How optimizing digital employee experience can help reduce turnover
Many stakeholders understand that turnover can be costly but few are aware of just how much it can harm their enterprise. According to a paper from the Center of American Progress, when highly skilled employees leave an organization, losses can equal as much as 213% of the worker’s annual compensation. In this blog, we explore four common causes of turnover as well as solutions that an optimized digital employee experience can provide.
Previously, we discussed the rise of digital employee experience, a relatively new concept used to describe how workers interact with the technology made available to them. One of the many benefits associated with prioritizing digital employee experience is a decline in turnover rates, as enterprises are able to take advantage of high-touch digital platforms to overhaul employee experience and generate stronger engagement. Below, we take a closer look at how organizations can use modern intranet software to ensure every employee feels satisfied and motivated to reach peak performance.
The link between digital employee experience and retention
Countless studies demonstrate that the more connected employees feel to an organization, the better their performance will be. According to analysis from Gallup, the businesses that scored best on employee engagement showed 21 percent higher levels of profitability versus the enterprises with lower satisfaction rates. A separate Gallup study found that the businesses with the highest concentrations of engaged employees also boasted turnover rates that were as much as 67% lower than their competitors.
Employers that prioritize digital employee experience can foster collaborative environments in which every worker feels empowered to engage with stakeholders and the enterprise at large. An optimized digital workplace can improve every step of an employee’s corporate life, from streamlining the hiring and onboarding process to presenting workers with a clear path for progression and promotion. In turn, organizations that invest in a digital employee experience platform can reduce the extensive costs associated with hiring, onboarding, and training a revolving door of new hires.
The importance of an optimized digital experience is likely going to increase as businesses continue to compete for a coveted subset of highly skilled job candidates. While a generous salary or an extensive benefits package may help sway skilled workers towards one organization, it is employee engagement that will become essential for retaining top performers. A digital employee experience that helps deliver the right information to the right people with a personalized touch will build the foundation for a workforce that is committed and engaged.
How optimizing digital employee experience can lead to improved retention
Given the importance of an engaged workforce and the increasing emphasis placed on digital employee experience, it is wise for enterprises to take advantage of a high-functioning intranet in order to address common sources of employee turnover. Below we break down some common sources of disengagement as well as solutions a digital workplace can provide:
#1. Promote internal mobility
Challenge: Employees don’t see a clear path to success, promotion, and professional development
Solution: Modern intranets can be used to highlight growth opportunities
In order to maximize engagement, every employee should feel confident about their own unique trajectory. Workers without opportunities to look forward to and goals to work towards will begin to look outside of your enterprise in order to bolster their professional development. Many companies are investing in internal mobility initiatives in order to encourage promotion from within and make the most of existing talent. Intranets can help companies retain skilled employees by elevating opportunities for training and progression that directly relate to a worker’s unique skill set and goals.
#2. Reduce disconnect caused by inefficient communication
Challenge: Disengagement builds as a result of mass-messaging
Solution: Give employees the opportunity to personalize their communications pathways
As a result of social media platforms and targeted advertising, employees have grown accustomed to receiving personalized messaging as consumers. Yet, when it comes to office communications, workers are frequently inundated with countless emails, many of which do not relate directly to their role or needs. As staff-wide messages continue to weigh down individual inboxes, many employees may start to disengage with their organization and de-prioritize internal communications. A modern intranet can help bring workplace messaging up to speed by empowering employees to engage with their organization on a personal level. Workers can design their own profile, choose what content to follow, and access portals for company-wide information and updates.
#3. Establish a culture of recognition
Challenge: Employees feel undervalued because their contributions aren’t recognized
Solution: Spotlight employees through company blogs, recognition tools, and achievement rewards
Every team member should feel recognized and valued. Those that don’t may start searching for new opportunities where they believe their contributions will be adequately appreciated. Many growing companies struggle to maintain this sense of employee recognition, but an optimized digital workplace can help enterprises effectively spotlight deserving employees. Platforms can host a variety of features that can be leveraged to show worker appreciation including gamification options that award badges to top performers and blog content dedicated to highlighting employee excellence. Employees who feel seen by their organization will be encouraged to continue to work efficiently in order to reach new goals and milestones.
#4. Go beyond the office
Challenge: Inflexible workplace policies lead to dissatisfaction and apathy
Solution: Enable workplace flexibility without sacrificing productivity
As a result of technological innovation and heightened connectivity, mobile work is increasingly prevalent. Many employees value having the option to work remotely, at least periodically, as well as the ability to access documents and deliverables outside of the office. In fact, a study published in the National Bureau of Economic Research found that employees with the option to work remotely were both more efficient and more engaged than their office-bound peers. A mobile responsive intranet makes more flexible office policies possible because employees can stay looped-in regardless of geographic location and time of day.
Make sure your intranet paves the way for maximum employee engagement
Creating an optimal digital experience for your employees can help boost productivity and reduce turnover rates. If you are interested in taking worker engagement at your enterprise to the next level by boosting your team’s digital experience, get a free consultation today!