If your business is struggling to find and retain talented employees, focusing on Employee Experience might be the new key to success. I recently read an article from Forbes called “2018 Will Be The Year of Employee Experience,” by Denise Lee Yohn, which defines Employee Experience (EX) and emphasizes why it’s so important. The article was published in January of 2018, and as we reflect on this last year at Integrity Data, I think Yohn’s prediction has certainly come true. I also think EX will continue to be critical in 2019 and for years beyond.
What is Employee Experience and Why Does It Matter?
As CEO of Integrity Data, it’s critical for me to stay on top of the biggest obstacles businesses are currently facing. Right now, many companies say they’re struggling to find and retain talented employees. I liked the Forbes article because it provides a big-picture perspective on how this issue is shaping business culture and operations right now. As the article mentions, companies who successfully focus on Employee Experience tend to have higher retention rates, higher profits, and higher rates of productivity. Fundamentally, good EX means staying competitive.
As Yohn defines it in her article, “EX is the sum of everything an employee experiences throughout his or her connection to the organization — every employee interaction, from the first contact as a potential recruit to the last interaction after the end of employment.”
The article also discusses what EX is NOT; don’t skip this part. It’s equally important. Components which are often mistaken as EX include improved HR, perks, employee engagement, and employer branding. As Yohn succinctly explains, each of these things is part of Employee Experience, but a singular focus on any one component doesn’t guarantee comprehensive success in the whole realm of EX.
How Can Businesses Improve Employee Experience?
It’s important to attract and keep the right candidates to power your business to success. As an employer, you should be asking “what’s my biggest issue, and who can help me address that issue?” I recommend having a conversation with your employees and colleagues to identify which components of the Employee Experience might help you stay competitive, and where you might be lacking.
Although EX is a big concept with many factors, there are technology solutions which can help you achieve certain goals. Our mission over the years has always included the human side of technology and how we can improve the experience of the people behind our customers’ organizations. Now, as talent recruitment and retention is commonly identified as one of the biggest problems our customers are facing, we’re looking for technology we can leverage to help with that. In today’s market, fulfilling our mission means thinking outside the box to help companies with EX, because they need talent in order to compete, grow and succeed.
To do that, we use our expertise to find, vet, and bring to you the most effective solutions. In this instance, we can identify technologies to help you achieve a better EX, then deploy and integrate them with the rest of your systems. The financial wellness tools we offer, for example, are designed to help employers offer voluntary benefits for their employees’ personal well being.
On the other hand, it may also be the case that new software applications aren’t what you most need to improve your EX – perhaps you can leverage your current processes more effectively, or make other changes. If you want a third-party perspective, feel free to contact us. After all, conversations like these are why we like coming to work every day!