An $8.8 Trillion Wake-Up Call

Gallup's State of the Global Workplace 2023 Report landed in my inbox in June. The 95-page report is packed with valuable insights into the colleague experience around the world. Here are my top takeaways:

Change the Way People are Managed

The report highlights that low engagement costs the global economy a staggering $8.8 trillion—that’s 9% of the entire planet’s gross domestic product. But it’s not all doom and gloom—it provides solutions, too. In this case, it’s effective management.

The manager-employee relationship plays a vital role in engagement and performance with the report suggesting that “managers are the linchpin of engagement.”

Gallup says 70% of team engagement is attributable to the manager. By providing science-based coaching training to managers, organizations can enjoy a significant boost in employee and team engagement, leading to higher productivity and success.

Focus on Winnable Employees

Nearly six in 10 employees are "quietly quitting"—I know, the buzzword of 2022 is back. But there is some truth to this. Whatever you call it—disengagement or quiet quitting—people doing the minimum is never good for the bottom line.

But Gallup says that a few workplace changes can see these "winnable" employees become engaged and contribute significantly to the firm’s success.

Identifying and focusing on these winnable employees is a crucial starting point for leaders.

Employee Stress and Wellbeing

While the world has recovered from the worst of the pandemic, employee stress remains at a record high.

Global worker stress has serious implications for productivity and performance. Addressing wellbeing concerns and improving engagement should be a top priority for leaders and managers as they navigate an uncertain economic outlook.

The Power of Engagement

Engagement matters more than ever. Engaged employees are more likely to thrive at work, take ownership of their performance, and contribute to a positive organizational culture.

By fostering engagement, leaders create a “moat of protection” around their employees and drive organic business growth.

Check out the report for free on the Gallup website.