Nothing says “new beginnings” like springtime! Flowers are blooming, birds are chirping, and the smell of freshly cut grass fills the air. The possibilities are endless!
The best way to improve employee engagement is through employee engagement surveys and a dynamic recognition platform. If done correctly, these two tools will take your organization to heights you’ve only dreamed of!
Last month, the Sparck team shared the steps you need to take to get started with an employee recognition program. This month, we wanted to take a deeper dive into the first step because without Executive Buy-In, initiatives fall flat.
Since springtime brings new opportunities and new perspectives, it’s time to start fresh with an approach that we know will work to get you the executive commitment you need to be successful!
Plant the Seed and Share Your Plan
Gaining buy-in from your Executive team is the first step. This is exciting! You get to usher your organization into a new age of employee recognition and appreciation. It's crucial to intentionally and effectively share this vision and the financial savings just waiting to be picked.
Water with the "Why"
The perfect way to demonstrate the “Why” is with Sparck’s ROI Analysis. It clearly shows the correlation between HR initiatives and the company’s bottom line to secure the buy-in you need. The numbers don’t lie, and the financial benefits will truly capture their attention.
And guess what?! The ROI Analysis isn’t just used for an organizational strategy. It can also be used to evaluate different departments and teams to see how an increase in employee engagement can impact their business performance. The opportunities are vast when it comes to engagement and should touch every part of your organization to bring the impact to life.
So, ready for a crash course introduction to the ROI Analysis?
Nurture the Return on Investment
Did you know that 90% of leaders think an engagement strategy has an impact on business success, but only 25% of them actually have a strategy? This is precisely why we developed the ROI Analysis.
We recognized we needed help move the needle and equip HR leaders with the tools and data they need to launch their programs. The ROI Analysis is meant to initiate the conversation and show the financial upsides specific to your organization, then help move these strategies forward! To “Spring” into action, if you will. Okay, that’s our last springtime reference for now.
We’ve found that executives like to see the alignment between HR’s strategic position and organizational outcomes before committing to any decisions, and rightfully so! Lucky for you, our ROI Analysis will help you show the bottom line impact in just four numbers.
Intrigued? Read on for a closer look at the ROI Analysis!
A Closer Look at the Potential
Now that you know “Why” the ROI Analysis was created and how you can use it to get the ball rolling, let’s take a closer look at what is included in the Analysis. The download provides a full solution and includes the Sparck Engagement Calculator to ensure you efficiently present the results to achieve your engagement goals.
The Sparck Calculator is a working spreadsheet that provides all of the financials needed to complete the ROI Analysis and easily present the data. The Calculator is a pivotal component of the ROI Analysis and completes all of the calculations for you.
Easy peasy, right?
The calculator has orange and blue boxes and all you need to do is customize the orange box at the top with company-specific revenue, the number of employees, average salary, and turnover rate. Once you do, the blue boxes automatically populate.
Next, let’s look at the different parts of this tool.
Pull the Weeds with Company Projections
First, the ROI Analysis covers Company Projections. This focuses on three areas where you can see the largest financial savings with increased engagement.
- Revenue - Engaged employees are more productive, which makes the company more profitable. Highly engaged employees produce 26% higher revenue!
- Absenteeism - This is simple; engaged employees take less time off of work! In fact, organizations with highly engaged employees see a 41% reduction in absenteeism.
- Turnover - Employees that are fully engaged are committed to your organization; they’re not updating their resumes or trying to find the next opportunity. These individuals are 87% less likely to quit their jobs!
Pretty simple, right? We wanted you to be able to show a full breakdown in a simple, concise way.
Maximize Growth with Company Solutions
The second part of the ROI Analysis covers Company Solutions. This is important, once you share what’s possible you need to be able to present a solution to capture the financial opportunity. This section introduces the most effective engagement strategies to reap the financial benefits highlighted in the Company Projections you just covered - an employee engagement survey and a recognition program. It recommends business expenses and a comparative pricing list to put the investment into perspective. Here’s an overview of each of the areas in this portion:
- Estimated Reward Budget - This budget is for your employee rewards; having this in place is very helpful. If you don’t have a specific budget, no worries! We provide a recommendation based on national averages according to your headcount and salary data.
- Estimated Disengagement - This represents the amount of money lost in employee productivity due to disengagement. It’s important to get a specific benchmark with an employee engagement survey. We’ve got you covered if you don’t have a current benchmark. Check out our Free #BeHeard Report.
Where to Go From Here
The Sparck team and I are so excited for you to start this journey to gain executive buy-in with style. It will inevitably help you put your initiatives into action and elevate employee engagement in your organization. 
