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Posted on May 17, 2017 by in Business, Employee Benefits

Recently, I was reading an article in Forbes by Jacob Morgan, who is the author of The Future of Work: Attract New Talent, Build Better Leaders, and Create a Competitive Organization, which explores how the workplace is changing and was endorsed by business leaders such as the Chairman of KPMG, CEO of Whirlpool, CEO of Intuit, CEO of SAP, and the CEO of Schneider Electric – to name just a few.

In Morgan’s Forbes article, he describes the “The Employee Experience Design Loop” which you can see below. It is comprised of a few parts which in no particular order are: Respond, Analyze, Design, Launch, and Participate.

Essentially, Morgan’s Employee Experience Design Loop shows us that the employee experience is not a static thing, it’s a moving target and in fact there is no single experience for every employee, there are many experiences. It’s been reported that fully engaged employees return 120% of their salary in value, while disengaged employees return 60% of their salary in value. That means engaged employees get twice as much work done than those who are not!

HR’s Role in Rapidly Changing Workplaces

Who’s tasked within your organization to creating these employee-centric environments where employees don’t just show up, but they want to show up?

Typically, it’s your HR team. In fact, 83% of HR leaders believe that employee experience is either important or very important to their organization’s success. Therefore, there doesn’t seem to be a more urgent initiative for companies to focus on.

Human Resources today is not what it once was – it’s so much more. For many organizations, HR is the backbone that fuels the success of an organization. HR fosters the talent pool — hiring, promoting, and incentivizing the employees who dedicate time and contribute to the think tank that makes an organization win in its respective market. As a result, today’s HR leaders are more focused than ever on how to deliver a compelling employee experience. This means integrating more than just the physical environment – the tools, technology, and devices employees use to do their jobs – but also focusing on the emotional mindset and well-being of the workforce.

Big Benefits Don’t Necessarily Need Big Money

An important part of taking care of your employees involves your organization’s benefits package, and let’s face it, benefits are getting more complex and a lot more competitive. The tide is shifting from traditional Employee Benefits – the 401(K) plans, health insurance, vacations, paid holidays – to progressive benefits like pet health insurance, wellness stipends, paid volunteer time, and personal identity theft protection (a benefit predicted by Willis Towers Watson to be offered by 70% of employers by 2018.)

Identity Theft Protection costs less than buying your employee a Grande Caffè Latte at Starbucks one day a week. That’s under $3.40/week for each employee to be protected from threats to their personal identities. Or, you could also go the voluntary benefit route, which provides a discounted rate to your employees who opt to enroll and pay for the identity protection themselves. Here are just some of the emotional tolls identity theft can have upon your most productive employees:

  • 36% of identity theft victims reported moderate or severe emotional distress
  • 66% of identity theft victims experienced direct financial losses
  • It can take your employees anywhere from 33 to 600+ hours on average to restore identity

This means when a person has their identity stolen, there’s also an innocent bystander about to become collateral damage: the employer.

Live Webinar on Revolutionize Your Employee Experience

In order to help HR and business leaders explore how they can revolutionize the employee experience with progressive benefits that fuel the emotional well-being and mindset of today’s workforce, a live webinar is scheduled on for Wednesday, May 24th.

In this session, IdentityForce and WellnessIQ, a provider of corporate wellness solutions aimed toward cost containment and employee health, will address:

  • Delivering a 360 Degree View of the Total Employee Experience | How to define your employee experience and how culture is driven from all angles of the business.
  • Building a Best Place to Work Culture | What practices are successful “Best Places to Work” organizations implementing to continue to win the hearts and minds of their employees.
  • Understanding Benefits that Matter | A review of progressive benefits and when to determine if a benefit should be voluntary or employer paid (or a hybrid), along with key strategies for revamping your existing employee packages in time for open enrollment.
  • Mobile – Changing How We Live, Work, and Play | Anytime, anywhere mobile experiences help employees conveniently make smart decisions with their finances and money, which can lead to financial wellness in the office. We’ll review some of the more progressive options that ensure your employees can “benefit” as they like, where they’d like, and from any device.

I hope that you will be able to join this live webinar, as I’m excited to talk further about this topic with David Drap, president of WellnessIQ!