice people to learn more and take the first step to participating in your program, and therefore help you build momentum. However, once the program has launched, non-tangible incentives that align to the goals of the employee engagement initiative work best to keep an employee active, participating and craving more from your program.

Pride is a powerful tool

When it comes to users, engagement and ROI, competition is a good thing. Reward the super-users with green ID badges, versus the company-standard white, and create a new standard for high achievers. Ignite friendly competition setting up a contest around a specific set of actions for a set period between two departments in your company or create company vs. company challenges between rivals in the same industry. All will produce a big jump in the ROI of employee engagement because you are tapping into the drive to succeed in your employees.

Keep it simple, really...

I’ve sometimes heard from new customers that the challenge of getting employees engaged in something like WeSpire can be daunting. Although it may seem counterintuitive, the simpler the better. Offer a free Starbucks coffee or ice cream on a hot day for signing up on the platform is a powerful win-win. Setting organizational goals for users, engagement and ROI is simple enough. The key is to communicate them out clearly and regularly. Things that are measured have a funny way of improving.

In the end, ROI is dependent on moving away from a “pilot” mentality and making an organizational commitment to employee engagement, to sustainability, to volunteerism, to doing good as a means of doing well. And every CFO has a key role to play in making this business case.

fp-featured-content-imgLearn how you can drive positive impact and measure the ROI of employee engagement programs with WeSpire. Request a demo today.