Why diversifying Employee Experience is your best option
Updated: May 28
Often when we talk about financial wealth or business sustainability, we hear that the best approach is to diversify. Whether that’s splitting wealth into several streams like property, shares, business and retirement savings, or a business offering several types of products in different industries. The appeal is that if one area tanks, the others are unaffected to support the long-term health of wealth or business.
The same goes for the Employee Experience (EX).
Before I get into that though, I want to be clear about what it is I am talking about.
EX is everything that a person experiences by working for an organisation. It is rewards, it is culture, it is leadership, it is benefits, it is belonging, it is purpose. And research has shown when an organisation prioritises EX it not only has a positive impact on the organisation reaching it’s business goals, it has a positive impact on the wellbeing of it’s people. Examples of EX include investing in feedback from engagement or pulse surveys, eradicating toxic management behaviour, creating competitive reward packages, offering benefits that are of value, and prioritising the needs of people over financial goals.
So what do I mean when I say diversity your EX?
What I mean, is don’t rely on just one area that has value for your employees. For example, don’t just rely on pay as a way to retain and attract people, or don’t just rely on your shiny new parental leave policy to add value. Because when you rely on only one single are of EX, when that no longer is of value to an individual, I can guarantee this will mean a one-way ticket to a competitor who offers an EX that IS of value to that person at that time.
So how do you diversify?
By applying a holistic approach to your EX and investing in several different areas of the EX at once at your organisation, you can ensure that it is not just one or two elements of EX that each of your employees value, because if for some reason you are not able to invest in one, or it is no longer of value, this means that you have other elements of the EX to draw upon to attract and retain your people.
The unintended consequence of doing this is you may also attract people that were not attracted to your organisation in the first place, and you have access to a whole new talent pool. People are complex, unique and differ from one another, so what is of value to one employee may not be of value to another but by diversifying your EX, you may engage many at the same time.
Focusing on EX is no longer a nice to have, it is essential to the success of an organisation. If you’re an organisation that is not currently prioritising EX, I implore you to reconsider, as in this day and age, what people are experiencing of work is more important than ever.
So what’s one thing you can do now to diversify EX?
ASK YOUR PEOPLE. Ask them what it is about working for your organisation that is of value to them and start to invest more on these from a holistic perspective. Even better, you’ll find out what is no longer of value (*cough* long-service leave *cough*) so you can really focus on the things that do.
Another option is to check out our very own People First Index, a tool available that can help you start to put together what elements make up your organisation’s EX.