Despite the increased interest and focus on employee engagement over the past decade, the majority of employees today remain disengaged (according to a Gallup Study in 2013, 70% of US workers were disengaged). And this matters because…?
Why you should care about employee experience
Well, aside from the negative impact disengaged employees have on an organization’s morale, they also have a significant impact on an organization’s financial health (and not good!).
Check this out:
The 2013 Gallup study attributed $370 billion a year in lost productivity to the 70% disengaged workers
A McLean & Company study the same year found that disengaged employees cost organizations an average of $3,400 a year for every $10,000 in annual salary
Watson Wyatt estimates that turnover—the inevitable outcome of employee disengagement—costs between 48 and 61 percent of an employee’s annual salary*
Statistics like those will make any company – and HR department – sit up and take notice!
Create more value in your employee experience
In a series of blog articles for PeopleStrategy, Ben Eubanks, principal analyst at Lighthouse Advisory, states that it is time for HR professionals to shift their attention from employee engagement to the employee experience. By offering employees a more valuable workplace experience that satisfies their professional needs and expectations, companies can drive satisfaction, engagement and loyalty.
So how do you create a better employee experience? Or accommodate the unique experiences of each demographic within your organizations? You can start by reading Ben’s blog on “5 Keys to Building a Great Employee Experience” and downloading a copy of our infographic which provides tips on how data can help identify what your employees want from their experience – step 1 to determining what changes you need to make to meet their needs.
Infographic research sources
For more information on the statistics cited in the infographic, check out the links below.
“Organizations with highly engaged employees had an average 3-year revenue growth 2.3 times greater than those whose employees showed average engagement.”
“Companies with a strong employee experience see 23% higher employee performance, 40% more discretionary effort, and 23% less likely to turnover.”