When describing the competition for corporate talent in today’s job market, the word fierce is just not descriptive enough. November 2017 marks a 17-year low in unemployment, and a 3-year high in the number of people participating in the labor force. Skilled workers are able to pick and choose the jobs they want. And often, they’re grading the company on the employee experience it provides.
Last spring, we published The Employee Experience Defined, a research report that consolidated feedback from more than 750 employees across a variety of industries on what mattered in their jobs. The research clearly showed that the quality of the employee experience is based on four key pillars: Connection, Meaning, Impact and Appreciation.
Yet, despite the clear value to employees, many executives didn’t see the connection between these four pillars — or even the employee experience itself — and their business’s bottom line. They felt the pillars were “fluffy” HR terms, rather than critical elements of a business. In our research, more than 1 out of 4 (27%) of executives say that their company still does not invest time or money cultivating a positive employee experience.
- Customer Experience
It is important for executives to pay attention to the employee experience. On average, 70% of a company’s operating expenses are spent on human capital. Many executives focused on business results still consider the employee experience to be an expense rather than an investment in a key company benefit.
Want to understand why it’s so important to make the shift to investing in the employee experience? Download The Employee Experience Quantified to see how the four key pillars impact the six KPI’s – and why companies must invest in them to thrive in today’s competitive talent market.
Kazoo is the employee experience platform powered by the science of motivation and the mission of improving the lives of employees everywhere, one company at a time. Founded in 2013, Kazoo grows company culture and improves bottom-line performance metrics through its robust engagement platform that delivers recognition, rewards, incentives, and team insights. Named to Entrepreneur Magazine’s list of Best Company Cultures in 2017, the Austin-based SaaS company and its technology platform are built on the four pillars of employee experience: connection, meaning, impact, and appreciation. To request a demo, visit info.kazoohr.com/demo-request