Several recent studies demonstrate the significant consequences of a wholesome Employee Experience in terms of company revenue.
While industries worldwide are set to bounce back from the pandemic deceleration, the redesign of a stellar Employee Experience (EX) is of top priority. According to The Nexthink Pulse report, 96 percent of technology leaders are shouldering the increasing need for Digital Employee Experience (DEX) compared to the 49 percent in the pre-pandemic period.
The focus on improved EX has turned out to be more crucial with a Gartner study demonstrating that only 13 percent of employees are content with their current work experience. Gartner reports that brands focused on EX are the ones who retain their employees and record employee loyalty and high-performance rates.
In recent times, several brands have begun to deliver a fulfilling digital EX for all employees, including the ones from WFH platforms. A healthy inspiration for CMOs stem from a Forbes Insights and Salesforce report that indicates brands with high EX and CX have a 2x revenue growth. In addition, 89 percent of executives agree that a better EX would lead to a better CX.
The survey also revealed that 40% of executives believe in combining EX and CX skills to overcome cultural differences. Many industry leaders are actually looking to incorporate customer experience strategies to drive EX. Another productive method to improve the EX of the workforce in offices is through direct employee engagement. Research denotes that HR leaders must use CX “feel factors” with its psychological and social principles.
On the other hand, technology is revolutionary channels that can help brands understand their employees’ needs and potential. Industry experts reckon AI to be a perfect medium for responsive and efficient employee interactions. Although some companies are leaning towards it to improve EX, experts warn them against rushed decisions. Technical leaders must guide their companies to implement technology in a way that brings employee distress points to the table.
With WFH becoming a steady work-life system, resourceful use of VR and AR can create a meaningful and collaborative platform for EX. Regular VR training provides actual data that can help brands expand their content and process designs to enhance EX.
Industry leaders are keen to include some form of AI in their recruitment and employee program. The use of AR and VR devices can also expand the brand’s visibility in the market. Immerse CEO Tom Symonds tweeted: “#VR has the potential to provide an even more engaging and accurate recruitment experience for both the employer and employee.”
A global brand focused on EX through its Employee Experience Team believes that employees crave excitement, want to feel included in the company environment and culture, and look for an inspirational mentor. Another global brand created a virtual reality training program that encourages friendly competition and enhances employee engagement experience.
While brands are refashioning and recalculating their on boarding and workplace design investments, they soon realize that the costs are not feasible. According to another Gartner study, industry leaders must anchor on high-priority cost-saving. Once the AI project is undertaken, experts suggest a deeper understanding of its governance and implementation to avoid unexpected cost overruns.
With more companies beginning to explore and implement AI technology, VR takes center stage in enhancing the EX. The overall impact of EX, especially using the AR and VR platforms, is bringing impressive revenue solutions to the global economy.