Businesses have become passionately customer-centric in a bid to improve the bottom line. Therefore, all their resources and assets are geared towards expanding the customer base and retaining the existing ones. Along with this, organizations have increasingly recognized that employees are the ones that are driving this customer experience. Hence, employee experience is equally important for a company.
HOW TO TACKLE EMPLOYEE EXPERIENCE?
Employee experience or EX is what people encounter and observe throughout their tenure at an organization. Yet, as critical as employees are to an organization’s ability to navigate disruption, transformation, and economic uncertainty, research from Deloitte shows that only 9% of business leaders believe they are ready to address the issue.
Employee experience and its relationship with engagement and performance is critical to business success. When organizations get employee experience right, they can achieve twice the customer satisfaction and innovation and generate 25% higher profits compared to those that do not.
Research has shown that employee experience is rated high among executives. Here are a few features that have an impact on employee experience or EX.
Employee Engagement forms a vital part of the employee experience. It affects a company’s productivity and turnover. Thus, many organizations actively pursue policies that measure how much time, intellect and energy an employee is ready to give his work and job. If a worker is fully connected to what he is doing, then the outcomes are good too.
Most employees do a thorough review of any company they join. Sites like Glassdoor are the staple for any potential recruit to find out more about a company. This is why having a strong employee experience is critical. Without one, your negative reviews may chase away potential talent for your organization.
Research found that around 10% of people leave within six months of starting a new job. A proper introduction into an organization, through processes like employee onboarding, can make a huge difference with regard to an employee’s desire to stay, their productivity, and their perception of the company culture.
An analysis of over 250 global organizations found that companies that scored highest on employee experience benchmarks made four times higher profits, two times higher average revenues, and 40 percent lower turnover than those that didn’t.
Companies need to invest in how employees perceive their experience with the organization. Right from the recruitment process to onboarding to orientation and then the tenure, all have to be handled such that a worker never feels shortchanged in his job.
There are four important ingredients of a holistic EX:
- Clear philosophy (recruitment and retention)
- Supportive culture (feedback, engagement)
- Articulated accountability ( freedom to work and responsibility)
- Aligned measurement (matching of goals)
The recruitment process should be transparent, prompt and concise. Even if a candidate does not join your organization, his experience with your company should be such that s/he becomes an advocate for your company’s culture.
As one becomes a part of your organization, the employee engagement with their experience should not end. Hold regular feedback sessions and in-house anonymous surveys to find out the gaps in the company’s culture and processes.
The survey results and feedback can reveal what you as an employer might do better, think about differently, or continue pursuing.
A strong employee experience is a powerful investment both for an organization and its employees. The benefits are many, such as a wider talent pool, improved retention, and increased revenue. Most importantly, it ensures a successful work journey for the employees within your organization, and even beyond.