Employee engagement is the holy grail of a successful business. Engaged employees are committed, enthusiastic, and loyal, and they go above and beyond in their work. They feel a sense of ownership over their work, and they are emotionally invested in the success of your company. Engaged employees are not only happier and more fulfilled, but they also contribute significantly to the financial success of their company.However, a survey by Gallup found that just 9% of South African employees feel actively engaged with their job and less than 20% feel supported in their career development. As a manager, it's essential to recognise the financial benefits of having employees who are aligned to the goals of your organisation. These members of your team are more productive, more efficient and more effective. They are better at problem-solving and more innovative, all of which leads to better business outcomes. But in today’s sales and data-driven world, we can sometimes overlook these intangibles and forget how important they are. Below are some of the financial benefits of having engaged employees who are aligned to the goals and mission of your business.Increased ProductivityEngaged employees are more productive than disengaged employees. According to research by Gallup, engaged employees are 17% more productive than those who are not engaged with their work. This increased productivity translates into a better bottom line for the company over time because these team members are more focused, committed and motivated, and they are willing to put in extra effort to achieve their goals.Reduced TurnoverHigh employee turnover is costly for a company. Estimates show that you can spend up to twice an employee's salary just on the process of replacing them. Engaged employees are less likely to leave their jobs, reducing turnover and all the associated costs. When your team feels connected to their work, their colleagues and your company, they are less likely to seek other employment opportunities. Not only does this reduced turnover save your company money, but improves your overall stability.Improved Customer SatisfactionEmployees who are engaged with their work are more likely to provide excellent customer service to your clients. Because they are invested in their work and your company, they take pride in the services they provide. When employees are engaged, they go above and beyond to meet your customers’ needs, which helps you not only retain your existing clients but also motivates them to refer you to other potential customers. This is yet another intangible benefit of an engaged workforce that can drive new revenue.Higher ProfitabilityEngaged employees contribute significantly to a company's profitability. Research shows that companies with engaged employees have 21% higher profitability than those without engaged employees. Engaged employees are more efficient and effective, which leads to higher productivity and lower costs. They are also more likely to identify opportunities for growth and innovation, leading to increased revenue.Lower AbsenteeismAbsenteeism can be a significant cost for a company. When employees are absent, it can lead to lost productivity, missed deadlines, and reduced customer satisfaction. Engaged employees are less likely to be absent from work. They are committed to their work and their colleagues, and they take pride in their attendance and punctuality. This reduced absenteeism leads to increased productivity, better outcomes, and ultimately, better financial results.How to Increase Employee EngagementInvesting in employee wellbeing programmes, employee rewards, employee benefits plans, and other aligned perks can make a team feel valued, and an employee who feels valued is going to feel like they are part of something bigger. Engaged employees feel like your company’s mission is their mission too. To motivate your team to feel more engaged with your organisational goals, here are some strategies to consider.Offer a Competitive Benefits PackageA competitive benefits package is one of the best ways to drive employee engagement. Employees need to feel valued and appreciated, and a competitive salary and employee benefits package is a strong way to demonstrate this. Offering a comprehensive benefits package, such as Lump Sum Disability cover, Group Life Insurance and Group Income Protection, is an effective way to attract and retain talent.YuLife has revolutionised the way employee benefits are provided by prioritising prevention. With YuLife, your company won’t just help its employees prepare for the worst, but also actively work towards improving their wellbeing now - mental, physical and financial.This is achieved through the YuLife employee app – an app that provides all employees easy access to all of your employee benefits, and is designed like a game, to reward simple daily activities including walking, cycling and meditation tasks, which they can engage in.Through friendly competition on the app's leaderboards, your employees are motivated to complete these challenges, and they receive employee rewards in the form of our digital currency, YuCoin, which can be used for shopping, donations to charity or even environmental projects.YuLife has garnered significant success with this approach, with 96% of employees from organisations valuing YuLife as their top employee benefit, and 98% recommending it to other employers. YuLife’s programme has created a sense of community and teamwork in the organisations that have adopted it, leading to healthier lifestyles and better mental health outcomes, ultimately reducing overall risk.In fact, in a study commissioned with Forrester Consulting, we found that brands that provided YuLife's employee benefits insurance and platform to their teams, saw rates of absenteeism reduce by more than 11%, employee turnover fall by nearly 3%, and productivity increased by 2.5%. And employees' use of their benefits more than doubled, thanks to the gamified nature of the app. Provide Opportunities for Growth and DevelopmentEmployees want to feel that they have opportunities for growth and development within their company. Providing training and development opportunities, career advancement and mentoring programmes are effective ways to help your team engage more with their work. These opportunities demonstrate that the company is invested in its employees' success and provides a clear path for career advancement.Recognise and Reward Employee AchievementsRecognising – and rewarding - employee achievements is crucial for any manager because it shows your team that their work is valued and appreciated. This can include incentives, bonuses, promotions or even something as simple as organising a team lunch on a Friday. Regularly recognising the achievements of your team is guaranteed to boost morale and increase your team’s motivation.The facts are clear: empowering your team with a package of benefits that they actually value, providing them opportunities to grow, and rewarding their achievements will help your staff feel more motivated. And the more motivated they are, the more productive and efficient they will be in pursuing your common goal.Find out more about YuLife Group Insurance plans.