As we’ve previously covered, companies are prioritizing customer experience more than ever in efforts to remain competitive and position themselves as leaders in this ever-growing field. With nine out of 10 companies jockeying to become the head honcho of customer experience, claiming frontrunner status in this crowded race is no small feat.
In 2018, it’s no longer enough to compete solely around customer experience – as a brand, you’re falling behind already if you don’t. To get a leg up on the competition, smart companies are turning their focus and attention inward to their most valuable asset: employees. A survey conducted by Duke University’s Fuqua School of Business of CEOs and CFOs from nearly 1,400 companies found that 92% said improving company culture would increase their organization’s value.
It’s not enough anymore for a business to keep their customers happy and satisfied in order to remain profitable and competitive – that same consideration now needs to extend to employees as well. Prioritizing employee experience (EX) by setting them up for success and improving company culture will be paramount for a company’s long-term viability. Below are three reasons why the only ex you should be hung up on is employee experience.
Good Employee Experience Benefits Your Bottom Line
Money may not be able to buy you happiness, but happiness can certainly lead to more money in the bank. In his book The Employee Experience Advantage, author Jacob Morgan found that experiential organizations that are focused on employee experience have more than four times the average profit and two times the average revenue of companies that don’t. This should come as no surprise. Happy employees that are fulfilled by their work are likely to be more productive and innovative, in turn bolstering a company’s revenue stream.
Good Employee Experience Attracts Top Talent
Establishing a good employee experience from the first moments of recruitment all the way to the exit interview will greatly position that company as a prime contender in the raging talent war. As more people take word of mouth and employee reviews into consideration when applying for jobs, a company with stellar employee experience will be able to better attract top talent and incentivize them to stay. Morgan’s research found that companies heavily invested in EX are included 11.5 times as often in Glassdoor’s Best Places to Work and 28 times more often among Fast Company’s Most Innovative Companies.
Good Employee Experience Bolsters Your Market Value
With employee experience top of mind, the trickle-down effects can’t be overlooked – everything from improved business operations to greater employee and customer loyalty can, in turn, bolster a company’s market valuation. Company culture and employee experience are intrinsically tied together, and disgruntled employees who have terrible experiences based on poor cultural practices can impede companies looking to grow. Look no further than companies like H&M and Uber; both took huge market hits after lawsuits and forced resignations. The controversies tarnished their brand reputations, souring how both customers and employees perceive them.
Quick-Hit Ways to Improve Employee Experience
Now that you understand the importance and impact good employee experience can have on your company, you might be thinking about how to approach making improvements to your EX. While you can’t right this ship overnight, here are a few simple and actionable ideas to start making a change for the better right now:
Adopt easy, collaborative tech tools such as Slack or Asana to bolster the efficiency of your workforce and infrastructure, eliminating organizational and administrative hassles.
Offer flexible work from home and telecommuting policies that provide employees with more choice and freedom for when and how they get their work done.
Create a hierarchy that easily enables employees to grow within your company and offers clear paths for career and skills advancement.
Ensure there’s easy access for employees to engage with upper management in order to establish transparency and a safe structure that encourages open lines of dialogue. Happy employees are heard!