What is the Employee Experience?
You may have heard about one of the fastest growing trends in the employee insight world, focusing on the employee experience, but do you really know what it is? There are many different definitions, but initially it refers to everything an employee encounters, observes, or feels throughout their journey at an organization. According to Willis Towers Watson, the employee experience is what sets the stage for great a customer experience and overall business success. Without a positive employee experience, other aspects of your organization, including wellness programs, cannot be successful. That is why it is so important that the employee experience is managed and measured.
Dimensions of the Employee Experience
Willis Towers Watson has been working and researching with some of the world’s leading organizations for forty years. During this time, they have discovered that the employee experience is comprised of four main dimensions:
- Purpose: The workforce of today, and of the future, is focused on more than just a paycheck. They are looking to feel a strong sense of purpose and meaning.
- Work: More and more employees are looking to be a part of something meaningful at work. They want to know they are contributing to a thriving organization that does good within their community.
- People: It is a nautical instinct to want to connect with others, but this is becoming an increasingly important part of the job for employees. They want to feel that they are surrounding by great people and great leaders who they genuinely have a connection with.
- Total Rewards: Employees are searching for a workplace in which they are recognized or rewarded for a job well done, and that their are programs and benefits in place to help them reach their full potential.
Why Invest In the Employee Experience?
Jacob Morgan, best-selling author, keynote speaker and futurist, analyzed the business performances of organizations who had invested in employee experience. The results show that experiential organizations have four times higher average profits, two times higher average revenues, and 40% lower turnover rates! In addition, improved employee experience leads to improved employee engagement. Gallup research shows that engaged workforces are 21% more productive and outperform their peers by 147% in earnings per share.
Visit Willis Towers Watson for tips on investing in the employee experience and for more information on the employee experience as a whole!