Putting employees at the heart of the Experience Economy

In today’s people-focused economy, experience is king. It figures, then, that the selling of memorable experiences, rather than commodities alone, has become an attractive money-spinner for businesses and brands.  

But it’s impossible to talk about the Experience Economy without making employees part of the conversation. As the backbone of any business, workers are increasingly dictating the terms of engagement with employers. And in a fiercely competitive job market, employees are looking to be engaged with the right motivational incentives and support to ensure a first-class working experience. 

In short, they want their own slice of the Experience Economy cake. 

So, how can organisations rise above the competition and devise a comprehensive employee engagement strategy? 

Engagement matters 

Imagine an Experience Economy without engagement. In the retail world, even the most carefully considered customer experience would be a dead-end street, as customers would simply lack the involvement, effort, and personal connection needed to continue coming back for more.  

The employee experience is similar. Organisations that offer their staff fancy one-off perks without investing in their wider engagement face an uphill struggle. To get the best out of their employees, businesses need to ensure they are actively engaged and connected with the work they do.  

Employee engagement is consistently shown to link directly to company performance and satisfaction. According to Gallup, companies with highly engaged staff experience a 41% reduction in absenteeism and a 17% increase in productivity. If a powerful and positive employee experience is the destination, employee engagement must be the journey.  

Supporting the entire journey 

Providing a seamless recruitment experience, where a prospective employee moves from application to interview, to appointment and then onboarding is a crucial part of any successful employee engagement strategy. Supporting processes and technology have an important role to play in attracting the right candidate and impressing them throughout the journey. 

Once the chosen candidate has been brought into the business, the onus is on leaders to ensure engagement, wellbeing, and retention through a range of other tools. For example, solutions like Symatrix Simply Pay simplify and streamline the whole pay data flow to ensure that employees are rewarded for their work accurately, on-time, and every time – leading to less headaches all round.  

At a time of rising energy bills and a cost-of-living crisis, employees may find themselves suddenly squeezed in the middle of a pay cycle. Organisations can incorporate financial wellbeing offerings within the payroll system to enable employees to instantly access the percentage of their wage earned in the current cycle. This helps support financial resilience, money confidence, and the overall workplace experience.   

Being kept in the loop 

With the right technologies and processes in tow, organisations can provide their employees with clear updates and easy access to support. This can include holiday entitlements, instant queries, and continuous training and development opportunities.  

The ability to access approval and tracking of flexible/hybrid working is crucial. A recent global poll of nearly 1,500 business and IT decision-makers found that an overwhelming 94% agreed that hybrid working was beneficial to recruiting talent and maintaining competitiveness. As the ‘new normal’ of work continues to take shape, it’s vital that organisations keep up to speed with the latest technology solutions underpinning the employee experience. 

The tools for success  

Employees want meaningful experiences at work. To deliver these improved experiences, more and more organisations are undertaking a cloud journey to integrate supporting processes and technology. With the help of Change, Consulting or Managed Services, businesses are supported in ensuring that ongoing improvements and enhancements bring about far-reaching change.  

The Experience Economy has firmly translated to the workplace, making employee engagement imperative to business success. With the right technological solutions, organisations can offer best-in-class tools, services, and experiences to achieve the next level of workforce engagement.