According to a recent study, organizations which invest in enhancing their employee experience have a 1.5 times greater employee growth rate than companies that do not spend in improving their employee experience.
According to Harvard Business Review research - Employee pay, average revenue, average profit, average revenue per employee, and average profit per employee are all greater in organizations that invest in employee experience than those that do not invest.
But here's the catch: most firms, particularly startups and SMEs, avoid employee engagement as a cost-cutting tactic in favor of focusing on revenue generation. Though there's nothing wrong with this strategy, it frequently backfires, reverting enterprises to their original state.
Employees want to be treated as growth partners when they join an organization, and they want their strengths and unique skills to be exploited to achieve common goals. When this happens, individuals are more likely to form emotional bonds with the organization and give their all in terms of productivity and results, rather than working solely to go home and collect their paychecks.
In accordance with these reasons, employee engagement is considered key to a business’s success. Here are some of the important reasons that define why should you care about employee experience:-
You're up against qualified candidates, including those who already work for you
Let's face it: there are a lot of job openings out there, and there's always a shortage of qualified candidates to fill them. Companies will do anything to entice employees to change their loyalties. Recruiters may be approaching your best achievers right now, attempting to persuade them to switch sides.
And how can you prevent this from happening?
It's simple: you create an engaging environment for your employees, making them feel more connected to you and making them think twice about joining another company, even if the money is higher.
Of course, you'll need to collect employee feedback and experience data, as well as develop an effective employee engagement strategy, but your efforts will be rewarded in the end. It's usually preferable to keep your present staff rather than lose them to competition, as this is the worst-case scenario for a company.
Your staff is crucial for the success of your company
It's no secret that as an employer, you lay the groundwork for your company. You might even be in charge of bringing in all of the money. However, you cannot deny that your employees are the driving force behind your company's growth and success.
So, if you don't make every employee feel like they're all working toward the same objective with the same vision, you can be progressively pushing them away. So, start now by learning how your employees feel about working for you and what you can do to improve the employee experience during their time with you. Again, an experience management system can be extremely beneficial in this regard.
Your coworkers are also making an investment in you
Employers have been known to treat their employees as though they were doing them a favor by hiring them. But today there is no scarcity of jobs on the market today, and employees have a variety of possibilities. As a result, the approach of "feeling fortunate to have a job" is no longer valid.
Employees now have the upper hand, and they are the ones who will devote time and effort to your company. And when they do so much, it's critical that they have a positive experience working with you. Failure to do so will have a negative impact on them, prompting them to seek out another opportunity, most likely with the purpose of causing major financial loss to your company. Best practices have been implemented by companies such as Google to improve employee experiences. By focusing on one essential component — transparency — Google was able to break down boundaries, encourage creativity, and collaboration. Transparency allows their staff to feel empowered.
While successful firms have begun to recognize the value of employee experience, startups and small businesses must still determine how the experience they deliver to their employees impacts their growth and success. And once they've done that, they'd be wise to pay close attention to employee engagement.
Consider using Dropthought to gather employee feedback, experience, and more if you want to know how they felt while working for your company.
To learn more, click here.