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Employee Centricity Drives Financial Success

In my article last week about 7 Impacts of Future Work from Job for Life to Job for a Better Life I talked about today‘s employees searching growth, opportunity and personal fulfilment over predictability. By prioritising employees and placing their well-being, satisfaction and engagement at the heart of the organisation by being employee centric, it can lead to several positive outcomes that ultimately contribute to financial success.

Why Employee Centricity Matters to your Bottom Line

Richard Branson, Founder of Virgin Group says “Take care of your employees, and they will take care of your business. Employee centricity is not just a buzzword; it is the foundation of sustainable growth and success”. The following 7 areas are positively impacted by implementing employee centric strategies:

  1. Increased Productivity: more motivated and productive employees will go the extra mile, contribute innovative ideas, and deliver high-quality work, leading to improved efficiency and output.
  2. Reduced Employee Turnover: organisations can save significant costs associated with recruitment, onboarding, and training new hires.
  3. Enhanced Customer Experience: employees are more likely to provide exceptional customer service, deliver positive experiences to customers leading to increased customer loyalty, repeat business, and stronger employer branding.
  4. Improved Innovation and Problem-Solving: valued and empowered employees are more likely to share their ideas, contribute to innovation, and actively participate in problem-solving efforts. 
  5. Better Employee Engagement: employees emotionally invested in their work and committed to the company’s goals are more likely to exert discretionary effort to achieve desired outcomes.
  6. Attraction of Top Talent: top talent seeks a positive work culture, opportunities for growth and work-life balance. Top-talent drives innovation enhances the company’s reputation and contributes to its overall success.
  7. Reduced Absenteeism and Healthcare Costs: promoting a healthy work environment lowers healthcare costs and minimises productivity losses.

10 Key Strategies to Employee Centricity

Employee centricity has emerged as a powerful approach that not only enhances productivity but also promotes employee satisfaction, engagement, and retention. By implementing some or all of the 10 strategies outlined below, organisations can unlock the full potential of their workforce and foster a thriving and successful business.

  1. Results-Oriented Work Environment: focus on results and outcome and less on how and when employees work creates more productive and flexible employees better able manage their own time and stress.
  2. Learning, Development and Performance: tailoring learning and development towards employee interests and career goals can significantly enhance an employee‘s purpose, skills, productivity, confidence and in return job satisfaction. Regular performance reviews strengthen areas for improvement and aligns personal goals with organisational objectives. The Salesforce article A Talent Strategy for a Turbulent Time: Give Your Team New Skills“ outlines upskilling can lead to a stronger workforce that is happier in its roles, which can boost productivity.“
  3. Empowerment and Autonomy: trusted employees demonstrate higher levels of responsibility, engagement and productivity. By providing ownership, employees are motivated to make informed decisions to excel and contribute their best ideas and efforts. Satya Nadella, CEO of Microsoft says“The key to unlocking organizational productivity lies in empowering employees. When you create an environment that puts people first, you foster a culture of innovation and collaboration.”
  4. Open and Transparent Communication: establishing regular open communication channels between management and employees such as broadcasting newsletters, collaborative online events, newsflashes, regular group and individual meetings fosters trust and collaboration, leading to a greater sense of belonging and improved productivity.
  5. Flexible Working and Work-Life Balance: providing remote/hybrid work, flexible working hours, benefits such as healthcare, parental leave, childcare support and sandwich family support enables employees to manage and integrate their diverse personal responsibilities alongside work commitments with less stress and more focus.
  6. Recognition and Rewards: regularly recognising employee effort, milestones and achievements through public acknowledgment and/or performance based incentives reinforces positive behavior, employee value and motivates others to strive for excellence.
  7. Well-being Initiatives: offering gym membership, fitness facilities, meditation spaces, mental health support, stress and counseling services or organizing wellness challenges sends a clear message that employees are valued, understood and enables them to feel safe, focus and perform their best.
  8. Team Building and Collaboration: enabling and supporting respectful, positive collaborative teamwork across countries, cultures and organisational boundaries through technology, team-building events and knowledge sharing can promote collective problem solving, reduce duplication and achieve higher levels of productivity. 
  9. Feedback and Inclusion: providing channels for feedback and suggestions creates a sense of ownership and identifies areas for improvement. Employees that are heard and included are more engaged and motivated to perform at their best. 
  10. Diversity and Inclusion: fostering a diverse and inclusive workplace that values and celebrates individual differences promotes a sense of belonging for all employees while providing opportunities to develop greater products and services.

Companies that have been recognised as top places to work offer attractive work environments and have created environments that prioritize employee satisfaction and engagement. To name a few, Google, Microsoft, Apple, Amazon, Facebook, LinkedIn. As emphasized by global leaders, investing in employee centricity is an investment in the future of the organization itself.

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Karen, leveraging 25 years of international expertise, is your go-to HR consultant and speaker for organisational and people development for Future Work.

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May 30, 2023

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