Improving the employee experience at your firm is linked to profitability.
We know this from a study published in the Harvard Business Review.
The key is you have really want to make the lives of your employees better and get creative with the investments you make. If you do the results are expected to pay for themselves.
Firms that invested in improving their employee experience saw improvements in productivity AND profitability.
I’ve included a chart from the study below that summarizes the benefits. Here they are spelled out:
- 1.5X employee growth and pay
- 2.1X average revenue
- 4.2X average profit
- 2.8X revenue per employee
- 4.0X profit per employee
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So we know the benefits are there, but what should your firm do to start making improvements?
Stop forcing your team to complete boring and repetitive ‘busy work’. Get that automated away from them so they can focus their efforts on something more important.
Your team wants to leverage their knowledge to solve challenging problems in creative ways. This means empowering them with the right tools to do their job well.
Reinvest the time they get back into creative outlets where they can make a big impact at your firm. That’s an easy win-win for them and the firm.
PS. Read the HBS article about the study.