Leading research and experience management firm Sogolytics has released an original study examining key factors impacting employee engagement and retention, two major issues impacting businesses today.
As current economic conditions are forcing many organizations to reevaluate their budgets and financial incentive programs, understanding these factors was the key driver behind this study. Few businesses can afford to compete on salary alone, but the good news behind the research findings is that salary is not the only variable driving employees’ decisions whether to stay or to go.
With the understanding that employee engagement data varies significantly by employer and industry, this cross-sectional study collected data from over 1,000 Americans in January 2024, with an age-range distribution balanced to reflect the most recent (2020) US Census.
A few key highlights:
- 28% of employees report a sense of disengagement
- Employees who find a purpose in their work are 37% more engaged
- Employees who find a purpose in their work are 74% more likely to stay loyal to their employer
- 39% of ‘Extremely engaged’ employees are ‘Very likely’ to leave within six months
