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Employee experience may be in the middle of a cold snap, yet its holding power lingers. This is because it is an undeniable part of the human experience, one that can be shared, energized or torpedoed.
Imagine EX as the pulse of the organization — when it's strong, everything from innovation to productivity skyrockets. When it’s not thriving? Everything else gets weaker, too.
It’s easy to write about and tell organizations to invest in EX because, of course, you should. It’s another thing to find data that could make Ebenezer Scrooge think about putting another coal in his stove for his workers.
Affirming the Value of Employee Experience
Measuring the value of employee experience has always been tough to address, even for academics. But what else can we do to prove that EX should be a priority?
Organizations that prioritize and excel in EX not only achieve remarkable financial outcomes, but also set new benchmarks in revenue, growth and profit margins. A recent analysis performed by WTW found that organizations enjoy nearly three times higher revenue growth and eleven times greater profit margins than the global average.
This success is attributed to a strategic integration of purpose, people, work and rewards into the organizational ethos. Those organizations also emphasize the importance of well-being, growth and recognition. Not surprisingly, those companies are also focused on pay equity as well.
A compelling argument for leaders is that investing in EX is about more than just enhancing workplace culture to the benefit of employees. It's also a strategic imperative that directly correlates with superior financial performance. EX offers a clear roadmap for navigating the complexities of today's business landscape.
For leaders still trying to find a case for EX, or trying to take the next step forward, how can they make a stronger case?
Related Article: Why Digital Employee Experience Is Getting Worse – and What You Can Do About It
Making the Case for New(ish) EX Adopters
Regardless of where an organization is today, there is a good chance they can improve the employee experience. But beyond the basics, how can you convince your organization to push forward?
Lead with empathy. Understanding and addressing individual employee needs and experiences is foundational. Organizations must cultivate a culture where leadership demonstrates empathy, recognizing and responding to the diverse circumstances and challenges employees face.
Empowerment through data and innovation. Similar to the approach used by Schneider Electric and others, companies should leverage data, analytics and innovation to align employee skills and interests with strategic objectives. This enhances employee experience and meets broader organizational goals, making the workplace a dynamic ecosystem where everyone finds purpose and growth.
Don’t forget a compelling story. It’s hard to argue about black-and-white figures with compelling data. Microsoft's journey in transforming its employee experience underscores the importance of creating a data-driven business case to influence decision-makers on the significance of allocating resources to improve EX. But they've also learned that telling a compelling story, reinforced by irrefutable data about the root causes and potential solutions, is crucial. It gains support and effectively lands changes for leaders and employees.
Listen to your people (and act). Collecting feedback is just the first step. Acting on it is just as significant. Transparently communicate action plans to build trust and show employees that their voices really matter. This approach improves EX and strengthens the organizational culture.
There are some clear ways to make progress. But armed with new research, can things accelerate?
Related Article: Want Funding? Align Learning Initiatives With Business Needs
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The Ebb Tide of EX Skepticism
Employees are seeking purpose, meaning and genuine support from their workplaces. They want to feel valued, heard and seen as humans, not just cogs in a machine. This shift is a seismic change in what it means to show up for work every day.
So, will the laggards catch up? They'll have to if they want to stay relevant. The data's on the wall: investing in EX leads to tangible benefits. It can heighten productivity and innovation, reduce turnover and improve financial performance. In a world where competition for talent is as fierce as ever, those lagging behind in EX are risking disengagement and future viability.
So, the question isn't if EX skeptics will find a reason to invest; it's when they’ll finally give up. The sooner they recognize that EX is a critical driver of organizational success, and not just a HR buzzword, the better poised they'll be to thrive in the rapidly changing world of work. After all, in the great race for talent and innovation, it's adapt or get left behind.
