What is the employee experience, why does it matter — especially amid economic volatility — and how can employers enhance it? In this article, we’re getting back to basics by exploring this crucial element of a thriving workplace culture.
What is the Employee Experience & Why Does it Matter?
The employee experience is an all-encompassing term that encapsulates an employee’s tenure with your organization. Every workplace interaction, reward and relationship has the potential to positively or negatively impact the employee experience and, by extension, attraction and retention rates.
Amid economic uncertainty, talent attraction and retention may not be top of mind for employers. However, talk of a possible recession sparks fear of layoffs and a general awareness of job insecurity, and this can result in employees pursuing new opportunities. Organizations that want to maintain their workforce and minimize turnover during this critical time need to deliver a best-in-class employee experience.
How Can Employers Enhance their Employee Experience?
While each company’s opportunities for improvement will be as unique as their employee populations, we recommend taking a total rewards approach to optimizing your employee experience strategy.
This involves enhancing the workplace experience to deliver on each element of total rewards: compensation and employee benefits, growth and development opportunities, and a sense of purpose and community.
Compensation & Employee Benefits
Likely the most obvious aspect of total rewards, compensation is one of the top, if not the top, offering employees value when determining whether they will stay or go. While many believe that compensation only encompasses what’s on an employee’s paystub, a strong benefits program can make a significant impact on attraction and retention rates.
In fact, a survey conducted by Fractl found that, out of 2,000 workers surveyed, 88% of job seekers give “some consideration” or “heavy consideration” to better health, dental and vision benefits when choosing between a high-paying job and a lower-paying job with better benefits.
Shifting your focus to enhancing your employee benefits can be an effective solution to supplement the compensation you’re able to offer. We recommend incorporating these trending perks into your program:
Growth & Development Opportunities
According to a study conducted by Gallup, the number one reason people change jobs today is “career growth opportunities.” Taking a vested interest in your employees’ growth and development is a key aspect of offering a strong workplace experience, and it’s key to employee retention, too.
There are a variety of ways you can show your workforce that you want them to succeed, including:
- Mentorship Programs
- Ongoing Trainings
- Opportunities for Advancement
- Upskilling
Wondering what “upskilling” is? Click here to learn more.
Sense of Purpose & Community
Employees want to feel a sense of purpose and belonging at work. So, it’s important for employers to understand what role they play in the creation of workplace community and connection. By spearheading diversity, equity and inclusion initiatives (DE&I) and implementing and promoting employee resource groups (ERGs), you can foster community among your employees.
Employee Experience Matters Now More Than Ever
With recessionary concerns still high, the importance of offering a solid, positive workplace experience is essential. Developing an employee experience strategy that allows individuals to grow, make connections, be productive and enjoy flexibility will ultimately help you reduce turnover and strengthen long-term employee retention.