Other parts of this series:
A supportive employee experience (EX) contributes powerfully to financial performance. For financial services (FS) organizations, where continued disruptive change impacts workforce morale and performance, EX is an important tool. New and emerging trends in employee experience underline the importance of evolving EX strategies.
Companies with highly engaged workforces enjoy a wide range of benefits. Committed, motivated employees deliver higher levels of productivity and support innovation and change. Most importantly of all, they contribute significantly to superior customer experiences. And a great customer experience results in satisfied, loyal customers who are happy to endorse their providers and entrust them with a bigger share of their wallet.
Title: Companies with highly engaged workforces enjoy a wide range of benefits
This chart shows the median percentage differences between the outcome metrics of organizations with employee engagement in the top quartile and those in the bottom quartile.
So, is EX an indulgence or investment? I think the answer is clear. New trends offer an opportunity to evolve EX strategies.
The EX Leaders network recently published its Employee Experience 2020 Global Report. It noted three key trends:
- Organizations are using analytics to identify and optimize employee experience in ‘moments that matter’ to improve their connection with employees, shaping organizational culture and create value.
- Organizations are building and scaling new EX capabilities, with EX teams starting to resemble marketing and digital teams with roles and skills that are completely new to HR.
- Agile is becoming the new normal—advanced EX companies are using agile frameworks and ways of working to rapidly prototype, test and implement new EX “products”.
This report includes EX case studies. One featuring ING raised the importance of employee management and making employees feel valued—something I have highlighted throughout this blog series.
ING’s Sander de Bruijn, head of global EX for the company, has established agile teams around employee journeys, focusing on improving Moments of Truth. He notes: “Choosing to develop our management capabilities within ING comes from the belief that regardless of what you do in EX, if a manager relationship with an employee is not good, if an employee doesn’t have the feeling that he or she is adding value or they don’t have the clarity all about their job or if they do not get the appreciation from their manager then … they will leave.”
Various EX statistics support these trends:
- Identifying and optimizing moments that matter: 53 percent of HR professionals say employee engagement rises when onboarding is improved. (SilkRoad)
- Building new EX capabilities: 70 percent of Forbes Global 2000 companies will implement gamification strategies to boost engagement, retention, and revenues. (Gartner)
- Managing and valuing the employee: Employees whose managers consistently acknowledge them for good work are 5x more likely to stay at the company. Those whose managers consistently help them manage their workload are 8x more likely to stay, though only approximately half of managers effectively accomplish either. (Qualtrics)
I hope you have found this series of posts useful. Please feel free to contact me with your employee experience questions or insights.
Meantime, for more on EX in financial services, click through to The Employee Experience as a Competitive Advantage: The New Digital Workplace in Financial.