Unlock Future of Work: Embracing the shift towards a high performing workforce
In the ever-evolving landscape of the future of work, organizations recognize the vital importance of employee experience (EX) in driving success. EX encompasses the holistic journey of an employee, encompassing their thoughts, emotions, and interactions throughout their tenure. By prioritizing EX, organizations can create a positive work environment that fosters well-being, engagement, teamwork, retention, and profitability.
Today's workforce has evolved a lot and the focus on employee experience alone is shifting towards a more comprehensive approach known as People Experience (PE).
In this guide, we explore in detail why People Experience (PE) is crucial and provide a comprehensive guide on building an effective people experience strategy.
Why Employee People Experience (PE) Matters:
- Enhanced Well-being and Job Satisfaction
Numerous studies have highlighted the significant impact of employee engagement and well-being on organizational performance.
For instance, Gallup found that organizations with high employee engagement and well-being experience 41% lower absenteeism and 17% higher productivity. Limeade's research indicates that employees who feel cared for by their organization are 38% more engaged and 18% more likely to go the extra mile. - Increased Engagement and Productivity
Engaged employees contribute significantly to an organization's success. The Corporate Leadership Council discovered that engaged employees are 87% less likely to leave their organizations, leading to improved retention rates. Additionally, Harvard Business Review found that highly engaged teams are 21% more productive than their less engaged counterparts. - Stronger Team Morale and Collaboration
Creating a strong culture of recognition and fostering diversity within teams can have a profound impact. Deloitte revealed that companies with a strong culture of recognition have 31% lower voluntary turnover rates. McKinsey & Company found that organizations with diverse teams are 35% more likely to outperform their competitors. - Improved Retention and Talent Acquisition
A robust onboarding process and investment in career development can contribute to higher retention rates. The Society for Human Resource Management reported an 82% improvement in new hire retention with a strong onboarding process. Additionally, LinkedIn's research shows that employees are more likely to stay longer at a company that invests in their career development. - Amplified Innovation and Adaptability
Organizations that foster a culture of innovation and learning are more likely to thrive in today's dynamic business landscape. IBM Institute for Business Value discovered that these organizations experience 30% higher market share growth. Furthermore, effective change management has been linked to outperforming peers by 1.7 times, according to PwC. - Enhanced Customer Experience
Employee engagement and satisfaction directly impact customer satisfaction. Temkin Group found that companies with highly engaged employees outperform their competitors by 20% in terms of customer satisfaction. Similarly, Employee Engagement reported that customer retention rates are 18% higher when employees are highly engaged.
Building a People Experience (PE) Strategy
To build an effective people experience strategy that fosters a future-ready workforce, organizations should consider the following as a walkthrough guide or high-level approach:
- Define your Purpose and Values
Articulate a clear and compelling purpose that aligns with the organization's values and mission.
Research conducted by Great Place to Work reveals that companies with a strong sense of purpose have 50% higher total shareholder returns. Deloitte's study highlights that prioritizing diversity and inclusion at the leadership level leads to 2.3 times higher cash flow per employee. - Cultivate a Positive Culture
Create a positive work culture that values what the organization stands for like transparency, trust, collaboration etc.
Glassdoor's research indicates that 56% of employees consider company culture more important than salary when choosing an employer. Additionally, Boston Consulting Group found that companies with diverse management teams have 19% higher revenue due to innovation. - Get constantly Employee Pulse
Understand the employees & people vibe and identify touchpoints for improvement. Conduct surveys, interviews, and feedback sessions in appropriate frequency to gain insights into pain points and areas for enhancement.
McKinsey's research reveals that organizations with a comprehensive onboarding process increase the likelihood of new hire retention by 82%. - Prioritize Employee Well-being
Invest in programs and initiatives that support employee well-being, including mental health resources, work-life balance initiatives, and wellness programs.
According to the World Economic Forum, organizations that prioritize well-being have a 22% higher profitability rate. Furthermore, Deloitte's study highlights that well-being initiatives result in a 44% increase in employee loyalty. - Foster Continuous Learning and Development
Establish a culture of learning and growth by offering training programs, mentorship opportunities, and career development plans.
LinkedIn's research indicates that 94% of employees would stay longer at a company if it invested in their career development. Furthermore, Gallup's study reveals that organizations that provide frequent feedback have 14.9% lower turnover rates. - Recognize and Reward Achievements
Implement a comprehensive recognition and rewards program to acknowledge and celebrate employee contributions.
Achievers' research indicates that 92% of employees find recognition motivating, and 78% feel more engaged when recognized. Moreover, Gallup found that employees who receive regular recognition are three times more likely to express job satisfaction. - Embrace Technology Solutions
Leverage innovative HR technology like PeopleHub from Xelense to streamline and automate EX processes. PeopleHub offers a comprehensive solution that supports the entire employee lifecycle, enabling organizations to drive positive employee experiences and leverage data-driven insights to improve decision-making.
Creating an exceptional employee experience is imperative for organizations looking to thrive in the future of work. By prioritizing PE and building a comprehensive employee experience strategy, organizations can attract, engage, and retain top talent while fostering a positive and productive work environment.
Leveraging solutions like PeopleHub from Xelense empowers organizations to unlock the full potential of their workforce and navigate the dynamic landscape of the future of work with confidence.
