If there was a way to increase retention, customer satisfaction, brand image and so much more at no extra cost, would you commit to it?
Research shows that a good employee experience leads to high employee morale, which in turn leads to improved returns on investments, better retention, and a better brand image on the whole.
Studies by major management publishers like Harvard Business Review and McKinsey Insights back up this link between employee engagement and overall business performance. In one particular study, researchers at Harvard Business Review found that businesses can increase revenue by 50% and profits by just as much by simply improving the experience their employees have.
But what exactly is employee experience? The simplest definition is the self-explanatory one– it is the experience an employee has during their time with a business.
Employee experience starts off as the experience of a potential candidate and culminates in the experience of alumni. Broadly speaking, employee experience has the following 6 stages– Attract, Hire, Onboard, Engage, Develop, and Exit.
Engage, Perform, and Develop make up a cycle of their own, and can be the longest phase in an employee’s experience with a business. It is not a stretch to say that the key to a good employee experience lies here. Programs and tools such as surveys, virtual and in-person sessions, events and workshops, and upskilling opportunities are among the many ways businesses can build a good experience.
In conclusion, an employee experience is a journey of an employee with a business. A well-designed experience gives businesses a competitive edge and guarantees better business outcomes. By investing time and resources in perfecting the employee experience, businesses guarantee to outperform themselves, and more importantly their competition.