Companies in today’s highly competitive talent market can’t get by without offering basic benefits like leave time and health insurance. Businesses that want to remain competitive need to go above and beyond when it comes to employee benefits. A superior employee experience is based on the interactions your employees have with your company.
The employee experience involves:
The employee experience is a predictor of business success. According to Qualtrics, high levels of employee engagement generates 2.5 times more revenue than companies with low engagement levels.
Today’s human resource departments are tasked with attracting, retaining and motivating people. The companies that develop the best products, services and customer experiences in the world have the most talented people with the most positive experiences and engagement.
Here are 5 ways your company can improve your employee experience.
Highly successful employers listen carefully to their employees. They develop a culture that is innovative, engaging and highly desirable. The company culture is built on a strong vision, mission and values employees embrace.
Highly successful employers also invest in their employees and have a good sense of what they want. They conduct employee engagement survey to gain insight into their employees’ attitudes at work and how the company is viewed.
Oftentimes employers are surprised at the benefits their employees most want. When you offer the right perks, you will save money on unused benefits and create a better employee experience.
One way to find out what benefits your employees most desire, ask them directly using an employee feedback tool.
The future of work will value leadership skills more than ever. Savvy employers are willing to invest in management and leadership training. Most leadership development only focuses on a small portion of your employee base; consider scaling leadership-related training for everyone on staff.
Being healthy in your work/life integration is the most important driver of job satisfaction. Employees that have a happy balance feel less stressed and are more motivated to work. Consider offering on-site child care and generous paid parental leave for working parents. Provide comp time after a large project that required an increased workload or half-day Fridays during the summer to encourage employees to recoup their mental energy.
Employees expect to be paid a fair and competitive rate. Compensation rates can make or break your company. Make sure you’re paying employees fairly by conducting an audit and comparing your salaries with third party data. If you find your salaries are too low, make a plan to increase them over a three year period. Make sure you close the gender pay gap and correct the cause of any disparities.
The interest in employee experience has grown rapidly in the last few years. Employers are realizing the employee experience is a key element of the modern workplace and enables the empowerment and engagement of employees. The employee experience presents a new viewpoint on how we manage people. There are countless factors that influence employee engagement and productivity. When done right, employees will have a better experience at work and contribute more to the organization.
Contact a Lanier Upshaw representative to find out more about how your company can provide innovative employee benefits and risk management programs to help both your employees and organization.