It’s no secret that happy employees mean better business performance. Organizations prioritize employee experience in their workplace culture and technology initiatives.
High turnover rates hurt morale, drain HR and recruiting resources, and cost a fortune to replace. Providing a great employee experience is the key to reducing turnover.
Employee Retention
Employee turnover is a costly proposition. It costs companies recruiting fees, severance payouts, lost productivity during onboarding, and training expenses. Plus, the organization must catch up on the replaced worker’s work and potential future contributions.
So, what is the importance of employee experience? The company must invest in the employee experience from top to bottom to keep good employees. Creating an engaging culture, providing career development opportunities, and rewarding high performance are crucial to retaining valuable employees.
Providing a positive workplace environment that reduces stress and promotes teamwork is also essential. Personalized benefits, including health insurance, retirement plans, and perks like free meals or gym memberships, are another way to retain employees.
Finally, it is crucial to have open lines of communication so that employees can voice their concerns or questions. This can be achieved by conducting regular anonymous surveys or enabling managers to encourage open discussion during one-on-one meetings. Employees who feel supported and engaged at work will convey that feeling to customers, helping the company improve customer service and build brand loyalty.
Employee Engagement
Employees who feel passionate about their work are likelier to go above and beyond their responsibilities. That discretionary effort pays off with increased productivity rates. Employees with high levels of engagement are 17% more productive than their counterparts.
Employee engagement also leads to better customer service, boosting company ratings and profit. Companies can help employees engage by fostering a culture of open communication and support. This can include manager training, team-building events, and perks like hybrid car subsidies and on-site yoga.
In addition, employees who feel engaged are more likely to stay at their employer. Low-engagement teams experience turnover rates up to 43% higher than highly engaged ones.
Employee Satisfaction
Employee satisfaction is how employees feel content in their current role. It is often influenced by material factors such as pay, benefits, and working conditions, but also more subjective elements like work-life balance and company culture. A high level of job satisfaction can result in higher productivity and lower turnover.
However, it’s important to remember that job satisfaction differs from engagement. Employees with high levels of job satisfaction can be disengaged, which is a severe risk to companies. The best way to ensure employee satisfaction is by providing a positive workplace experience, a comfortable environment, a supportive team, and the right technology for their needs.
Investing in employee experience is essential for companies to attract and retain top talent. It’s an investment that pays dividends in the form of increased productivity and happiness, decreased turnover, and improved retention and performance. Moreover, companies that invest in employee experience will save on recruitment and training costs in the long run. They will also have a competitive advantage by attracting top talent and retaining their workforce.
Employee Performance
Happy employees are more productive, which can help your company achieve its business goals. Employee satisfaction also correlates with lower absenteeism rates, which enables you to reduce costly turnover and operational downtime.
With employee retention a priority, invest in an end-to-end feedback system to support team growth. This will strengthen your employer’s brand and ensure employees feel supported and valued. You can start by setting clear expectations and using a simple rating scale to rank employee performance. These systems are easy for managers and employees to understand, take little admin time, and can be tailored to meet your business needs.
Employee experience is essential for your people and bottom line, but prioritizing the investment can be challenging. As the world shifts from customer-centricity to employee-centricity, companies realize that their employees’ experience is just as necessary as their customers’. With the right tools, you can position your organization for success now and in the future. Contact Unily today to learn how our employee engagement solution can empower you.
Employee Growth
As employees move through different career stages, they want to feel like their company is invested in their growth. Employees who feel their company needs to be invested in their development may begin to look elsewhere. This can cost the company a lot of money in lost productivity and hiring fees.
Providing growth opportunities can be as simple as offering a training stipend for employees to take courses on topics they’re interested in. It can also be as complex as implementing a cross-training program (like Gravity’s one). This allows employees to expand their skill sets and transfer between departments or positions easily.
Employees engaged in their work put in more effort and have higher productivity. That’s why it is important to ensure the people working at your company are happy, engaged, and fulfilled. Investing in your employee experience is an investment that will reap significant returns for your business.