A shift is happening in the world of talent management.
We are seeing the longtime coveted term of employee “wellness” fade into the sunset, which might bring a tear to some HR Director’s eyes.
But, before you grab the tissues, I am happy to say that it is being rapidly succeeded by something much bigger- the employee experience, which encompasses employee engagement and a focus on holistic wellbeing. And we aren’t talking about adding ping-pong tables, trendy office décor and a kegerator. The employee experience goes beyond the superficial “stuff” and digs deep into the employee-employer relationship.
If you think this is fluff that doesn’t impact your business—think again. Not only does a disengaged employee lower the office morale, but they can also cost an organization $3,400 for every $10,000 of salary. While over 3/4 of the workplace feels “disengaged,” every organization is at risk for this financial loss.
So, what can you do about it? Start focusing on your employees as a whole—not just on the wellness side of things.
4 ways an employee experience strategy can transform your business (and your bottom line):
An engaged workforce creates happy customers.
When you have employees who feel engaged at work, they are generally more positive and that positivity will reflect on your customers’ experience.
Compare a few memorable customer experiences that you have had. Have you ever done business with someone who was smiling and genuinely a happy human being? How about an interaction with an employee who you could tell was not happy with their job? It makes a big difference in the way you feel as a consumer. Your customers can feel the difference from your employee engagement too!
An engaged workforce is more profitable.
Engaged employees go above and beyond. As a matter of fact, highly engaged workforces show 21% more profitability. They retain more loyal customers, they sell more business, and they generally perform better. Top performing organizations make employee engagement a priority and a focus within their businesses.
An engaged workforce is healthier and safer.
Employee engagement means refocusing on the wellbeing of the workforce, whether that means creating ways for better work/life balance, mental health initiatives, community engagement, and even a focus on the physical environment. Organizations that embrace wellbeing as part of their overall employee engagement strategy experience fewer safety issues and have employees that are much more balanced in and outside of work. According to a report by the American Psychological Association, 89% of employees at companies that support their wellbeing are more likely to recommend their company as a good place to work. Imagine that: engaged, healthy employees can actually aid in recruiting talent!
An engaged workforce is more present.
Studies show that the higher the engagement of the workforce, the lower the absenteeism. Engaged employees enjoy being at work and aren’t out looking for their next gig. Would your employees leave for a 10% raise? A recent Tinypulse report showed that 43% of people would, but that culture and engagement are the most important factors in choosing to stay.
So, are you ready to get in the game?
Wondering where to begin? Start with your managers. A recent Gallup study showed that managers account for 70% of the variance in team engagement. The employee-manager relationship is extremely impactful and can completely transform career satisfaction. Employees want more direction, clear roles and responsibilities, and transparency from their management team.
Engaged employees also need to feel challenged in their work. Creating a stable environment in which employees can take on stretch goals and tackle big assignments is essential, but what is even more important is recognizing their successes when they happen. Simple things like a shout-out, or an employee award program can go a long way.
Lastly, as with any initiative, it is important to measure and document your progress. Find a way for employees to rank their engagement level on a monthly or even weekly basis. Try a sticker chart for employees to place stickers from 1 to 10 on a scale, or if you are remote, you can create an anonymous poll. That way, over time, you can see how your efforts pay off!
If you take anything away from this blog post at all—know this: wellness alone will not magically make your workforce fully engaged. By implementing an employee experience strategy, you’re not only impacting your workforce for the better—but your bottom line as well.