In the last few years, half of U.S. adults aged 55 and over have entered their retirement years. While this should be celebrated, it has left employers nationawide with a labor shortage that must be dealt with. Thankfully, the next generation is entering the workforce, and Gen Z is expected to make up 30% of it by 2030.
However, many employers misunderstand Gen Z's needs. Times have changed, and a new generation has different expectations from their workplace. Raising pay may have been the main pathway to employee engagement and retention in the past, but today's generation wants work-life balance and professional development.
As generational values shift, employer actions must follow suit. With one in two employees open to leaving their organizations, integrating wellness, engagement, and professional development into talent management will be the key to avoiding high turnover and labor shortages that have become the hallmark of today's business landscape.
Holistic employee experience is a relatively new term for creating an optimal work environment for employees to thrive in every area of their lives. The "holistic" part of this definition means that hiring professionals are no longer just concerned with the traditional aspects of an employee's professional life, such as pay, performance, and benefits.
Now, hiring professionals must go beyond these basics. To attract and retain top-notch talent, they must discern how to advertise how they care for employees' physical, mental, and emotional well-being through culture, engagement, and support for work-life balance. Fortunately, a healthy employee experience has many business benefits, including:
Investing in employees with a comprehensive employee experience strategy can go a long way in helping hiring professionals meet targets and improve organizational performance.
Coordinating a holistic employee experience is a significant feat. Many struggle with finding ideas to support employee well-being and engagement and can be challenged by the added time commitment. This is especially the case, as 83% of hiring professionals report that they are expected to accomplish much more now than just three years ago.
Fortunately, in an age when many companies are undergoing a digital transformation, holistic employee experience platforms can help get it all done. These platforms aim to personalize and streamline the work experience for employees, helping them:
Holistic employee experience platforms don't only provide a more accessible experience for employees. They do the same for hiring professionals. Just as employees can communicate easily, take advantage of benefits, and fill out surveys, hiring professionals can streamline processes and collect critical wellness and engagement data to help them continually provide an enhanced employee experience.
Just as metrics aid in tracking business performance, they can do the same for employee performance.
One way to monitor progress on the employee experience is to keep track of wellness metrics. While a company can't outright ask employees about the state of their health and well-being, they can keep tabs on the following:
While hiring professionals can gauge some of these with data they already have, others may require employee polls or surveys.
Keeping track of employee engagement can tell organizations how enthusiastic employees are about coming to work and participating in the mission. Some engagement metrics to use include:
One easy method to track engagement is to observe trends related to Net Promoter Scores. These scores come from a unique survey method that asks employees to rate on a scale of zero to 10 how likely they are to recommend the company as a place to work.
Net Promoter Scores are helpful because they give businesses a way to quantify employee sentiment and engagement. Tracking and acting on these metrics is crucial to monitoring employees' feelings and catching signs of burnout that may lead to a turnover crisis.
For most HR professionals, the talent management system keeps track of critical employee performance data, the status of required employee training, and the amount of remaining paid time off employees have. Integrating wellness and engagement metrics into these systems provides a more comprehensive view of the workforce and identifies possible gaps.
A holistic view of employee well-being and engagement data is beneficial because performance and productivity tell only part of the story. Employees can sometimes push through burnout to perform well. However, this doesn't mean they're enthusiastic about their work. They may be in danger of leaving the organization due to dissatisfaction.
Overworking employees to the point of burnout impacts performance and retention, but these metrics can also negatively affect the ability to acquire new talent. When candidates hear that a company prioritizes employee well-being, they may be likelier to choose that employer.
Simply put, poor employee well-being is costly for organizations. Research shows that 75% of medical costs are accrued due to conditions that can be prevented with better employee wellness. Employee burnout costs companies 15% to 20% of total payroll in turnover costs and an additional $20 million of lost opportunity for every 10,000 struggling employees.
Holistic employee experiences seek to reduce these costs by preventing burnout. When an organization tracks wellness and engagement metrics, it can spot minor problems before they become more extensive. It will also indicate exactly what needs to change to create a healthier, more engaged, and more productive workforce.
While adopting a holistic employee experience platform can lead to better employee well-being and engagement, it's essential to understand how it is implemented in matters of success. Organizations should keep the following best practices in mind when creating a viable implementation strategy:
By following these best practices, organizations are more likely to experience higher adoption rates and better long-term results.
Today's employee experience technology is evolving rapidly. For example, the rise in platforms integrating artificial intelligence, machine learning, and predictive analytics means employers can predict shifts and trends in employee sentiment and get ahead of them instead of waiting for survey results.
Additionally, AI will empower employers to deliver more personalized experiences. For instance, organizations may be able to individualize wellness recommendations, skill development programs, and performance feedback. Experience platforms will also help facilitate remote work and work-life balance initiatives by providing a digital means for onboarding communication, team building, and recognition.
With changing employee expectations comes companies needing to shift how they approach the employee experience. It's about so much more now than just productivity and performance. Organizations that want long-term success must have a more holistic view of the employee experience.
A holistic employee experience platform can enhance the employee experience by streamlining communication and access to benefits. It's also a way for employees to provide feedback and for hiring professionals to track critical metrics related to engagement and wellness.
Consider how this solution can enhance the employee value proposition, increase retention, and drive sustainable performance results
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