Business
When a Salary is no Longer Enough – The Rise and Rise of the Employee Experience
Global Banking & Finance Review®
Company
By Thom Dennis, CEO of Serenity In Leadership
With resignations at the highest they have been in over a decade, leaders are battling to build an employee experience to suit and retain their workers. Talented employees are calling the shots so organisations are potentially having to explore a completely different offering in the workplace as employees increasingly want a bespoke work life including better flexibility, training, opportunities, recognition, inclusion and an overall better experience.
What do employees want?
Employees still expect a competitive salary, however statistics from employment website Indeed’s Work Happiness Score, found that only 27% reported being happy at work most of the time, and (72%) admit that their workplace unhappiness has negatively impacted their physical and/or mental wellbeing.
Thom Dennis, CEO of Serenity in Leadership explains: “Long gone are the days of ‘You work for us so you conform to our rules’. Fair renumeration and a gimmicky table football machine in the corner are no longer enough. Pre- and during the pandemic, organisations asked employees to be resilient, often asking them to take pay cuts or lose benefits to help prop up the finance and support the sustainability of the business. Trust has been eroded and employees are well aware that they now hold all the cards but a fair wage in exchange for high productivity isn’t enough anymore. Employees want to be at the centre of the business and not just used for the benefit of the company.”
Prioritising wellbeing is at the top of the list. Benefex found that 96% of HR leaders reported that employee experience became more important during the pandemic, and employee wellbeing is seen as a primary driver for this. Recognition is increasingly important. Blackhawk Network recently reported 77% of employees would work harder if they felt better recognised and 68% of employees said they would remain loyal to their employer if they were regularly thanked for their efforts.
Thom Dennis says: “An employee-centric workplace is where employees are valued, engaged, paid well for the work they do, have opportunities to develop, and their wellbeing matters. Workers want to be happy and to do meaningful work. The pandemic taught us that people can do their jobs in a way that suits them and without the supervision that weak management have a need for. They want flexibility, to be excited by what they do and to make a difference by being part of tackling society’s most pressing challenges. They want to be motivated and to be offered regular chances to upskill and to work for a forward-thinking organisation. They want bespoke career plans and to thrive not just survive.”
2022 is going to be difficult for leaders and employees
“2022 will show greater divides and disparity between the haves and the have nots. Living in a VUCA world means life is so uncertain, we want to feel safer and protected. Leaders have to get hybrid working right as for many that flexibility is the cornerstone of good working conditions. Businesses are no longer able to hide behind customer branding campaigns because there are so many social media platforms and forums for employees to openly review their experience at a business.
“Business outcomes must include the personal goals of employees which may mean rethinking the design of roles. There is a big adjustment to be made in moving from financial wellbeing to employee wellbeing but the benefits are limitless from increased productivity as a result of better engagement to decreased chance of burnout and sick leave. Businesses must focus on the human side of work and should be prioritising seeking social, emotional, cultural enhanced cognitive skills in recruitment. It is a real opportunity for HR to shine but they need to be given the space to do that. Importantly your employees are likely the best ambassadors for the business in terms of putting across the right message and building the brand.”
What is best practice to optimise employee experience
Employee experience refers to the overall journey and interactions an employee has with their organization, from recruitment to exit, including workplace culture, environment, and support.
Employee recognition is the acknowledgment of an employee's contributions and achievements, which can enhance motivation, loyalty, and overall job satisfaction.
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