LinkedIn Blog Edition: 2020 Employee Experience (EX)
Welcome to CapRelo's LinkedIn Blog Edition! We dive deep into global mobility leadership questions asked by you and others in the relocation industry. We hope to bring firsthand insight from our leaders to help you with the many challenges you face. We sat down with Barry Morris, President and CEO of CapRelo, to discuss the employee experience. So let's dive right in!
Three insights to help guide employee experience now—no more procrastination.
#1 Integrate technology
In 2020, we're expecting significant change, from artificial intelligence (AI) helping with the drudgery of administration to Brexit changing the way we think about global partnerships. And, with the labor market tightening, the industry recognizes that talent is the key to staying competitive, and that has given rise to focus on EX.
Managing expenses and meeting timelines are essential, however, those are givens today. Talent acquisition and retention are now front and center, and EX is how leading firms are reaching their talent goals.
#2 Define employee experience (EX)
EX is how people feel and what they learn when on the job (about themselves as much as about their work.) EX is an employee's sense of the quality of the relationship one has during one's journey with the organization. The addition of having an outstanding employee experience coupled with compensation is so substantial that we're even seeing the rise of "experience" roles and departments dedicated to EX, underscoring that EX impacts everything from recruiting efforts to the bottom line.
#3 Know the facts
In a study of over 250 global organizations, Jacob Morgan found low turnover demonstrates that an investment in employee experience does pay off. Writing for SHRM, he observed that companies that focused on EX saw 40% lower turnover, higher profits and better stock performance. The EX trend has been in play now for over five years.
It makes perfect sense. The research case grows stronger. Younger employees demand more job satisfaction and experience has more value than simple compensation. According to Da Vinci Payments, 79% of Gen-Z and Millennial employees said that something as simple as an increase in recognition rewards would make them more loyal to their employers. Turnover has never been more expensive, and employee loyalty is low and continues to fall. Ajilon reports 88% of full-time workers who changed jobs in the past two years are willing to pursue a new job opportunity, while about one-third said they were actively seeking a new role (an 8% increase over last year).
Sure, compensation will always be top-of-mind. However, given the transparency into pay afforded by the web and the value Millennials are putting into non-tangibles, our consultants see company culture and educational opportunity becoming the strategic EX difference-makers. Onboarding, engagement and policy action all drive the employee experience.
We're finding that how companies manage employee relocation is a significant driver in how employees assess their value to the business and their management. Employee relocation is an open opportunity to build a culture of appreciation for your enterprise.
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