Top 5 Tips to Extract ROI from Employee Experience
Jan 16, 2023 · 8 mins read ·Employee Engagement, HR Strategies & Systems, People Management
As an HR personnel, you have probably witnessed the difference between a disengaged employee and an engaged employee in the workplace.
Regardless if one is a promising employee and the other one is considered average, their attitude and disposition greatly impact the quality of their output.
To resolve the situation, to support the unmotivated and to reward the motivated worker, looking at their employee experience is key.
A greater return on investment (ROI) is guaranteed if the workforce's day to day experience in the company is closely looked after and employee engagement is preserved and nurtured.
It can be challenging at first – especially with the new hires who may still be feeling their way in the company – but once you get the right approach, there will be rhythm in the workplace and good results will show eventually.
In this blog post, we'll let you know how you can easily accomplish that and drive your company’s ROI up.
Let's get started!
How to extract ROI from employee experience?
The specific ROI of employee experience is a difficult metric to measure.
It’s not only about the cost savings and the productivity improvements but this also accounts for the experience that employees have in their everyday work.
As the corporate scene has drastically changed due to the global COVID-19 pandemic, more and more organizations are increasingly investing in improving their employee experience.
This is because they know that this leads to a more engaged workforce and higher productivity.
With that, here are 5 surefire ways to extract ROI through improved employee experience:
1. Keep employees motivated through engagement programs
Engagement programs are essential for a company to keep employees motivated and happy.
These programs can be anything from a simple thank you email, holiday-themed activities, to a company-wide team building exercise.
When an employee is engaged, they have better teamwork, better communication, and better performance.
It is important that they're not seen and treated as mere members of the workforce but unique individuals working for a living.
Having engagement programs will not only make them happy but it will also be opening opportunities for the employees to show their personalities and express themselves – making the workplace less "industrial" in a good way.
2. Enhance the work environment
It is evident that the workplace has already changed and continues to change due to the global pandemic.
With that, the work environment needs to be flexible and accommodating for people with different schedules, lifestyles, and needs.
Flexible hours, remote work, and even working from home are all becoming more popular as people's lives change.
As this extended the reach of recruitment processes worldwide, the corporate scene was able to adapt to this immediately with the help of technology.
Companies who have remote employees work on providing the necessary tools or gadgets that can utilize available technology – software programs – that can support the needs of these employees that help them maximize their time and deliver output more efficiently.
3. Help employees achieve their goals with coaching and mentoring
Most employees want to get promoted and grow in their career.
They will be more motivated and productive if they have a coach or mentor they can consult whenever needed.
It may not be easy to find a good mentor or coach for every employee, but investing in a mentor-mentee relationship in the workplace when opportunity arises will be beneficial for both employees and the company.
Coaches and mentors can help employees achieve their goals effectively by providing advice, support, feedback, and guidance.
They can also help employees set specific goals and stay on track with them.
This will lessen errors committed by the new ones in the workplace which will result in higher productivity scores – any loss in terms of time, money, and efforts will be prevented.
4. Show appreciation with recognition programs and rewards programs
There are many ways to show appreciation for employees.
One way is to use recognition programs and rewards programs. These programs can be used in different ways and can have different goals.
A recognition program is a formal program that recognizes employees who have been outstanding in their work, while a rewards program is a formal program that provides tangible benefits to employees.
Recognition and rewards have shown the positive effects on employee engagement, performance, and retention as employees feel seen and valued.
These programs also drive loyalty and satisfaction that will greatly contribute to the growth of the company.
You can invest in upskilling these employees later on who can eventually innovate and improve the business.
5. Implement better project management and planning
Last but definitely not the least, project management and planning are essential for any company.
Without them, it is hard to organize the workflow and keep track of any progress.
Take time to create a system that will boost the productivity of the employees.
Work on the appropriate distribution of workload, matching the task to the right employee when possible to guarantee good results.
You can also encourage employees to give feedback or review about their experience in the workplace from time to time to make sure that you are in touch with their situation.
Through this, you'll easily know if there's any issue that needs to be addressed right away.
It will also provide you with insights into how the workforce of your company is performing and what they need help with most often so that you can help them improve their performance and productivity levels.
Keeping your communication channels open will gain the trust and confidence of the employees, making them more comfortable doing their job.
Top 5 tips to extract ROI from employee experience: conclusion
Although business is all about generating the highest revenue possible, it is just as important to look at the people who work on achieving that.
If we are to consider its impact on retention rates, productivity, and engagement, it becomes more evident that investing in employee experience can lead to a successful business.
Keeping their welfare at heart will guarantee the ROI that any company wants to see. Companies with happy employees have higher productivity and consequently make more money.