The focus of engagement strategies in organizations in recent years has been on the remuneration of senior management, particularly the issue of performance-related pay.
But engagement often tackles corporate governance issues more generally, including board structure and employee engagement.
Corporate engagement can be proactive, anticipating problems damaging a company’s long-term profitability and presenting solutions while uniting management teams.
A better level of employee engagement and a strong employer brand is achieved by instilling corporate engagement into the hearts and minds of everyone in the organization.
It may also pave the way for sustainable business development and corporate social innovation.
What is corporate engagement?
First and foremost, corporate engagement begins with employee engagement. Highly engaged employees will become strong brand advocates enabling you to leverage your corporate reputation to a competitive advantage.
Corporate engagement is also defined as how a business engages with its internal and external stakeholders to create value for the enterprise.
Corporate engagement comprises employee and leadership training, engagement programs, and enhancement of company culture.
It also involves discussions with company management and shareholders to change or influence how the organization operates.
Corporate engagement in businesses has come a long way in the last decade. Initially carried out by ‘ethical’ or ‘socially responsible’ management heads, now are also regularly engaged by employees and management teams.
Seven reasons why you need corporate engagement
Here are seven reasons why the implementation of corporate engagement matters and is an absolute must for every company:
1. Promote a deep understanding of corporate culture
Managers who engage with the companies both internally and externally are likely to understand how corporate works with the help of corporate engagement.
If the investors and shareholders have in-depth understanding of the company’s culture, an organization can be more able to make good, long-term investment decisions.
By implementing corporate engagement, investors and shareholders can get a better sense of the quality of the management team.
2. Risk mitigation
Insightful corporate engagement may assist management in recognizing risks and taking preventative measures against them.
Simple things like – running employee focus groups, conducting regular engagement surveys, checkpoints with staff, and having open communication forums can significantly impact employee engagement.
3. Increase customer satisfaction
People who believe in helping customers and feel valued by their company are much more likely to provide a better customer experience.
Managers acquiring corporate engagement take ownership, deliver on their commitments in and outside the organization, and are passionate about satisfying their clients and industry partners.
4. Recognize shareholders
Creating a culture of corporate engagement requires checking in with the management and shareholders.
Corporate engagement ensures that the company’s mission aligns with its long-term profitability goal. Shareholders should feel they can exercise their rights in the company they invested in and have their voices heard.
5. Safe working environment
A safe working environment not only points to being physically safe from injuries but also lets the voice of whole employees in an organization be heard.
Corporate engagement allows an organization to take hold naturally and invites the employees and staff to offer feedback and opinions as things progress.
The more engaged your company is with the whole management, the better the results you’ll see from all engagement and safety efforts in the firm.
Companies with high rates of corporate engagement experience only 48% fewer safety incidents.
A corporate engagement program can result in a lower incidence of workplace accidents and safety and health incidents.
6. Innovation and creativity
Corporate engagement encourage and promotes a culture of innovation and creativity.
Instead of merely going through the motions or performing the bare minimum, engaged management is typically innovative and considers methods to enhance their work.
This innovation and continuous development climate can lead to genuine improvements and fundamental cost-saving ideas that impact the company’s profits.
7. Cause marketing efforts
If your firm is partnering with a non-profit organization, implementing corporate engagement can help streamline your cause marketing efforts.
Here are the benefits of corporate engagement for your organization:
- Employee engagement. Employees will enjoy participating in events and volunteering with non-profit organizations.
- Partnerships. Your organization will be a part of a special privilege to spread your company’s mission of volunteerism (if there’s any) outside your organization.
- Pursue a noble cause. Your company will be recognized for your willingness to help with non-profit organizations and events.
Increase employee motivation through corporate engagement
Motivating staff may be challenging for many corporate leaders. Some view disengaged employees as a hopeless cause.
However, a corporate engagement strategy to increase motivation is essential, as employee ambition and determination are the driving forces behind business success.
Corporate engagement strengthens the mental and emotional connection toward their work because they see the company’s effort to connect with them.
Employee motivation is an employee’s will to do something. With high employee and corporate engagement, workplace productivity surges.
Managers can effectively align initiatives with work by understanding each employee’s ambitions.
Corporate engagement can help leverage consistent feedback and recognition throughout an employee’s tenure to help them grow and feel valued.
Finally, managers who communicate transparently and continuously will boost employees’ connection to their work and, in turn, increase motivation.