Does elevating employee experience (EX) impact business growth? New numbers from last month’s U.S. Jobs Report support this argument, as figures align with industries on top of their EX game!
Employee experience is a game-changer, so it’s really not surprising that this trend is exploding, especially as industry leaders seek to stabilize costs in an uncertain economy. Attracting and retaining talent with a healthy company culture is critical to productivity. And this is where exceptional EX proves itself.
The COVID-19 global pandemic has gone backstage, though shockwaves are still being felt. Strong labor hiring in May 2023 shows there is resilience in the market, with 339,000 jobs added and unemployment at a historical low.
On one hand, rising interest rates, the soaring cost of living, and other negative economic factors make employers keen to cut costs. On the other hand, the younger generation of job seekers is far more discerning about job offers than ever before. They often prefer companies that welcome a diverse workforce—and certainly, things like flexibility and a robust culture are deal-breakers.
And some industries are faring better than others when it comes to facing these challenges.
Industries facing and overcoming hiring challenges
The pandemic had a massive impact on labor market dynamics. If we look at the healthcare sector for a moment and consider how it took the brunt of the crisis, we understand why people stepped back to reconsider their careers.
Fear, stress, and burnout, coupled with feelings of isolation, overwhelmed many people, particularly those on the frontline. While hiring in the health and education sectors looks positive for the moment, companies must consider an aging workforce and a skills shortage. Today, investment in EX strategies will go a long way toward helping this sector attract and retain the talent it needs to meet the demand for its services.
Construction companies also suffer from an aging workforce and a skills shortage. This means employers must improve their EX to attract a younger, appropriately skilled workforce. The same occurs at some automotive and aerospace companies.
The hospitality and tourism industries also took a severe blow in the pandemic, and workers seem less enthusiastic about the wages and seasonal requirements that have historically been trademarks of the sector. Attitudes are changing towards the hire-and-fire tendencies of some employers and the impracticality of zero-hours contracts.
Many industries are struggling, not just in the U.S. but worldwide. It’s worth considering the jobs added to the labor market this spring to see which sectors enjoy healthier growth and how EX interventions could drive this.
If you’re concerned about employee disengagement in your organization, this blog on how to reign employee engagement shows you how to recognize this trend and shares the first steps needed to create a culture of belonging.
How great employee experience impacts hiring and drives a growth shift
The Jobs Report tells us that May’s job gains included 64,000 jobs added in the professional and business sectors. Despite the enormous challenges faced during the pandemic years, the healthcare sector has added 52,000 jobs, and the hospitality sector has added 33,000 jobs.
How are they managing this? We have a couple of case studies that illustrate how effective EX strategies, implemented by some companies in these sectors, help stimulate growth in a difficult market!
Consumer-first medical device company keeps employees connected
Cooper Companies is a global, consumer-first medical device company that supports how people want to live at every stage of life. They are committed to advancing the health of women, babies, and families worldwide with products and services focusing on medical devices. Cooper employs around 14,000 people, and its products are sold in over 100 countries.
In 2019, the company experienced an IT incident that resulted in company-wide downtime. This highlighted the importance of an internal communications strategy that enables connection and collaboration during similar events. Up until that point, email was the only method of internal communication. Leadership wanted better visibility into whether critical news and announcements were reaching employees.
Cooper began to build a strategy, a project that accelerated during the pandemic when enormous challenges meant fail-safe communications were vital to keeping the workforce connected. Simpplr was able to help by improving internal communications with strong collaboration and feedback to connect all units in all countries. The system has 93% adoption across 123 departments in 45 locations. This fosters great EX through developing a robust company culture and improved employee engagement.
They took vital steps to build a healthy EX, and it shows!
Online education company creates new community
Pluralsight is an online education company. It has 1,400 employees across six locations in the U.S., providing video training for software developers, IT administrators, and creative professionals. With an old intranet, Pluralsight content was either outdated or incorrect. Bottlenecks, caused by the requirement for IT involvement for every update, quickly made the intranet stale and unusable—a dumping ground for old information. Employees began to create Google sites for their departments, leading to siloed content, low engagement and reduced productivity.
To drive two-way communication and a unified company culture where everybody could contribute and add content, Simpplr helped Pluralsight launch an updated intranet platform in less than 30 days.
To read more about how Pluralsight adopted a highly visible new community for employees to connect globally and in record time, you can download the case study here.
The employee experience difference
Given the labor and skills shortage across so many sectors, those companies struggling to hire must look to success stories to discover ways to build their appeal in the marketplace. Now is the time to look closely at the EX you offer and to make the changes necessary to attract the star performers you require to gain and sustain a leading position in the market.
In an increasingly competitive world, you can hire top talent if you offer a positive experience. It has a bearing on a company’s reputation. When prospective employees hear good things about company culture, job satisfaction, and the work environment, they will listen. And this means you’ll have a wider talent pool to choose from.
Employees themselves enhance a brand if the EX is good. People talk about their jobs and the brands they represent all the time, face-to-face and across social media. A positive EX means satisfied employees and satisfied employees will recommend job openings in the company to like-minded family, friends, and colleagues. This could mean higher quality hires and a faster recruitment process.
After the disruption caused by the pandemic and The Great Resignation, plus the uncertain state of the economy, the last thing employers want is high employee turnover rates. It’s again important to look to EX because a person functioning in an inclusive culture, feeling supported and valued, will be highly engaged in their work and likely to stay put for a while. High employee retention rates appeal to job seekers because they indicate a positive, stable work environment and a more desirable organization in general.
Good EX gives a company a competitive advantage when hiring because if candidates have multiple job offers, they will probably choose to work where positive EX is well established. It follows that an organization providing competitive compensation, an appealing work environment, and development opportunities will have the best chance of attracting the best workers.
Remember, too, that the hiring process itself is part of a good EX. Positive hiring experiences mean that employees are engaged from the start. They are likely to recommend the company to others as a good employer, and the company will gain a positive reputation.
Learn more about why effective EX is critical to success in this blog, or listen to this podcast!
We’ve seen how organizations in some sectors have benefited from EX on their journey to success. Good EX can drive growth because employees are more engaged and motivated and, consequently, more productive.
Innovation and creativity get a boost, and customer satisfaction increases. Healthy EX also drives high retention rates and encourages a positive company culture. Investing in and prioritizing EX strategies for your organization will drive growth through happy, engaged, and motivated employees, as reflected in the Jobs Report.
Reach out to see exceptional employee experience capabilities in action with Simpplr and start planning your next move today!
