The Collective Impact: Employee Experience ROI for All

Employee experience is not the job of HR.

Let me put this another way. It’s not just the job of a fantastic HR team. It's everyone's job! Investing in EX is an initiative for every level of your organization, from executives to frontline workers. And if you do it right, you will reap enormous benefits from it. We'll tell you the secret to increasing your company's ROI.

What is employee experience anyway?

Think of your company as an amusement park, and your employees are your visitors. The employee experience includes all the touchpoints, emotions and interactions an employee experiences during their journey in your company. From the moment they enter the park through to the fireworks and grand finale, it's all about creating an unforgettable experience that brings out the best in your employees.

Why employee experience matters to the bottom line

You might be thinking, “Sure, a happy employee is great, but how does that affect our bottom line?” Well, here’s some data to convince you. According to a Gallup study, companies with high employee engagement outperform their competitors in earnings per share by a whopping 147% and have 21% higher profitability! And that's just the tip of the iceberg.

1.Increased productivity and performance

Employees who feel valued, empowered and supported become productivity powerhouses. Research from the University of Warwick shows that happy employees are 12% more productive than their depressed colleagues. When you invest in your team members' experiences, you create an environment where productivity thrives and you'll see your company reach new heights.

2.Lower turnover and attraction of top talent

The cost of employee turnover can be astronomical, but it doesn't have to be that way! Deloitte found that companies with a strong employee experience strategy have a 40% lower turnover rate. By prioritizing the employee experience in your company, you will not only retain the best employees, but you will also attract top talent who are looking for a company that truly cares about its employees.

3.Higher customer satisfaction and loyalty

The magic of a positive employee experience is not just limited to your workforce, but also extends to your customers! Temkin Group research shows that companies with engaged employees outperform their competitors in customer satisfaction by 20%. Happy employees radiate positive energy, and customers inevitably notice, leading to greater loyalty and growth.

4.Innovation and creativity at the core

Innovation is the key to staying ahead in today's rapidly evolving business world. Here too, the EX factor plays a crucial role. A Harvard Business Review report found that companies with a strong employee experience foster a culture of innovation, with employees three times more likely to contribute their creative ideas. This promotes organizational flexibility and ensures you stay ahead of the game.

Why employee experience is everyone’s business

Employee experience is not (nor should it be) the sole responsibility of the HR team. While they play an important role in designing and implementing EX initiatives, it takes a village to create an exceptional employee experience. Here's why it's for everyone:

1.Leadership sets the tone

As managers, it is up to you to set the course for a remarkable employee experience. Interestingly, almost 80% of executives say employee experience strategies are important, but only 22% believe their company is really good at it. That needs to change.

Your leadership style, communication and vision have a direct impact on the engagement and satisfaction of your employees. By championing EX and leading by example, you inspire others to do the same and create a positive ripple effect throughout the organization.

2.Managers are the architects of experience

Managers are undercover superheroes with open ears on the front lines. They are the key to turning a boring employee experience into an exciting one. Give your managers the tools, resources and training to create a nurturing and supportive environment for their teams. By prioritizing EX, they become the key architects of a workplace culture characterized by engagement and innovation.

3.Cross-functional collaboration strengthens EX

Collaboration is not just about cross-departmental projects, but also about creating an ecosystem where different teams come together to improve the employee experience. When departments like IT, Facilities, and Finance collaborate with HR, opportunities open up to improve the physical workplace, streamline processes, and support employees seamlessly. And maybe you'll even make a few new friends along the way. A win-win situation for everyone!

4.The power of mutual appreciation

Don’t forget the importance of employee appreciation when it comes to designing the employee experience. Foster a culture of recognition, appreciation and celebration within your workforce. When employees support and encourage each other, a positive work environment is created in which everyone feels valued and motivated. And when you give each employee responsibility for creating the culture they want, a company-wide initiative is more likely to gain buy-in.

Remember, employee experience is not just a buzzword, but a transformative approach that can have a huge impact on your company's ROI. Investing in EX helps you unlock the full potential of your employees, increase productivity, reduce turnover, improve customer relationships, and foster a culture of innovation.

Investing in employee experience isn't just a task for HR—it's a collective effort that impacts productivity, turnover, customer satisfaction, and innovation. IceHrm can help your organization maximize its ROI through a holistic approach to EX.