These are uncertain times, but that makes now the right time to invest more in an EX-strategy that will galvanize your team, build confidence, and help retain talent.
Check out these stats:
- 49% of unaligned employees plan to leave their job within two years.
- 44% of unmotivated employees plan to leave their job within two years.
Source: AXIOS HQ, 2024 State of Internal Communications
The Society for Human Resource Management (SHRM) reports that the average cost per hire is nearly $4,700. But many employers estimate the total cost to hire a new employee can be three to four times the position’s salary.1. So, it’s not a surprise that when CEOs were surveyed earlier this year, 60% said retaining and engaging employees is their top priority for 2024.2
Yes, it’s about the bottom-line, but it’s also about the reality of getting the work done, the product made, the solution delivered, and more. No employees? No business.
Employee Experience (EX) Matters
“Customer is King” is an age-old mantra reflecting the importance of customers or consumers in every business, but what if you put an equal amount of investment and focus on the people who make sure your customers get what they need?
With employees still struggling to adapt to post-COVID ways of working, it’s important to continue to look for new ways to build your company’s culture and invest in your Employee Experience. If your employees are unaligned or unmotivated…well, see the stats above.
Shine a Light On Your Company’s Values and Inspire Your Employees To Connect To Them
Core values are important when prospective employees are considering joining any organization, but they are also valuable reminders for all employees about what makes their company great. One of our large pharma clients asked us to help raise awareness about their core values and increase employee engagement. We created a program called IMPACT that rewarded employees for the impact they were making and showed how that impact aligned with the core values. Employees were recognized in two ways: 1) a VISA gift card that could be given out immediately and 2) an internal comms campaign that featured each winning employee’s IMPACT story. The hugely successful program increased awareness and engagement and helped with retention.
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Surprise and Delight
Think about your own favorite customer experiences. Maybe it was excellent service at a restaurant or hotel that made you feel like a VIP? Or that time when the owner of that small shop really listened and found you that perfect birthday gift? Having a great experience outside of work is memorable and meaningful. Imagine what your company can achieve if you create extraordinary moments – both big and small – for and with your employees each day?
Here’s one idea.
Your employees may not physically come into work as often, so what if you celebrate and thank them with a “Walk of Fame” in your lobby, in the elevators, on the walls they pass by to get to the parking lot? Design and print peel and stick stars with employee names and voila! You’ll create a surprise and delight moment, build amazing buzz, and give employees another reason to think twice about interviewing for that new job.
Invest in Face-to-Face Meeting (IRL!)
While virtual meetings can help teams stay connected, in-person meetings allow for deeper, more meaningful relationships to grow. In fact, according to a survey by Harvard Business Review, 95% of people say face-to-face meetings are key to successful long-term relationships in the workplace.3
This applies to your employee’s meeting with your customers, but also to meetings between your employees. Whether these meetings take place at a company office or at a meeting that everyone travels to at an off-site location, the benefits of being together in person will translate into higher productivity, better engagement, and greater employee retention.
When it comes to Employee Experience, we can T!LT the odds in your favor! Let’s meet soon to talk about how.
1 https//www.shrm.org/topics-tools/news/talent-acquisition/real-costs-recruitment
2 Source: CEO Confidence Index Jan. 2024, Chief Executive Group
3 Source: Harvard Business Review Analytic Services, Managing Across Distance in Today’s Economic Climate: The Value of Face-to-Face Communications
