Winning with EX
Behind great customer experiences, there are great employee experiences!
Just as customers are consumers of your brand’s products and services, employees also consume your brand and workplace. To achieve success, businesses must pay attention to both of these consumers. Combined Customer Experience (CX) and Employee Experience (EX) is the key to unlocking your organization’s potential to drive success and growth.
What is EX?
Think of EX as the sum of all perceptions and experiences a person goes through in their journey as an employee in your organization. This ranges from attracting candidates during recruiting to transitions and even exits. By prioritizing EX, companies can create a positive work environment that benefits the employees and the company.
Positive EX is critical!
Here are four reasons why investing in EX is critical for business success:
- Increases workplace productivity and morale: Engaged employees make it a point to show up. According to Gallup, businesses with highly engaged employees realize an 81% difference in absenteeism and a 14% increase in productivity. In addition, engaged employees are more likely to feel fulfilled and happy in their roles, which translates to better morale.
- Helps with talent retention: Engaged workers are more likely to stay. A study by IBM found that companies with positive EX have 59% less turnover than their less-engaged counterparts. Poor EX is a leading cause of turnover — various research shows that the average cost of turnover can be anywhere from 0.5x to 2x of an employee’s annual salary. By investing in EX, companies can retain top talent and reduce the costs associated with turnover.
- Helps with talent attraction: According to a survey by Glassdoor, 50% of candidates say they wouldn’t work for a company with a bad reputation, even for a pay increase. Companies with a positive reputation for employee experience are more likely to attract top talent. By investing in EX, a positive employer brand can be created that appeals to top candidates.
- Engaged employees provide better customer experiences: Engaged employees will go above and beyond for your customers. Happy employees and loyal customers are mutually reinforcing — you really can’t have one without the other. By prioritizing EX, companies can create a virtuous cycle of engaged employees providing great customer experiences, leading to better revenue and profitability.
Getting started with EX management
EX management involves understanding how employees interact with your organization and optimizing these interactions. While EX includes factors like job satisfaction, it is much broader. It also involves elements like inclusion, empowerment, teamwork and leadership, well-being and others. Therefore, companies need to adopt a holistic approach when looking at EX.
EX management should therefore encompass the following:
- People-centricity should be seen as a top strategic priority. This may require a shift in mindset from viewing employees as resources to seeing them as valuable partners in achieving business goals.
- Improving EX is not a one-time project that can be completed and checked off. It’s an ongoing process that requires continuous measurement and analysis to drive insights and improvements. Companies should gather qualitative and quantitative feedback from their employees, measure the impact of improvement initiatives and make necessary adjustments.
- EX should be seen as an investment. Improving EX will involve costs, such as investing in training programs or improving workplace design. They should be viewed as investments for the long-term success of the company. The benefits of positive EX, such as increased productivity and customer satisfaction, far outweigh the costs associated with turnover and low morale.
In conclusion
Investing in employee experience is critical for business success. By adopting a holistic, strategic and continuous approach to improving EX, companies can create a positive work environment that benefits them and their employees.
We can help!
Easily collect employee feedback, unlock powerful insights and drive growth with our holistic experience management platform. With our new employee experience insights, you can better understand your workforce and create a more positive and productive work environment.
