Gallup reports, “Currently, 36% of U.S. employees are engaged in their work and workplace – which matches Gallup’s composite percentage of engaged employees in 2020. Globally, 20% of employees are engaged at work.”
Research has revealed that higher employee engagement rates can translate to an increase in customer loyalty, decrease in turnover rates, increase in employee productivity, and increase profits. Consequently, disengaged employees report feeling detached from their work while exploring other employment opportunities. Disengaged employees also might be costing U.S. companies up to $550 billion dollars a year. With employee engagement directly influencing company performance, is it time to prioritize efforts to increase engagement rates?
Additionally, providing employees with systems and resources that make it easier for them to fulfill their responsibilities can also help employees become more engaged.
During compensation reviews, it is imperative for managers to recognize top performers while ensuring that they are being compensated appropriately for their contributions. Unfortunately, spreadsheets and rigid compensation software modules complicate the process for managers, which can negatively impact the compensation reviews and decrease employee engagement.
SimplyMerit is a cloud-based compensation planning software that can be accessed by leaders and managers to submit merit, bonus, and equity recommendations that are based on data.
SimplyMerit can provide managers with access to previous adjustment amounts and past performance reviews to improve the process for an organization’s compensation cycles. Additionally, SimplyMerit offers transparent updates to managers so they have a better understanding of the compensation review process.
G2 has recognized SimplyMerit for “Easiest Setup,” “Easiest Admin,” “Easiest to Use,” “Users Most Likely to Recommend,” “Best Support,” and “Best Estimated ROI.” Are you ready to eliminate “spook” from your merit, bonus, and equity cycles? Now is an excellent time to set up a 1×1 demo with the SimplyMerit team.