It's Personal
Tiffani Bova
Growth Strategist | Analyst and Advisor | Keynote Speaker | 2x WSJ Bestselling Author | 3x Thinkers50 | What's Next Podcast Host
Today's workforce is looking for more than just a paycheck. According to Harvard Business Review, only 38.2 percent of workers aged twenty-five to forty-five cited pay as the most important factor in their job satisfaction—even though managers most often cite compensation as the reason why employees leave. The belief that employee retention is strictly a compensation issue is clearly a false narrative. In fact, the number of employees who cite pay as the root cause of departure has declined 23 percent since 2018!
Salary and benefits are no longer enough to recruit, retain, and engage talent. For example, employees who were given the choice of when to work felt more than three times better about work-life balance and close to seven times better about work-related stress. Similarly, those who were allowed to choose where they work felt two times better about their work-life balance and work-related stress.
Money and perks might make people feel better in the moment, but they won't buy happiness. In the long run, it's more personal than that.
Only three in ten employees rate rewards of perks (such as salary and benefits) as their top priority when choosing a job, while seven-in-ten customer-facing employees prioritize other elements of the job (e.g., balancing work and personal life, career growth opportunities, and job security). Good EX will get you much further along in addressing what your people need and expect from you. If you're a leader looking to seriously improve EX within your organization, ask yourself these questions:
- Who owns employee experience today? What department do they report into? If nobody owns EX as a comprehensive function, then determine what roles touch aspects of EX (IT, HR, employee success, finance, learning and development) and start by agreeing what a good employee experience means to your business.
- Do you have an Employee Advisory Board in place? If you have a customer advisory board, why not one or employees to solicit feedback on what you could be doing as a manager or leader to improve the day-to-day of your people.
As a whole, businesses need to do a better job supporting, enabling and empowering the people who work for them and serve their customers—or they will be stuck with unhappy employees serving unhappy customers.
The real goal should be finding what matters most to your employees in order to improve their commitment and engagement not only to customers but to the company and everyone that works there.
Some companies, like Bain & Company, Nvidia, VMware, lululemon, and Trader Joe's, have already followed the lighted path and reaped the rewards for doing so.
Now it's your turn.
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I hope you enjoyed this month’s Think Forward Newsletter. You can also follow me on:
My Books:
Experience Mindset: A guide to enhancing customer and employee experience simultaneously for unprecedented revenue growth
Growth IQ: Do you know the best way to drive your company's growth? If not, it's time to boost your Growth IQ.
If you enjoyed either one of these please leave a review!
Mahalo,
Tiffani
Operations, Client Success + Project Management | Founder of On Connection - a connection based experience company
1 年100%. I would rather take a lower salary for a job with more flexibility than a high paying job with little time off and sitting at my desk all day.
Chief Experience Officer at billquiseng.com. Award-winning Customer CARE Expert, Keynote Speaker, and Blogger
1 年"[B]usinesses need to do a better job supporting, enabling and empowering the people who work for them and serve their customers." Tiffani, I couldn't agree with you more! Emotional remuneration is just as important to the employee’s well-being as much as it is to their financial health. Thank you for sharing your insight. In appreciation and in the spirit of paying it forward, I offer this: ?? QUI QUOTE: Whatever your title or position, be a servant leader who will CARE for your people. COMMUNICATE openly, interactively, frequently, and continuously any information that your people need and want to know. Listen empathetically and express compassion and encouragement.? APPRECIATE the important roles and responsibilities of your people. RECOGNIZE and offer accolades for team and individual accomplishments and acts of service. EMPOWER people to make the right decisions for themselves, their colleagues, and customers. When you CARE, your people will feel respected, appreciated, and valued. When you create a GREAT experience for your people, they will do the same for your customers, and you will learn the loyalty of both. Soon, everyone's experiences and, ultimately, their lives, will be enriched. Thank you, again, Tiffani.
Strategic Architect and Futurist passionate about commercial and market insights, organizational agility & transformation | Champion of women, adaptability and growth??
1 年Kim Robbins Thought you might appreciate this post as it relates to candidate experience :)