How these 4 types of employee experience will drive business value in 2023
Employee experience shapes business value and is a predictor of business performance. What’s your current business state?
By | Stephen Young | Angela Paul | www.wtwco.com
The global dynamics of business have changed in the past three years and powerful forces have reshaped the way we work and live. Employees’ expectations have changed, and this year employers will be challenged like never before to create value out of redefined and redesigned employee experiences.
To thrive (rather than merely survive), employers must think differently. Under the shadow of ongoing global disruption thriving will require a more compelling and purposeful employee experience that reconnects, re-energizes and retains employees while supporting their healthy productivity.
The concept of quiet quitting received much fanfare in late 2022, reflecting employees’ low levels of discretionary effort coupled with a lack of desire to leave their employer. However, evidence suggests this is nothing new. In fact, engagement levels have remained reasonably stable recently, suggesting no increase in quiet quitting.
What has changed is the broader context. With inflation and an increased cost of living, real wages are down. And with the Great Resignation and decreased staffing, real workload is up. This has led to an imbalance between work and life combined with a decline in perceived leadership support. Together, this creates a potent mix of raw emotion, real hardship and a sense among employees that they are being taken advantage of.
The relationship between employee experience and business value
To understand the current state of employee experience and the factors employers need to pay attention to in 2023, we tracked the financial performance of 355 global organizations of different sizes and a range of industries.