Employee engagement initiatives are programs and activities designed to improve employee satisfaction, motivation, and performance. 

They can take many forms, including:

• Team-building events
• Mentorship opportunities
• Training and development programs
• Skill-based volunteering programs
• Recognition and reward programs
• Wellness initiatives 

When an organization lacks quality employee engagement focused programs, the business suffers. A disengaged employee costs an organization approximately $3,400 for every $10,000 in annual salary, and disengaged employees take $350 billion per year from the American economy due to lost productivity. Furthermore, a lack of employee engagement initiatives can lead to higher turnover rates, lower customer satisfaction, and decreased profitability. 

Organizations that are prioritizing employee engagement reap the benefits of eager, motivated employees excited about their roles and organizational opportunities. Employees who are actively engaged are less likely to be actively looking or open to a new job opportunity. In fact, low engagement teams typically endure turnover rates that are 18% to 43% higher than highly engaged teams. Engaged employees are more likely to provide high-quality customer service, resulting in positive experiences for customers. According to a study by Temkin Group, companies with highly engaged employees have a 10% higher customer satisfaction rating than companies with disengaged employees, leading to more positive customer and employee interactions, thus, better business outcomes.

As companies are recognizing the immense, long term value that quality employee engagement focused programs can have on overall business performance and development –they are seeing results. A study by Aon Hewitt found that companies with high levels of employee engagement had a 22% higher profitability and a 21% higher productivity compared to companies with low levels of engagement. Engaged employees have been found to have 41% lower absenteeism and use 37% fewer sick days than disengaged employees, resulting in an estimated $28 billion in savings for US employers per year. 

Strategic and future thinking Fortune 1000 companies are investing in employee engagement through various types of programming and initiatives. 

Some examples include: 

Professional development and training: Companies like IBM and Walmart have implemented employee training programs that offer certifications and skill development opportunities to improve employee engagement and retention.

Flexible work arrangements: Organizations like Salesforce and Cisco offer flexible work arrangements such as remote work options and flexible scheduling to promote work-life balance and increase employee satisfaction.

Benefits packages: Companies like Google and Microsoft offer comprehensive benefits packages that prioritize employee wellness, including on-site fitness centers, health care services, and mental health support.

High impact volunteerism and mentorship experiences: With their goal to upskill 25,000+ Black and LatinX Students, PwC is partnering with Paragon One, a team out of MIT,  to help traditionally excluded students holistically improve their skills and prepare for their future careers. The partnership allows PwC project leads to directly connect, engage, and mentor students. Students receive digital and career readiness training, upskilling, and mentorship. PwC saved up to 58% on their CSR learning initiative budget and served 2X the students through Paragon One's Externship program.

“One of our most successful programs to date, with more than 1,000 students in its first year, is a remote, consulting externship offered through Paragon One. Our goal is to go deep and to provide students from under-represented groups with an equal opportunity to compete and succeed.” - PwC FY22 Purpose and Inclusion Report

Paragon One facilitates the Externship, a new form of CSR-focused programming through work-based learning experiences for Gen Z diverse students and Fortune 1000 companies. 

The Paragon One Externship provides the opportunity to engage your organization’s team in the learning experiences through intentional skills-based volunteering and mentorship. According to Deloitte, employees who participate in volunteer activities are more likely to be satisfied with their jobs and committed to their organizations. Additionally, employees who have participated in skilled-based volunteering were 20% more likely to feel a stronger connection to their employer. A study by UnitedHealth Group found that 76% of employees who volunteered through their workplace reported feeling better about their employer, and 63% reported feeling better about their job.

Fortune 1000 companies are increasingly recognizing the importance of dedicating  part of their budget into employee engagement programs. These initiatives not only help to improve employee satisfaction, motivation, and performance, but also can have a positive impact on the bottom line. By investing in these initiatives, companies can demonstrate their commitment to their stakeholders, employees, and the general public. 

Explore the Next Era of Employee Engagement

To discuss how your employee engagement priorities could be transformed through the Externship, talk to us. 

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