Experiences hold the key to employee engagement
Creating a great employee experience has never been more important.
During this time of global economic hardship when every business is looking to establish a competitive advantage, taking care of your greatest assets – your people – is a powerful means of doing just that. Recognition builds engagement, drives retention and assists in the acquisition of top talent. At the same time, a culture built on the foundation of thanks is proven to reduce attrition and regrettable turn-over. In fact, 69% of employees would work harder if they felt their efforts were better appreciated (Socialcast).
On the flip side, lack of recognition leading to turnover is costly. When high level positions can cost upwards of 400% of their annual salary to replace (Drake) it pays to look after your people.
So where do experiences at work come in?
Well, shared experiences create moments of bonding, camaraderie and understanding between individuals and teams. They create social currency and talkability about your brand. And it’s these stories that create culture and folklore. That’s how brands are built in the hearts and minds of both the people inside your business as well as customers.
But more than that, people really want experiences – more so than ‘things’, and more than at any other time in history. In fact, 31% of household income is now spent on things to do, including travel, dining and entertainment (JP Morgan). So if you give your people what they want, you stand a far better chance of moving that needle on employee engagement.
It makes good business sense to nurture a culture of engagement – employers who invest in a great employee experience outperform others by 122% on key success metrics (Accenture). And companies ranked in the top 25% on employee engagement report nearly three times the return on assets and double the return on sales compared to organisations in the bottom quartile (IBM).
RedBalloon has spent almost 20 years delivering experiences across Australia and New Zealand. And we know how powerful these shared moments can be for both customers enjoying a weekend with friends and family; through to employees taking time out to bond with their colleagues, or as a reward for a job well done.
That’s why the RedBalloon for Business strategy is based on the power of experiences to drive employee engagement, celebrate moments and create memories that build trust and connection which ‘things’ cannot.
Experiences as employee recognition
Experiences as recognition have never been more relevant in the workplace as Millennials are poised to take the reins as the largest generation in the modern workforce. When deciding where to work, 90% of Millennials look for employers who offer ‘meaningful personal experiences’ in the workplace and 87% want ‘personal recognition’ (CONE). These are no longer nice things to have, but absolute core requirements for the workplace.
Ultimately, if you can engage your people, they can even do the heavy lifting when it comes to promoting your business to both customers and potential employees. Because connected and happy employees are 186% more likely to recommend their company to a friend (Globoforce).
To find out more about how the RedBalloon for Business team can help you reward and recognise your people, contact us today.