How can HR professionals support revenue growth?
Updated: May 5, 2021
Employees tend to work longer with enterprises that made them feel great about themselves, independent of what their salaries and bonuses are.
Various studies have by now proven that a firm obtains a 0.5-unit growth in its revenue following a 5-unit increase in employee experience.
A new report published by IBM and Globoforce titled The Financial Impact of a Positive Employee Experience confirms what most HR professionals have known for years—that
there’s a strong link between employee experience and an organization’s financial outcomes.
Positive employee experience (EX) is also directly proportional to constructive customer satisfaction because employees reciprocate to their customers exactly the way they are treated in the company. Therefore, HR needs to work with business leaders and managers to positively influence the holistic employee experience.
“The employee experience is different for different parts of the organization,” says Ken Oehler, global culture and engagement practice leader at Aon.
As a consequence, HR needs to use technology to obtain support in measuring and improving the Employee Experience.
Cutting-edge technologies, such as AI, machine learning, chatbots, facial recognition, and voice recognition are now being used in HR not just to streamline processes but also, to provide a better experience to employees. In addition, gamification is also incorporated in HR Systems for a fun and effective way of employee learning and development nowadays.
Just as important, organizational leaders need to develop an agile mindset. For this, they need to better understand the business link between what employees are seeing, thinking and doing.
Lastly, as Ken Oehler argues, “You also need a strategy for measuring more things more frequently,” says Oehler. “Be clear on what you’re going to measure, how you’re going to measure, who you’re going to ask and who needs to take action. If you don’t have a continuous dialogue strategy, companies can get into trouble pretty quickly.”
Is your organization working on improving Employee Experience? How are you leveraging technology? How are you measuring the ROI of your efforts?