Employee Experience or EX for short has been the talk of the town for a while now, with institutions like IBM, Harvard Business Review, and MIT publishing study after study on the impact a good Employee Experience has on businesses.
Most research has found a consistent measurable correlation between EX, customer experience, turnover, and ROI. In fact, in May of this year, PwC announced it was investing $2.4 Billion to improve its people experience.
But, if this is the first time you’ve heard about employee experience, or you’re just beginning to try to understand the playing field, it can be overwhelming to read through the mass of information available at your fingertips.
Allow us to break it down for you.
Why should you invest in Employee Experience?
Below are 7 of the many outcomes a good EX has, and why so many leaders vouch for it.
Lower The Stress. Better The Performance
Some people perform very well under pressure. But when the pressure comes from multiple directions, builds on, and morphs from a one-off isolated situation to a consistent way of life, even the strongest warriors will falter. A once-upward graph of productivity and performance will invert.
A good EX eliminates this possibility by creating the space for conversation and giving employees the platform and opportunity to talk about and work towards eliminating long-time stress.
Making Way For Creative Problem Solving
The journey of the greatest thought leaders and change-makers across all of time is marked by mistakes and missteps.
So to annihilate and ostracize an employee for a mistake instills fear in their minds, and everyone is left chasing perfection while avoiding the addressal of mistakes.
A good EX is never without a strong culture, and a strong culture always forgives a mistake so long as it turns into a lesson. Combined together, the two allow for an employee who is unafraid of missteps and charges head-first into finding solutions.
Better Customer Experience
A supportive culture, a reliable workplace, and a good employee experience mean an engaged employee with a healthy and creative attitude.
This attitude reflects in customer interactions. This employee will go the extra mile to make sure their customers are happy and thriving.
Will a customer fail to pick up on this? Of course not. An enjoyable customer experience is just one good EX away.
Improved Mental Health
Changemakers of all ages have been strong advocates for a still and healthy mind. Some people turn to meditation and spirituality, some people turn to mindfulness.
As a business, you can not meditate on behalf of your employees, but you can work to build an environment where employees find it easier to remain calm and stress-free.
That is what a good EX does. A good EX constantly works towards building an environment where the mental well-being of employees is put first and supported because employee well-being is organizational well-being.
So now you have a creative employee, a satisfied customer, a team constantly working to reduce stressors, an environment where mistakes are learned from, and a culture that supports, encourages, and nourishes people.
A place where employees are overall happy to work, and therefore doing it well. We all know what that means– more money.
A good EX is a guaranteed way to improve your returns because the outcome of a good EX is a skilled and creative employee.
Good Branding – Word Of Mouth At Its Best
A happy, growing employee will talk about their wonderful place of work to their friends. Everyone likes to brag a little, and your employees are no different.
Add to this the mental and emotional investment, trust, and faith that one is bound to feel toward the organization that is constantly putting the employee and their needs first.
Is there a better way for a brand to birth believers and its first “1000 fans”? We highly doubt it.
Lastly, Fewer People Parting Ways
Disney land. Festivals. Vacations where you’ve had the time of your life. Your favorite band’s concert. Places that are fun, and exciting. Places we have a hard time parting ways with.
When businesses are able to build an employee experience that is enriching and delightful, especially the time they spend working and engaging with the workplace, most employees will find it hard to part ways, just like you and I find it hard to leave places we enjoy being in.
A good employee experience is therefore fundamental to turning around your attrition rates and reducing the number of employees parting ways.
There are many more reasons to build a good EX. But the crux of it remains that creative people produce outcomes that exceed expectations, and a good employee experience breeds creative employees.
Check out our quick overview of Employee Experience as the next step.