It’s All About Experience: How Investing in Your Employees Improves Profitability

By: | September 5, 2019

Stacy Warren is the Chief Sales and Customer Experience Officer at Vault, where her job is to make sure that the client is at the center of everything we do. She has more than 20 years’ experience in the insurance industry, tackling complex underwriting challenges. Her experience ranges from small agency ownership to climbing the corporate ladder at AIG, to being one of the key founders at Vault. Stacy can be reached at [email protected]

Changes in the global economy, five generations in the workforce and the adoption of new technologies are changing how we all live and work.

Look at banking: Over the last decade, banks have been losing ground to fintechs that are more attuned to customers’ needs, that aren’t encumbered by legacy systems and that have created new ways of working.

Next up? Insurance companies.

Insurtech is the hot new phrase, and the industry needs to be more adaptable in order to compete.

Partially in response to fast-paced changes, customer experience (CX) has been the craze of the last decade. Across industries and borders, clients are increasingly digital natives and expect on-demand solutions, in real time, from anywhere.

A relentless focus on the customer journey, user testing and co-creation have greatly enhanced many customer-facing platforms for the better.

While CX will always be top of mind, companies that will accelerate growth in a meaningful way in the coming decade will be the ones that are paying just as much attention to employee experience — EX.

According to a recent Accenture study, companies with great employee experiences are 21% more profitable than those with a lesser experience. Ultimately, EX is about providing your employees with the experience they need to be thrive and deliver the best results.

Here’s how:

Culture. Not every employee wants the same thing. We’ve heard over and over again that millennials want greater work/life balance.

Technology has both enabled and hindered that as lines continue to blend between personal and work life.

First, gain an understanding of how and what your employees want in order to be successful. Is it more development opportunities? Work-from-home options? Greater opportunities across multiple departments?

According to a recent Accenture study, companies with great employee experiences are 21% more profitable than those with a lesser experience. Ultimately, EX is about providing your employees with the experience they need to be thrive and deliver the best results.

The only way to do this successfully is through direct engagement, openness and a willingness to show the team that their voice matters.

A workplace that is adaptable will yield more engaged employees who are determined to bring their best self to work every day.

Technology. Not investing in technology is no longer an option.

Employees need the best platforms for communication and on-demand solutions that give them the freedom to do their jobs in real-time, from anywhere.

In the same way that we want customers to be able to access our platforms and solutions, we want to give employees the same ease of access; removing barriers and limiting frustrations while trying to do their jobs.

The costs are exponentially worth it.

Social Action. Tomorrow’s workforce wants to feel that the work they are doing matters. Generation Z is all about “wokeness,” and they want to be part of companies that are taking a stand, that support diversity and inclusion and that make a positive impact on the world.

It’s critical leadership not only recognizes this trend but makes sure to check in with employees and engage them in a dialogue around areas for improvement and how we can collectively do better.

As chief sales and customer experience officer, it’s my job to ensure that our clients are getting tailored products that make their lives as easy as possible.

While it felt so natural and important to remain laser-focused on CX in recent years, the role EX plays in this process can’t be overstated.

From buy-in from executive management to true partnership between HR and IT, the companies that make the effort to invest in this now, to learn from their employees and adapt appropriately, will be the winners in the new economy. &

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The R&I Editorial Team can be reached at [email protected]