The pandemic has changed lots of things around how people work, how they feel about their work, and how they view their relationship with their employer. And one thing that has risen in many employees’ priorities is how much they enjoy their work, i.e. their employee experiences.
As remote, flexible or hybrid work has become far more commonplace, much of what makes for good employee experiences is now digital. Employees need easy, seamless access to all the devices, data and applications they need to do their job. They also want more control around their working arrangements, their pay and how they are supported by their employers and expect to be supplied with the technological means for a digital workplace.
Worryingly, many companies still aren’t getting these experiences right: Gartner research suggests that only one employee in eight is happy with the digital employee experience that they’re currently receiving. At a time when trends like The Great Resignation in the United States are shaking up the job market like never before, it’s clear that businesses have to respond and raise their game in the digital employee experience stakes. This blog details three vital reasons why.
Employees want to enjoy their jobs, not be stressed out by them, and feel valued when doing them to the best of their ability. The last year or two has made it abundantly clear that if they aren’t getting that feel-good factor from their current employer, then they’ll go and find a new employer.
At the same time, the job market is increasingly competitive, and it’s becoming harder and harder to attract the best talent and keep hold of them. Simply offering more money to a candidate isn’t the catch-all solution it once was: employees want the strong digital employee experience to go with it. That’s why, according to research from 1e, 62% of employers will see higher retention rates and employee engagement when their DEX is up to scratch.
According to the Said Business School at the University of Oxford, happy employees are an average of 13% more productive than those who are unhappy. Placed in the context of a normal working day of eight hours, that means employers can get an extra hour of employee productivity out of happy employees every single working day.
That’s why it’s so important to boost employee satisfaction. This can be through major initiatives like hardware refreshes, that give employees the latest tech to use wherever they work, or through digital tools innovations like on-demand pay, that can give staff more flexibility and control around how and when they’re paid.
Both of the above points come together to benefit the organization as a whole. If employees are more productive, then the employer can get more done for the same level of outlay (or get the same amount done for less). And if it’s easier to attract and retain talented staff, then the expertise base and capability of the workforce is far better-placed to drive greater growth and profitability for the organization.
This may seem like an indirect means of boosting revenue that’s hard to quantify, but the potential of doing so is clear. Harvard Business Review has found that companies that invest in digital employee experience earn double the profit of those that don’t. And Glassdoor has found that such a dynamic, motivated workforce can drive greater customer experience and satisfaction, which in turn can boost stock market value.
Any company that is still overlooking the importance of digital employee experience will quickly face headwinds that will rapidly increase in severity. They will find it harder to attract quality staff, difficulty in retention of that staff, and potentially face a dispirited and unproductive workforce that struggles to deliver on business goals and growth targets.
There is no time to lose in exploring every opportunity to support better DEX: whether it’s in the software and hardware employees use every day, how they’re able to define their working arrangements, and how they’re supported by their employer in payroll, HR and training.
When you partner with CloudPay, you partner with a global payroll expert that can deliver the innovation that supports great digital employee experiences. Get in touch with us today to find out how we can support your specific use cases.