“Experience-driven businesses (EDBs) have happier employees and superior performance across the customer lifecycle”—at least that’s what the most recent Forrester report, The Business Impact of Investing in Experiences, reveals. In fact, EDBs have a 4-ppt higher growth rate than non-EDBs.
To kick off the new year, we took a look back at what we learned in 2018 and a look forward at trends to expect in 2019. We found that while a lot of things go into fully becoming an EDB, the most critical piece requires an organization to connect the employee engagement process to the customer lifecycle—and measure one’s impact on the other. But without the right partner and technology in place, this process is fairly complicated. So how do businesses best engage employees in a way that helps improve their CX and grow their business?
In our executive brief, Employee engagement outcomes + outlooks, we dive into that question. Drawing from ongoing work with enterprise B2C brands across restaurant, retail, and healthcare industries, we’ve compiled 3 key employee engagement learnings from 2018 and 5 emerging trends to watch for in 2019. Let’s take a look at some of the top takeaways:
Provide a top-notch culture
What motivates your employees? The answer may surprise you. Our data repeatedly proves culture is most important to future and current employees. Pay is top-of-mind, and you don’t want to forget about it. But don’t underestimate culture. It’s not about paying more. It’s about paying competitively and creating a place where an employee feels valued.
To make a long-term impact, organizations need to include comp-related and non-comp-related aspects of the work environment—balancing culture alongside competitive compensation.
Live by “AI or die”
Employee engagement certainly isn’t immune to the AI revolution. The trick is to make sure you are using enhancements to your advantage and not investing in something that has no value to your organization. AI and predictive algorithms can help you proactively identify and address risk factors—before they negatively affect business.
Work with your leadership team to identify where AI would have the most impact. By opening up communication to those most affected, you’ll uncover the biggest areas for opportunity and know what’s worth your focus. The goal is to use AI as a tool to make everyone’s lives easier.
Set up a measurement system
When it comes to employee engagement strategy, there is one golden rule: any action you take has to be measurable—and measured. Without a tracking system in place, you have no way of gauging what is working or what areas need your attention.
This also allows you to establish a direct, quantitative line between employee engagement and customer satisfaction datasets. This connection can help demonstrate how changes in the workplace culture translate to improvements in the customer experience that impact the bottom line.
The best brands know: financial success begins with an engaged workforce. But employee engagement doesn’t happen on its own—it takes a concerted effort by your organization to move the needle. Do you have a plan in place for improving employee engagement in 2019?
For more information, download the executive brief: Employee engagement outcomes + outlooks.
Todd Leach | Sr. Vice President, Client Insights