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Organisations are constantly brimming with different groups of people. These may be their customers, the suppliers, or their trading partners. They often keep into account how their experience has been while associating with their organisation, say the customer experience. Companies take particular care about it and devise various strategies to keep them satisfied and engaged. 

However, these orgs tend to forget about the experience of one important asset – their employees. Companies are content by just keeping their employees satisfied, which is inadequate in today’s competitive environment. We have moved towards working to making employees engaged with the organisation, to a much holistic term – employee experience. 

The employee experience is the collection of all the experiences or interaction an employee has with the organisation. It accounts right from the time when they were a potential employee, to the last minute in the organisation. It can assist organisations learn a great deal about the kinds of problems that the employees face, even the smallest issue that troubles them, to anything that gives them even momentary joy. 

There are multiple reasons why it is critical that employers continue to work towards building a better employee experience. Let’s take a look at a few. 

#1 – Retaining and Attracting Top Talent

Companies are always looking for talented and experienced employees. If your organisation can’t deliver well on good employee experience, your competitor probably will. Employees know the company inside out, so it’s best not to fool them with foosball-table-like perks, but instead, provide them with something valuable. If they know their skills are being productively used, and their contributions are being valued, they’ll want to work for the company for a longer time. 

It also helps with attracting top talent, as the older employees will put up a real picture of how the company works. This can only be acheivee if they have a positive experience. 

#2 – Changing Employee Priorities

With younger people joining the workforce every day, organisations have to adapt to  millennials. Younger employees look beyond paycheck and perks – they want a better experience. They want to be deemed significant to the organisation, they want to be seen and heard. This is a critical aspect of shaping satisfactory employee experience – hearing out your employees. Their ideas and suggestions are as valid and important as the ones by top management. 

Younger employees bring new energy and thinking to the organisation, and to keep them happy, organisations must work towards creating a wholesome employee experience. 

#3 – Improving Productivity at Workplace

When an employee gets a better experience, their productivity is likely to increase as a result. They may feel more involved in their work, and know that their work matters to the organisation. While designing an employee’s experience, the organisation should always consider aligning the goals of the employees with the vision and mission of the organisation. When employees work towards achieving their goals, they concurrently the company’s vision as well. 

#4 – Better Customer Relations

Employees paint the best and the most realistic picture of the organisation for the world outside. If they are satisfied with their work, they will undoubtedly talk it up. Employees may also be interactinv with your customers on a daily basis, and thus, their relations with the organisation can play a pivotal role in building a customer’s relationship with the organisation. Therefore, keeping the employees experience holistic and comprehensive is very critical and beneficial. 

#5 – Profitability 

Working towards building a superior employee experience can seem like expensive business, but it almost certainly isn’t. The results could quite possibly be the best return on your investment. When employees work towards making the organisation better, expect an increase in profitability as well. With better customer relations, positive word of mouth publicity, and even lowered costs. Employees have a larger impact on the profit of business than employers might typically think. 

Organisations would want to strive towards improving employee experience. After all, it does play a pivotal role in building the future and growth of the organisation.

Money has always been a cause of concern for people. The worry is not always about getting a bigger paycheck, but knowing how to manage finances and utilise funds for long-term benefits. 59% of employees say that their biggest cause of stress is financial or money related problems. 

But a question arises, somewhat understandably – why should an organisation worry about the financial health of their employees when they are already paying them? The reason is rather simple – financial stress induces sufficient distraction, and this can directly impact productivity, and of course, health. Stressed employees are likely to switch jobs faster as well.

To assist employees with their finances, organisations are now introducing Financial Wellness Programs. These programs are aimed at improving financial literacy among employees as well as helping them in practical finance matters. Financial wellness programs can often involve sessions by experts that offer advice on how and where to invest money, how to do retirement planning, or how to manage a financial crisis. 

Such programs also help employees build a better credit rating and managing their debt better. With one such load off their mind, employees will definitely be able to focus better on their work. However, even with organisations offering such programs, employees don’t seem to be adopting them at an appreciable rate. We shall discuss what can be possible reasons behind this. 

#1 – Not taking employee inputs

The most common reason can be that the organisation has devised the program without taking inputs from their employees, and so they don’t find it useful to adopt the financial wellness plan. If an employee doesn’t see the program benefiting them in any way, they will simply not take it up. This shouldn’t be a surprise.

To avoid such an issue, the first step when introducing a plan should always be to communicate to employees. What are their primary finance-related concerns? Are they worried about their retirement plans? Or is it credit card debt that seems to be affecting them? Only after an organisation is aware of the pressing issues, they will be able to address and solve them in their financial wellness programs. 

A wellness program should be tailored for a broad audience, since organisations are a diverse workplace consisting of people from all walks of life. The financial comfort of a young employee will be different from that of an experienced one. Such aspects can only be considered if organisations ask their employees for suggestions and contributions. 

#2 – Improper communication

Financial wellness programs are still a relatively new concept, with many in top management positions remaining unaware of how such programs should be structured. They are unable to build a vision for its usage and benefits to employees, and this naturally results in a passive response.

Financial wellness isn’t just about offering knowledge and information on managing finances (i.e. financial literacy). It covers the theory as well as the practical part of it. Financial wellness combines two aspects: 

Therefore, there should be clarity and proper dissemination of information about financial wellness program among employees. Any question and queries about the program should be answered timely so that it becomes easier for an employee to adapt to the program. This is likely to help boost responsiveness.

#3 – Focus only on benefits and not on education 

Some employers tend to believe that paychecks and a handful of additional benefits are adequate measures to ensure the financial health of employees, but this is not always the case. Employees also need help managing their funds. Right from how to budget for the household, manage student and other loans, and saving for contingencies, many do need assistance. 

A financial wellness program should put equal emphasis on education as well as benefits. Live sessions, one-on-one-counselling and personal coaching as and when possible – all of these are significant value-adds. 

A financial wellness program is an initiative that demands some thought and planning, and can be fairly rudderless if employees don’t seem to be adopting it. Organisations would do well to analyse the critical points and bring in necessary changes. After all, that’s what a true win-win would look like. 

In the corporate context, the concept of wellness has often been associated only with regards to the physical health of an employee, and employers have historically been focusing their wellness plans around these. However,  ‘wellness’ may not just mean good health to all the employees. For someone, it can be physical wellness, while for some mental wellbeing can be more important. Therefore, focusing on a singular aspect of wellness is likely to be inadequate in employee satisfaction and in designing a plan that fits everyone. 

Holistic employee wellness has evolved as a new concept in recent times. With organisations recognising employees as their biggest asset, it has become increasingly important to ensure their holistic wellbeing. There are certain essentials that constitute holistic employee wellness. These can be broadly classified as physical wellness, mental wellness, social wellness, career wellness, and financial wellness. 

#1 – Physical wellness

Workplaces may not have a significant direct effect on the physical wellness of an employee, but they can take measures that ensure better lifestyle choices that are healthier for their employees. Practical or flexible working hours is a good way to assure that employees do not get overworked. Organisations can also promote good health by providing options such as standing desks, gymnasium, healthier food, and others to help employees be healthier. 

Continuous work can also affect the physical health of an employee, thus proper relaxation and rejuvenation programs can also be implemented. 

#2 – Mental wellness

The mental health of employees is an increasingly prominent issue in today’s workplaces. Employees now often report work stress, depression, poor work-life balance and more. This not only affects them as a person but also their productivity as an employee. Thus, employers may be risking productivity if they ignore the mental health of their employees. 

Therefore, there is certainly a pressing need for understanding the requirements of employees to ensure they are not mentally stressed, and working environment plays an important role in this. Organisations would do well to hire experts that can suggest specialized plans to deal with mental issues of employees. 

#3 – Social wellness

Employees spend almost ⅓  of their life at the workplace. Not surprisingly then, their social life is greatly affected by their life at work. While employees constantly work, collaborate and brainstorm together, this is not an indicator that their interpersonal relationships are just as good. Employers understand this, which is why they organise various programs with a focus on making employees more comfortable with each other and the workplace more relaxed. 

Social wellness can also improve the relationship between a superior and subordinate, and help iron out any differences that may arrive at a workplace. 

#4 – Career wellness 

Employees naturally desire a career with some sense of direction in their organisation. Stagnation is best avoided, and that is made possible with opportunities to hone skills, progress in roles and positions, and being recognised for contributions.

To ensure improvement in career wellness, employers may want to initiate leadership programs, where extraordinary performers can be recognised and trained to become leaders for tomorrow. Their job should be tied to giving the organisation the right push, so they feel their job is relevant and recognised. 

#5 – Financial wellness

Perhaps the most critical factor in these paradigms that employers tend to overlook is financial wellness. Financial wellness does not only constitute better pay, it includes all related benefits an employee receives as well. All such benefits should often be consulted with the employees. Financial plans are never one-size-fits-all. With every employee sharing unique goals and plans, programs should be changed and broadened as and when needed. 

Employees also want to start planning their future as soon as possible. Thus, it becomes an employers responsibility to train their employees about good financial management. Programs to help them understand various financial schemes, retirement planning, financially investing for long-term goals, will help the employees to a great extent. 

Organisations may also want to connect employees with services that offer quick and hassle-free access to credit, like EarlySalary. Money, after all, is an enabler – and credit is how this enablement is executed.

It is time for employers to look beyond the paycheck and start thinking of employees as not only a productive asset, but also understand their human needs. 

Even under the most challenging circumstances, it is critical to strengthen a workforce in a way that reflects an organisation’s true values, culture and growth objectives. Weathering that challenge requires innovative thinking and technology. HR can leverage technology to fill the gap between talent needs and optimize productivity to get desired increase in business growth.

Technology is more than just a tool – it’s an enabler. It can empower HR managers and deliver structured information with standardised processes. It can automate and streamline HR processes in the employee lifecycle. Every step from hiring, onboarding and training to compensation, benefits, retention and exit. In this post, we cover how tech in HR can assist businesses to thrive, survive and compete.  Let’s have a look at the transforming HR tech sector and the impact that they can have on your business.

Top 3 Tech Trends in HR

From payroll function, applicant tracking, learning and compensation management to succession planning and competency management, technology in HR can do it all. It is essential  for business houses to accumulate and use technical knowledge within the aegis of a shared environment. For better clarity , we have narrowed down to the top 5 trends that might heavily influence your organisation.

#1 – Big Data and Analytics 

The significance of data management in HR is unquestionable. HR professionals can deploy big data to understand their customers, target audience group and make decisions powered by vital information. Analytics can also assist recruiters assess potential employees and make better risk management decisions. Natural language processing technology can deliver findings on movements and interactions of employees and scrutinise efficiency. Talent analytics can help organizations analyze employee knowledge and develop proper training programs for them.

Organisations can even leverage workforce analytics to get a clearer view of pay gaps and discrepancies and promote fair salary compensation. The role of HR as an administrative function can be supported by technology to simplify administrative tasks and have a strategic impact on the organisation.

#2 – Cloud-Based HR Platforms 

Cloud-based HR software is  increasingly becoming the norm. This isn’t surprising, as it allows HR professionals to work with real-time data, store, archive and organise information such as documents in a secure location. An employee self-service model grants employees better control of their data, benefits and gives companies more effective tools to evaluate employee engagement and productivity. 

#3 – Technology For Employee Wellness 

Creating an employer brand requires employee advocacy. Technology can help encourage employees to become true advocates for an organization by sharing their own valuable experiences. Self-service applications, machine intelligence and e-learning approaches can deliver personalised financial-wellness education to employees at their convenience. 

Data can be automatically compiled with machine learning algorithms. This can be used to construct annual reviews of employees’ financial standing and recommend short- and long-term plans. There are numerous financial wellness tools available which offer services such as budgeting tools, financial goal planning, tracking of spending, assets and financial management progress. 

Embracing Technology

Marrying a technology experience with human experience may not be adequate in itself. It is also important to adopt technology-augmented processes to effectively move the needle on financial health and ensure the inflow of information and its availability to employees. This will, of course, require human resource managers and their departments to transform into  strategic data managers. There is a gulf between technology adoption and the ability of HR teams to use it and the data it generates to deliver meaningful, business-transforming metrics. There is a need for critical investment decisions in technology to reap huge benefits and growth for organisations.

By: Srihari.S

About the Author: He Heads the Talent Management and Digital HR practice for a medical technology Company and is currently the Director Human Resources with over 15+ years of Industry experience.

Mention organisational restructuring in a hallway, and you’ll likely receive an eye-roll. Seasoned employees may say that they know the drill as they revise and re-revise business priorities. However, isn’t it time we find a new group of workers to come along and bring with them a vibrant and optimistic approach to workplace change? After all, even long-tenured and jaded employees may want to experience change in new and exciting ways. 

In recent years, I have been witnessing a more collaborative and constructive approach in organisations and the catalyst is the generational overlap taking place in Indian business today. Generation Z workers are arguably the most ethnically diverse generation, and they are entering the workforce in big numbers. With close to five generations present in most organisations, managing generational diversity can be overwhelming. 

Rethinking Goals & Seeking New Values 

Firms today are competing to maintain longevity and employees’ value proposition vis-a-vis the industry approach. This requires leveraging demographic advantages, specialisation in creating collaborative networks, performance management and project economics. All of these tasks require that organisations garner commitment from their workforce of the future.

As per a survey by PWC, India will have the youngest employable population in the world by 2020. With the increase in flexibility and ease of work, the average retirement age will also likely go up, which will further increase the multi-generational mix. Moreover, by 2020, the average Indian will be only 29 years of age. The key is adopting the learning-from-everyone approach or reverse mentoring. Communication, networking, strategizing and other related tasks are executed differently by varying generations, and can add unique value to multiple aspects of an organisation’s functioning. 

The Role of HR

The role of HR in building a collaborative multi-generational work environment and brand should be focused on connecting the right culture and behaviors, and on guarding against reputational risks across divisions. In the same vein, innovation in financial wellness programs can assist in incentivising different generations and help companies thrive in the future. 

As organisations struggle to find employees with bleeding-edge tech-skills and professional savviness, there is a need to anticipate the ways disruptions originating from a multigenerational workforce can impact an organisation. Over the years, I have seen divergent pursuits of happiness, values and ideals across generations, as I’m sure many others would have as well. The key is to make every generation feel accurately valued and align them with broader goals.

Every generation shares different goals. Some prefer cash rewards and respond to hygiene factors such as promotions, perks, appreciation, fancy designations, and so on. However, many may be interested in relatively newer age concepts such as flexible retirement options and tax-saving schemes. This should not be surprising – all of us desire financial security, after all. Millennials tend to appreciate wellness programs that offer them getaways with family and friends, outcome-based remuneration and structured investment plans. Whereas, the older generation prefers monetary rewards, stock options and long-service awards. To allow employees from each faction to add to the changing business landscape, it is important to fine-tune the financial rewards with performance metrics and productivity. 

Challenges Ahead

The real test of the HR function would lie in catering to the diverse employee value proposition. While millennials revel in multi-tasking and in being validated for their efforts, the older generation is task-oriented and can value material rewards and individuality. 

A generational difference creates a workforce that may find itself divided in more ways than more homogenous workforces. Herein lies the rub. While most policies in an organization are designed by a group of seniors, there is an increasing potential for mismatch between the desired results and the actual impact. As per a study by Deloitte, this mismatch can lead to lower engagement rate, productivity, a higher attrition rate and  unrest among the workforce. This can result in lower than expected output from the investment in human capital. Clearly, there is a need to build granular understanding of generational differences for a productive workplace. 

Multi-Generational Workforce: A Boon

It is important to remember that the senior industry experts in your organisation add tremendous value with their industry insights. However, we must not overlook the knowledge that younger generations can bring. A multi-generational workforce creates an environment ideal for symbiotic growth of knowledge and skills. When we leverage the unique skills of the different generations, we enable employees to create a more engaged and productive environment.