Jason Lavender, a senior consultant for Willis Towers Watson, knows the ins and outs of the employee experience. In the webinar “How to Recruit and Retain Top Talent by Creating a Great Employee Experience,” he discussed the best practices of recruiting and retaining key talent thanks to a great employee experience. Ovia Health users, HR practitioners, and benefits providers submitted their questions, adding to the trove of information Jason covered in this webinar. If you’re ready to create an enviable employee experience, the first step is to watch this webinar!
Here’s a bit of what Jason covered:
Why Employee Experience Matters
Employee experience is a part of everything from recruiting to onboarding to employee retention. The workforce is changing rapidly, and many new jobs require incredibly unique skills that can only be filled by a handful of people. This means that recruiting today is tougher than ever before—top talent from around the country have their pick of excellent companies. However, a great experience can help your organization stand out from the pack.
The cost of losing an employee is between 50-150% of that employee’s annual salary. Because of this, employer thinking around experience has changed over time – companies can, and are, doing more to create an employee experience that will prevent churn and attract top talent.
Employers Are Approaching Experience Differently
72% of working millennials value experience over material benefits—this has led employers to change the way they think about benefits. Employers are no longer focused on reducing costs around current employees; instead, companies are focusing on improving employee health.
According to Jason at Willis Towers Watson, 96% of employers surveyed said that improving the employee experience is moderately to extremely important to their company. Healthy and happy employees are more productive and less likely to leave, giving the company an advantage over others in their field.
What Employers Can Do To Move The Needle
There’s a lot employers can do to create an enticing and engaging employee experience. The changes can be small and incremental—it doesn’t need to be a complete HR overhaul. Healthcare programs are a great place to start. 43% of employers prioritize a high-tech process for healthcare enrollment. Layering technology—such as an easy and interactive onboarding and healthcare enrollment experience—will help improve your employee experience.
Taking the First Step
Staying organized and creating an employee experience plan is the first step. Jason recommends identifying categories where your company can improve on experience, such as:
- Program design: Is your design a good experience for your employees? Is it easy to use and understand? Make sure that your employees understand the benefits that you offer.
- Third party solutions: Consider working with other companies to create benefits for employees that wouldn’t otherwise be offered. Find ways to blend experience and intelligence.
- Communications/marketing: Focus on the why and not the how and the what. Explain why the benefits are important and why the program looks the way it does. Applicants can relate to that more than just a list of benefits.
- Culture: Focus on the culture at your company—drumming up culture helps retain your employees and gives them a great place to work.
A great employee experience improves the value proposition that attracts top talent, drives engagement with health care, and retains employees long term. This webinar will provide you with additional information about why employee experience is important, why it matters, what employers can and are doing to move the needle – as well as provide you with key questions to ask yourself when crafting an employee experience and implementing benefits.
We can’t wait to hear how you optimize your employee experience at your company! Want more Ovia knowledge? Sign up for our upcoming webinar with Wealthsimple here.