What Is Employee Experience & Why Is It Important in 2021?
Employee Experience in 2021
Employee Experience(EX) matters just as much as your CX. Yet, ask brands about their Employee experience strategies and most of them would come empty-handed. Ever since the COVID 19 pandemic raged across the globe, brands switched to finding new solutions to ensure that the work doesn’t stop.
While lucky ones got to work from home, some were faced with the task of doing their job as the fear of pandemic loomed over their head. To add to the woes of employees going through uncertain times, isolation turned out to be the biggest enemy for the ones working remotely from their homes. All these factors, when combined from an employee’s perspective, it seems terrible. Yet many brands made sure that the experience of working in the pandemic is not of dread but a new challenge or an opportunity to serve others.
How is that possible? How come some brands always keep their employees motivated while some brands are always looking for new employees. Why is it that some companies never look to reduce their workforce while some employers find their employee turnover at a new low, every quarter?
The differentiating factor between the two brands is their employee experience strategy. A holistic EX journey can not only ensure employee loyalty but it has been proven that a good EX means good CX, which in turn means good business.
What Does Employee Experience Mean?
EX encompasses the entire employee journey, right from onboarding to the employee leaving the company. It includes every milestone and touchpoints an employee goes through in his/her tenure.
Why Is EX So Important?
As per a study by Deloitte, 80% of executives believe that Employee experience is important for a company. However, out of them, only 20% feel that the EX of their company is good enough. There have been numerous studies that suggest that good EX has a direct impact on the company’s success, higher ROI, better growth numbers and improvement in their CX. Let’s check out point by point, how EX is important and how you can improve the employee experience in your organization.
Low Employee Turnover
A good EX ensures that your employee would want to continue working for you for a longer period. Companies that offer a fulfilling employee experience see low employee turnover.
Statistically, as per IBM’s report, around 21% of employees would look for a job change while working for a company with good EX, nearly half of respondents think of switching while working in a company with the below-par employee experience.
Good Employee Experience = Better Work Performance
If your employee feels valued and part of the company’s growth, he/she would work extra hard to continue the company’s success. A happy employee is more productive than their counterparts. In Harvard Business Review, it was stated that companies with good employee experience strategy have fewer leaders as compared to companies with laggard EX. This proves that a good employee experience journey can make your employees work efficiently without any supervision.
Employees Are Your Biggest CX Ambassadors
Your employees are your first responders and while strategies are made in meeting rooms, your employees are the ones implementing them. An employee who feels part of the process is more likely to invest in the CX of the brand as compared to the employees working at brands with laggard EX. So, if you, as a brand, hope to achieve new heights with your CX, the safest bet is to ensure that your employee experience is equally strong.
Increase Your Revenue & Profits
As per a Gallup report, around $450 billion every year is wasted because of employees being disengaged in their workplace. This staggering number is proof enough that EX should be a brand’s biggest priority. Having a digital employee experience even in COVID 19 times seems to be the most reasonable thing to do right now. With better experience for the employees, you can be assured that your profit margins and your revenue will surely go up.
Increased Employee Engagement
Businesses spend millions of dollars every year to ensure employee engagement. The most relied method is employee engagement surveys. Despite the huge investment, the return is minimal for the companies. However, with a good employee experience, you are bound to get better employee engagement.
This is not just limited to your quarterly or annual employee engagement surveys but also to the everyday functioning of the team. Companies with better EX programmes see more innovative ideas from their employees.
If you wish to succeed as a brand or business, you need to make EX a part of your operation. As much as you focus on growing your CX, you would need to dedicate your time and effort to your Employee Experience Programmes too.
Looking for an Employee Experience Platform? Contact Survey2Connect and find solutions to your EX woes.
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