Source | www-myhrfuture-com.cdn.ampproject.org | Caroline Styr
Taking an Employee-Centric Approach to the Experience of Work
Employee Experience (or EX as it is known), continues to generate a lot of noise with organisations arguably putting increased focus on EX in the wake of COVID-19. Businesses know that people are one of their main assets, however meeting people’s expectations for the experiences they have at work is increasingly difficult. A move towards a more employee-centric approach to the experience of work requires a change in mindset across the enterprise. With many people starting to talk about EX as an exciting new approach to managing the relationship between employees and an organisation, there are often many different ideas of what this actually means. Therefore, as a first step, coming to consensus around what we mean by ‘EX’ has never been more important.
We have seen dramatic shifts in the wider macro-economic environment in recent history, and these have created fundamental changes in the way that individuals relate not just to each other, but also to organisations.
What is the Experience Economy?
We now live in the experience economy. The experience economy was first described in 1998 by Joseph Pine and James Gilmore. Pine & Gilmore argued that businesses must orchestrate memorable events for their customers and that memory, itself becomes the product: the “experience.”
Today, experiences are the basis of increasing competition for businesses and organisations. People of all generations are placing more value on experiences and relationships over things. According to the Center for Generational Kinetics, 74% of Americans now prioritise experiences over products or things. And millennials, the largest generation in the workforce currently, are leading the charge in placing this newfound value on experiences. They are spending more money and time with businesses and joining organisations based on the quality of the experiences offered.