Considering all you do for your company can be a daunting and tedious task. Being able to take in everyone’s productivity and maintain a positive employee experience don’t always fit together. When you think about how you can track steps for your employees, what comes to mind? And when you lay it all out to view, is it still an efficient process? This post was built to help you stay ahead of the curve on employees’ experiences.
It should go without saying that the workplace affects current employees in some capacity already. But what about the future employees? Will they come in and see that the experience your workplace provides can prove beneficial to them as well? It won’t be directly measurable when you change your workplace experience for new employees to test since they won’t have reference to the old systems. As a result, this can be a difficult thing for workplaces since they won’t know what works for new employees until the tests have been run. So we will need to dive into how we can quantify the experience beforehand.
Due to the high cost of retaining top talent, it makes it vital to maintain the employee experience at a high level. And it can be a difficult thing to accomplish since there will be no numbers to support the employee experience (EX). With the research shown on the Global Workplace Analytics website, you can find a multitude of resources that help measure EX. What can a remote work policy impact? Does a wellness program help motivate workplace experience? All these factors are helpful to creating a great EX for new or potential employees.
Similar to how the EX can affect potential employees, it needs to be heavily considered on how well current employees are being retained. Assuming that an employee leaves due to bad EX, you can be sure that it will take a substantial toll on finances. It costs around 30-200% of an employee’s annual salary for a replacement on average. This can be quite a scary number to consider, so honing in on reducing turnover can make a tremendous impact. Assuming your team has 1000 employees,37% of them are high performers (and replacing them takes that 200% salary toll we discussed), and 50% are average performers (with a 75% salary toll for replacement) turnover reduction by just 1% can save the company nearly $1.4m annually. It goes without saying that retaining employees should be a huge incentive to maintain earning potential.
This should be a given, but employees who struggle with health (be that mental, physical, or emotional) perform at a lower standard than an employee who doesn’t suffer from health issues. Some employees are prone to miss more work and be less productive when they suffer from any ailments listed above. Knowing that, an employer should consider instilling employee wellness programs in order to improve EX.
Studies show that improving workplace environments can also improve productivity. Some examples include access to natural light, air quality, and temperature. By improving access to natural light, you can increase productivity by around 15%. Improving air quality and temperature can increase productivity by 11% and 10% (in that order). Another statistic to consider is how this can eliminate stress. Stress is a chronic condition that can take 44 days of productivity away from the year (per 1,000 person team). That’s a big chunk of the year when you consider it.
When you look at it, engagement is probably the most vital of all the factors into creating a positive EX. Unfortunately, statistics show that only about one-third of employees are actively engaged in the workplace, according to Gallup. The other two-thirds are either unengaged (collecting paychecks) or actively disengaged (negatively influencing other employees). On a positive note, the one third that is engaged are proven to be 21% more productive and miss less than 37% than employees who call in sick.
This is one of the biggest metrics to consider, considering it helps increase the bottom line the most (percentage-wise). By using wellness and workplace design initiatives, this can influence the EX more than usual. Consider conducting surveys for employee engagement to help track this metric.
Lastly, and probably the most central theme of these points, the benefit of employee productivity. It goes without saying that efficient employee productivity is what companies strive for. When a team of 500 employees are 3.8% more efficient in their practices, the company can earn up to around $1.6 million in just under half a year. Company savings are everywhere when you implement EX into your systems. It’s hard to think that this can make much of an impact, but all these factors can be a driving factor in happier employees. With happier employees, comes a better company for everyone involved!
Consider checking out more content like this at https://wundertre.com/blog