AUSTIN, Texas (PRWEB) November 15, 2017
YouEarnedIt, the leading HR SaaS company that improves bottom-line performance metrics by enhancing the employee experience, today released the results from a new national research study quantifying the impact of the employee experience. Responses from more than 900 full-time employees and C-level executives show nearly half of executives still underestimate the impact of the employee experience on revenue and earnings, despite spending approximately 70 percent of their operating expenses on human capital.
The report, The Employee Experience Quantified, illustrates the critical connection between the four pillars of the employee experience – connection, meaning, impact and appreciation – and a company’s bottom line. This research builds on previous findings from The Employee Experience Defined and takes the research a step further by enabling executives to connect the four pillars to key business outcomes.
The Employee Experience Quantified uncovered six key performance metrics identified by executives that the employee experience directly impacts: revenue, earnings, productivity, retention, customer experience, and absenteeism.
Key findings from The Employee Experience Quantified include:
- Revenue: When looking at the component pillars of the employee experience, nearly two out of three executives believed meaning (61 percent) and appreciation (63 percent) do not impact their company’s revenue showing a misalignment between what leaders believe versus what their teams need to impact the bottom line.
- Earnings: 94 percent of employees feel their work has a direct impact on company performance, yet 42 percent of executives believe the employee experience does not affect their company's revenue and earnings.
- Productivity: Productivity is the only KPI that executives overwhelmingly agree is impacted by the employee experience. 87 percent of executives understand the employee experience is connected to their company’s productivity allowing them to deliver greater top-line growth.
- Retention: Most executives (78 percent) recognize the employee experience influences retention rates, yet only 60 percent said impact – or employees knowing how their work impacts their company and colleagues – affects retention. If employees don’t understand how their work helps the company meet its goals, they are less likely to be inspired on a day-to-day basis and more likely to look for a new position where they can see their impact clearly.
- Customer Experience: More than 3 out of 4 employees (77 percent) surveyed said impact and appreciation affect their ability to deliver a high-quality customer experience yet only 3 out of 5 executives feel the same.
- Absenteeism: Responses from employees and executives show there is a divide on what motivates employees to come to work. 73 percent of employees say appreciation affects their desire to come into work, yet only 55 percent of executives believe appreciation impacts absenteeism.
“A company’s two greatest resources – human capital and financial capital – are inextricably tied. But unfortunately, executive leadership often doesn’t see the connection and is suppressing the true potential of the employee experience,” said Autumn Manning, co-founder and CEO of YouEarnedIt. “A lack of investment in the employee experience suppresses a company’s ability to reach it’s true financial and business potential. As today’s workforce continues to evolve, those leaders who embrace the employee experience head on will be poised to reach their maximum potential.”
In addition to quantifying the four pillars of the employee experience, the research also revealed that 27 percent of executives say their company does not invest time or money cultivating a positive employee experience.
“Businesses put a lot of time, energy, and resources into developing their brand and driving revenue-building initiatives,” said Kim Dawson, Director of Employee Experience at YouEarnedIt. “Employees are a significant part of this equation, and focusing on building a sustainable employee experience sets the foundation for long-term impact.”
To read The Employee Experience Quantified, download the full report.
About This Research
YouEarnedIt set out to better understand the business impact of the employee experience and how companies quantify the ROI from these initiatives. YouEarnedIt surveyed more than 900 full-time employees and C-level executives in various company sizes, industries, and job levels to understand how they perceive the employee experience drives business performance and impacts critical business metrics.
YouEarnedIt is the employee experience platform powered by the science of motivation and the mission of improving the lives of employees everywhere, one company at a time. Founded in 2013, YouEarnedIt grows company culture and improves bottom-line performance metrics through its robust engagement platform that delivers recognition, rewards, incentives, and team insights. Named to Entrepreneur Magazine’s list of Best Company Cultures in 2017, the Austin-based SaaS company and its technology platform are built on the four pillars of employee experience: connection, meaning, impact and appreciation. To request a demo, visit http://www.youearnedit.com/demo.