Would it not be great if you could retain your best employees for as long as Walter Orthmann?
Walter Orthmann was recently awarded the Guinness World Record for the longest time working at the same company – 84 years! His secret?
“When we do what we like, we don’t see the time go by”
The fact is many employers are finding it harder than ever to attract and retain top talent.
Gen Z and Millennials are more likely to switch jobs than baby boomers. Worker shortages are now at an all-time high due to millions of Americans quitting their jobs during the Great Resignation. On top of this, with uncertain economic conditions and ever changing technology, organizations need people who can keep up with the fast pace. The competition for skilled employees is fierce.
So how do you win the war for talent?
Generous compensation and perks are no longer enough. It starts by putting yourself in the shoes of your employees to truly understand what their experience is like working for you, especially in those moments that have the deepest, most meaningful impact on them. It is about creating an irresistible Employee Experience (EX) that makes working for you an easy decision.
What is Employee Experience (EX)?
From the employee perspective, EX is what they think, see, and feel while working day in, day out at your organization. At the organizational level, EX is how you purposefully design your employees’ work experience.
To understand EX, let’s bring you back to a time when you were looking to buy a new mattress. It probably started with some online research looking at customer reviews of different mattress models. You then go to a mattress store where the salesperson immediately walks up to you and asks you whether you need any help. S/he walks you through different options and you pick a few to lie down on to see which ones are most comfortable for you. Then you start talking prices, perhaps there’s a special limited time offer, but you need to buy now.
Do you buy or walk out of the store?
Each step of your mattress shopping experience from the layout of the store, looking at options, finding the right price, to interactions with the salesperson and brand reputation, makes or breaks whether you will buy the product. These customer experiences are intentional business decisions that ultimately influence your decision to buy or not to buy. A fantastic customer experience strategy increases company revenue and brand value, and boosts customer loyalty and advocacy.
Same goes for Employee Experience.
Just as customers are consumers of a company’s product, employees are consumers of the workplace. A thoughtfully designed EX strategy shows your employees you care. Like customer experience (CX), your EX makes or breaks whether your employees will stay or leave your company.
“Your number one customers are your people. Look after employees first and then customers last.”
Three Reasons Employee Experience is Crucial to your Organization’s Success
1. Greater profitability and growth.
In Jacob Morgan’s book “The Employee Experience Advantage”, he analyzed more than 250 diverse organizations and compared the financial metrics of those that invested in EX to those that did not. His research revealed organizations that invest in EX are 4x as profitable and grow faster than competitors who don’t.
2. Loyal Customers.
When employees are happy, customer satisfaction follows. Research by senior economist and data scientist Daniel Zhao shows that a one star increase in Glassdoor employer ratings is associated with a 1.3 point increase out of 100 in customer satisfaction measured by the Customer Satisfaction Index (ACSI), with larger increases for industries with high customer-employee contact.
3. Agility and Adaptability.
With change being the one constant in today’s business environment, having a deep understanding of your employees’ work experience, from the time they join your company to when they leave, allows you to quickly adapt to challenges. This capacity to make meaningful changes will help prevent attrition and build your employer brand reputation as THE place to work.
Just as much as you focus on delighting your customers, it’s as crucial to invest in delighting your employees. Employees are looking for how potential employers can add value to their career and growth. Now is the time to create an EX strategy to keep up with the evolving workforce.
Next, we’ll dive into how to systematically explore and improve your EX using the Employee Experience Lifecycle, Journey Mapping, and Employee Voice.