Mark Keeton, Vice President
We’ve talked about the differences between disengaged, non-engaged and engaged employees in earlier posts. If you missed those, you can find them below:
And we know most employees do not feel valued, according to Gallup research. That can put your company at risk for turnover and higher recruitment costs. Gallup also reports that employees who do not feel adequately recognized are twice as likely to say they’ll quit within a year.
So, how can you make the shift to an environment where employees feel heard, valued and appreciated?
Step up your employee experience.
A Fine Balance: The Relationship Between Customer and Employee Experience
Everyone knows that customer experience impacts the bottom line but did you know that improving your employee experience also can significantly increase your revenue?
Taking care of your employees and making them feel heard, appreciated and valued makes good business sense, experts say. An energized and efficient workforce will innovate, be open to change and excited about new opportunities.
According to an IBM Smarter Workforce Institute and GloboForce report, “The Financial Impact of a Positive Employee Experience,” organizations that score in the top 25 percent on employee experience have nearly three times the return on assets as organizations at the bottom of the list.
This notion of employee experience may seem foreign. Sure, there are the traditional steps to boost morale: Performance reviews tied to raises and promotions, employee surveys. Those things aren’t enough in today’s ever-changing climate.
It’s critical to have a comprehensive program focused on employee experience.
The IBM/Globoforce report outlines five key elements for a successful employee experience:
- Belonging – feeling part of a team, group, or organization
- Purpose – understanding why one’s work matters
- Achievement – a sense of accomplishment in the work that is done
- Happiness – the pleasant feeling arising in and around work
- Vigor – the presence of energy, enthusiasm, and excitement at work
Still struggling? Try these tips for improving the employee experience:
- Share information openly so employees feel like they are part of the team.
- Help employees connect to the mission and vision of the organization and understand their role in success.
- Put away devices and really listen to employees so they know they are being heard.
- Communicate regularly with employees in the ways they want to hear from you.
- Create compensation programs that are fair and competitive.
- Invest in employee training and development.
- Show true appreciation regularly and in ways that will motivate employees.
Finding a true balance between customer and employee experience will result in significant dividends—happier employees, a more productive working environment and improved bottom line results.