How employee experience can be your key differentiator
The employee experience is the new customer experience. Ceridian surveyed 2,000 global executives to see what strategies and technologies they’re leveraging to win over top talent in our 2021 Executive Survey.
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These days it might seem like the hottest employment trend is quitting. Thirty-eight million American workers quit their jobs in 2021 – a record number – and what has been termed “The Great Resignation” continues in 2022. Our 2021 Executive Survey asked 2,000 leaders across 37 industries and seven countries how they plan to win over top talent in a competitive job market.
Ceridian found 72% of executives surveyed recognize that employee experience (EX) is a high priority or essential in winning top talent. A strong employee experience is critical for attracting, engaging, and retaining talent in the modern workplace. Pandemic epiphanies have caused many people to reevaluate their career choices and what they find professionally and personally fulfilling. Many people are looking for better wages, more stable schedules, and flexibility to improve work-life balance.
Even before the global pandemic, organizations were facing labor shortages. A generation of baby boomers are reaching retirement age, leaving a smaller talent pool of Generation X, millennials, and Generation Z to these fill empty roles.
Workers are in a strong position in today’s job market. A personalized employee experience can be the differentiating factor in keeping your top performers.
How employee experience impacts organizations
Employee churn can impact an organization’s ability to meet goals. People are a foundational part of the organization, essential for creating products, maintaining operations, and providing an excellent customer experience. And building workforce agility in a world where change is rapid and constant is critical to organizational success.
Superior financial performance is another strong motivator for organizations to provide a great employee experience and retain their talent. IBM found organizations that score in the top 25 percent on employee experience report three times the return on assets and double the return on sales compared to organizations in the bottom.
Improving your employee experience
Employers are often surprised when talent leaves. Yet less than half (39%) of respondents to our 2021 Executive Survey are using tools to get ahead of churn and identify flight risk employees. Pinpointing turnover causes helps organizations developing new strategies to improve retention – before it’s too late.
Driving engagement across the employee lifecycle from the first day of work is critical for creating a workplace culture where people want to stay. And personalizing experiences to the individual can help organizations better attract and retain talent.
Enriching with career development
Career development benefits both the individual and the larger organization. Employees can be trained for future roles and skills gaps that your organization will need filled in the future. 74% of executives called “investing in future learning and workforce reskilling” as high priority or essential in the 2021 Executive Survey.
Ceridian’s 2022 Pulse of Talent found that 30% of people seeking a new job cite lack of growth opportunities and the majority believe the employer is responsible to train individuals for future careers. Skills development opportunities can help boost retention and help employees see a future at your organization.
Learn more about senior leaders’ strategies, priorities, and tech investments to improve the employee experience in our 2021 Executive Survey.