Every business must attain a glowing reputation for customer retention and experience. Four facts show why employee experience matters in the changing business environment.
1. Good employee experience reduces employee turnover
A high employee turnover damages a company’s reputation, thus hindering operations as talent attraction becomes a challenge. Further, high turnover increases the cost of recruitment, onboarding, and further coaching significantly. An absence of good employee experience can be a devastating monetary pitfall and impact the organizational culture.
According to Gallup, 88% of employee turnover occurs due to issues other than financial motivation
87% of employees are less likely to leave their companies when they are engaged, said Gartner
Companies lose $11 billion annually due to employee turnover as per the Bureau of National Affairs
2. Emotionally engaged employees are more innovative
Reports indicate that low employee engagement is directly proportionate to low productivity. However, some organizations are still in denial to admit that engaged employees are a company’s most valuable assets. The incremental innovation and value creation that results from rolling out the right technology, fostering a progressive culture, and creating an atmosphere that compliments employees working styles is massive.
The productivity rate increases by 21% when teams have highly engaged employees, as per research by Warwick University
Investment in strengthening EX delivered an ROI 28 times higher in fast-growth companies based on Harvard Business Review.
3. Good employee experience equals good customer experience
The customer can notice the service delivery of a motivated employee as they are willing to go an extra mile to satisfy their customer and take pride in their work
According to MIT Sloan Center, motivated employees are proactive in problem-solving to tackle challenges thus enabling better product development and service delivery
4. Good employee experience leads to healthy profits and growth
Companies that invest in EX can double their average profit, as per Harvard Business Review.
Companies that have high employee engagement can grow revenue five times more than their rivals