Have you ever found yourself excited to start a new job, but quickly realizing it's not how you imagined it? Most companies nowadays work really hard to ensure a positive and engaging microclimate within and so do we! We're happy to see that our efforts have positive results, as our team has recently reached an employee engagement record. And while we'd like to pat ourselves on the back for a job well done, it turns out that this is as much of a win for the managers as it is for the rest of the team.
What is employee engagement and why do we need it?
Kevin Kruse, CEO of LEADx, NYT bestselling author and Forbes contributor, defines engagement as the emotional commitment the employee has to the organization and its goals. Meaning that instead of working towards the next paycheck, engaged employees actually work on behalf of the organization's goals. For example, you volunteer to help out with a project, or you offer to double-check your coworkers calculations, just so the final estimate comes out right and everyone's a winner. Engaged employees are more productive, thus creating better products/services, which then leads to higher customer satisfaction, increased sales and so on. So, having read this you're probably thinking – duh! – why wouldn't a company want a team of dedicated overachievers!? But as it turns out, we kind of want to be them.
According to a recent LinkedIn survey, 59% of European respondents stated that they would not work for an organization that does not share their values, and 55% reported that even a pay increase would not change their minds. So there you have it. “We see that it's not only about the great paycheck, benefits and pizza fridays,” Balcia board member Laura Krastiņa shares. “People are looking for jobs, in which they find purpose, where they see themselves as part of the greater goal a given organization is facilitating.” she continues.
Feeling disengaged? Participate!
Rob Base & DJ E-Z Rock once said that it takes two to make a thing go right. So while you might think that if you just look really hard, you'll eventually find an organization that will engage you in a way you've always imagined, you're only half right. Yes, you should look for a company that encompasses the same goals and ideals you personally value, but there's a key factor here – you have to be a part of it!
Laura Krastiņa notes that to management it can be very disheartening to see when employee engagement efforts go unnoticed, as it's done for everyone's benefit. “Does your manager organize monthly meetings to pitch ideas about future developments? Share! Did your HR team spend two months planning a fun company retreat? Show up! Is your organization participating in a green initiative? Recycle! Remember, while no one will blame you for not joining in, you can't blame your employer for not giving you the opportunity.” she shares.
This is why we're especially happy to see that Balcia employees see their work here more than just a job.
Balcia reaches its historically highest employee engagement rate
We're happy to say that Balcia has recently reached its highest employee engagement rate thus far. From 80% 2023 to 87% in 2024, Balcia's engagement scores (along with our eNPS scores) are steadily rising, and we hope this is only the beginning. There are many things organizations can do to keep their employees interested and here's what we have to offer.
More employee autonomy
At Balcia, one of our main priorities is our team and the fact that we can grow bigger and better together. To ensure this, we have built our organization as a horizontal structural hierarchy. In simple terms, it means we operate with fewer managers and more same-level (niche) specialists, who have the freedom to make judgment calls often deferred to managers.
As pointed out by our board member Laura Krastiņa: “We have great trust and confidence in our team. Employees are constantly encouraged to work more independently, communicate and generate ideas between themselves. They are free to work towards the general company objectives as opposed to simply executing given tasks.”
Intertwined goals
At Balcia we've integrated an Objective and Key Results (OKR) bonus system, where we align each employee's personal goals with company objectives. In practice this means that anyone can establish quarterly goals in the form of a smaller stepping stone towards a common goal. If achieved, these goals result in both team victories and encouraging bonuses!
Opportunities for self-development
Balcia not only offers different lectures and training opportunities for the staff, but because of its horizontal structure, provides an excellent setting to learn from one another. Balcia is an insurtech company, meaning that we employ not only insurance specialists, but also programmers, economists, marketers, salesmen, and many others. And whenever you feel like your project needs that extra boost, there's a colleague there to help. In time, you can't help but pick up a thing or two!
As we like to say – within Balcia, you not only have the opportunity to grow vertically, but also horizontally. Instead of becoming a mid-level manager, you can become a multi-faceted specialist. How cool is that!?
We have fun!
According to our latest survey, the top three things employees value the most are the exciting challenges, open communication and fun. Yeap, you read that right. The easy-going, fun-loving atmosphere doesn't stop at the billboards. It is one of our unique values that attracts and engages employees on a daily basis.
Just recently our team took part in career day at the Stockholm School of Economics in Riga, Techchill, Latitude59 and Login. Who got to participate? The colleagues that showed interest in doing so! Not the marketing department or the managers, but the team members, who took a chance to make their work that day just a bit more exciting!
And there you have it! We're always looking for like-minded people to share in our journey. If this seems like your type of environment, don't forget to stop by our vacancy page and check our jobs in insurance for a potential match! If you give it your all, we promise that work in insurance can be fun!
