Updated: Jan 20
Today, many employees leave their bosses, not just because of poor remuneration, discrimination, or poor labor and DEI policies, but also because of poor employee experience. According to a report by The Engagement Institute, disengaged employees cost organizations an estimated $450-$550 billion each year in the United States alone. This means that companies that hope to reduce turnover and improve productivity will need to shift their focus a little more towards employee experience.
The employee experience is a concept that has rapidly transitioned from being a buzzword into an ideology or strategy that is at the center of core HR programs like improving employee retention and job satisfaction. The employee experience is at the core of many strategies used by organizations looking to improve their employee-HR relationship.
In his book, The Employee Experience Advantage, Jacob Morgan explained that organizations that invest in employee experience are more productive, valuable, attractive, innovative, profitable, and have superior market performance than those that don’t. Studies and surveys have shown that the productivity of any organization is proportional to the degree that the company can create an enjoyable employee experience throughout the lifetime of its relationship with its employees.
From the moment a job seeker looks at your job posting to the point they appear for an interview with your recruitment team, there are many opportunities to deliver the best impression about your company to them. Today, most applicants consider how adapted the culture, systems, and processes of any organization are to their comfort and job satisfaction before settling for an offer, regardless of the pay.
What is Employee Experience?
Employee experiences encompass every interaction an employee has with an organization, as well as the employee’s perception of the organization throughout their journey in the company. This generally involves how employees feel about what they encounter and observe at every touchpoint in the company where they work throughout their journey in the company.
The employee experience captures employees’ encounters and how they feel about their workspace, organizational processes, and work tools and systems. It is the degree to which an organization’s systems and HR processes are optimized to enable employees to do their work effectively.
In other words, companies that have a great employee experience provide efficient software systems and optimized HR processes, starting from smart recruitments and interviews to seamless onboarding, training and development, and employee performance management.
According to Jacob Morgan’s research, three essential ingredients make for a great employee experience:
In our eBook, What Makes for a Great Employee Experience (EX)? A Comprehensive Overview of EX and Best Practices, we dived into deeper details on how these factors/ingredients impact employee experience in every organization. We also discussed the essential stages of the employee experience as well as the evolution of the employee experience.
In an in-depth analysis of the business performance of more than 250 global companies, Jacob Morgan realized that those that scored highest in technology, culture, and physical workspace recorded significant financial returns. These companies had 4X higher average profits, 2X higher average revenues, 40% lower turnover, and 24% smaller headcount. This eBook also shares elaborate information on the business impact of employee experience, why companies need to pay attention to it, and best practices to help employers improve employee experience in their organization.
Click here to download this eBook to get the ultimate guide to employee experience, and you can be well on your way to improving your business results with a better employee experience.
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