Josh Bersin - The Definitive guide to Employee Experience

Learn more about the key drivers of Employee Experience and how EX can 5X your employee retentions and 2X your financial targets
Neil Stone
5
minutes

About The Study

The Bersin EX study has collected input from 982 companies on 90 practices related to Employee Experience, including job design, management, workplace design, health and well-being, growth opportunities, technology, and services.

The Research Goals:

The goals of the study were as follows:

To create a clear definition of the term “employee experience.” Currently, no such standard exists; the term has different meanings to different audiences.
To quantify, using research and case studies, why EX is important for HR organizations and business leaders.
To identify the practices that have the most significant impact on employee experience.
To offer specific guidance on how organizations can improve employee experiences and achieve EX excellence.
Top Findings:

Of the 90 practices analyzed, 15 were found to have the greatest impact when related to financial, people, and innovation outcomes.

Practices related to trust, transparency, inclusion, and caring have a disproportionate impact. Important practices include regular and transparent communications from leaders, demonstrations of care for employees, an emphasis on integrity and empathy across an organization, a well-defined company mission, and a culture that cultivates a sense of belonging and inclusion among all employees.

The study identified four levels of EX maturity:


Level 1, Transactional Efficiency
Level 2, Supportive Environment
Level 3, Purpose-Driven Business
Level 4: Equitable Growth.
Only 20% of companies represented in the survey are at Level 4.

The use of technology is critical to creating and sustaining positive employee experiences. Without the right technology, companies can’t get insights into employee sentiment, provide personalised and job-relevant experiences and development opportunities, or support employees at scale. This study found that the use of certain types of technology correlated to different maturity levels for employee experience.

Why Is Culture So Important?

As you can see from the findings, the most important practices revolve around culture. Why is culture is so important?

First, we are in the middle of one of the most competitive job markets in decades. In April more than 4 million Americans voluntarily quit their jobs, showing their level of dissatisfaction and market power. So employees are looking around. And as they look, they’re searching for empathetic, caring, and responsible employers.

Stress is one big issue. Today, according to Deloitte’s latest Millennial Survey (21,000 respondents in 46 countries), over 46% of younger workers now say they feel stressed “all the time,” and almost half state that their employer “did nothing” to help them.

What are people stressed about? Many things. Four in ten believe global climate change has hit “the point of no return.” Two-thirds believe wealth is unfairly distributed and the cause is “greed and self-interest by business/wealthy people.” And six in ten think systemic racism is widespread.

And the issue of belonging looms large. Nearly a quarter of workers feel their employer has personally discriminated against them. And one in five feel personally discriminated against “all the time” because of some aspect of their background.

So before we simply raise wages or add perks to make employees happy, we have to focus on the core.

  • Employees want a feeling of purpose from their employer.
  • They want to trust their leaders and institutions.
  • They want to feel that they belong and that their team will take care of them.
  • They want to be treated fairly, respecting their uniqueness and identity as a person.
  • And they want to see the company investing in their pay, growth, and advancement.

Where Are Companies Today?

While many companies perform well among these factors, it’s still the minority.  When we clustered the respondents into groups, we found that only about one in five achieves what we call EX Excellence. Far too many think EX is a program to make Human Resources efficient: this is really only the beginning of the journey.

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And yes, technology does matter. The study identified several very important technology investments: tools for employee listening, analytics tools to identify problems, and AI tools that provide suggestions for wellbeing and improved productivity.

The ROI Of Employee Experience

Since the topic of EX grew out of employee engagement, companies are not always clear about the return on investment. Well it’s now very clear that when employee satisfaction is high, customer satisfaction and financial growth follow. As I often tell clients in our conversations, your employees “are” your company, so the more productive and engaged they are, the faster you company will grow.

Our research clearly proved this out.

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Read the full article on Secrets To Employee Experience: The Definitive Guide Launches Today

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