Most companies track and measure areas of customer experience (CX) as a key performance indicator, but is your organization also considering EX — employee experience?
According to Willis Towers Watson, the world’s leading advisory group, companies that outperform competitors on EX also outperform them on a range of financial indexes. In an analysis of 120 global organizations, those with high performance EX were shown to surpass those with average EX on profit margins, growth potential, and employee retention.
Ovia Health was invited to four Willis Towers Watson events this year. A key takeaway from these events is that companies that want to attract and retain talent, meet their business objectives, and outperform their competitors must prioritize EX.
There are four dimensions to a high performing EX. Employees must feel that they have:
- A strong sense of purpose
- The ability to do great work at a thriving organization
- Opportunities for growth and rewards for good work
- Space to connect with great people and leaders
To ensure that these four needs are met, organizations must have grounded their support for EX in a strong benefits offering that aligns with the company’s mission and demonstrates a commitment to employees and their families.
There's currently a shortage of employers prioritizing EX when selecting benefits solutions, which has created an opportunity for companies to differentiate themselves by modernizing their benefits strategies.
The bottom line: HR leaders need to prioritize employees' needs by selecting benefits packages that drive high performing EX.
For companies looking for a more modern approach to their benefits, Willis Towers Watson outlined the five aspects of a benefits system and how the most effective companies approach creating one:
1. Portfolio: Optimal alignment of benefits
- Invest in benefits that align with the organization’s objectives, market norms and employee needs and values.
- Ovia’s Take: Consider how your solution will integrate into your employees' day-to-day lives, as well as into your company’s overall benefits landscape.
2. Financing: Cost and risk efficiencies
- Optimize the financing cost of benefits by allocating costs and risks efficiently.
- Ovia’s Take: Consider a solution’s ability to validate claims and commitment to continuous solution improvements that minimize risk.
3. Talent Experience: Employee engagement
- Engage employees in their benefits with the ability to make informed decisions to maximize value and appreciation.
- Ovia’s Take: Choose a solution that educates and empowers employees to take an active role in understanding and improving their health outcomes.
4. Admin and Operations: Operational efficiencies
- Efficiently administer benefits by leveraging technology and allocating organization resources.
- Ovia’s Take: Ensure that the benefits can be easily implemented through a straightforward member experience that includes benefit navigation, real-time analytics, and case management support.
5. Analytics, Insights & Reporting Data-driven decisions
- Data-driven insights for informed decision making.
- Ovia’s Take: Determine the solution’s ability to calculate and communicate ROI and provide data-driven recommendations and support your company goals.
Creating an effective EX starts with choosing solutions that meet these objectives. Your solution should make your job easier, support and engage employees, and prove its impact.
There are few experiences that impact your employee more than starting a family – find out how Ovia Health can help you reach your EX goals with a complete solution that supports your employees through life's most transformative moments. Let's talk.