Employee Experience, Key to Talent Retention

One-third of employees say that employee experience is key to employee retention. However, 4 out of 10 say it is not taken into account when designing workplace processes and systems.

Innovation in the workplace is fundamental in attracting and retaining talent. Companies are aware of this and, to the best of their ability, invest in technology to adapt their processes and systems.

However, there seems to be a disconnect between the perception of organizations and their employees, according to a report commissioned by Ricoh from Opinium and CEBR. The study reveals that 76% of decision-makers in Spain say that workplace processes and systems are designed with employee experience in mind. However, only 58% of workers agree with this statement.

In fact, almost 4 out of 10 employees (37%) believe that new technology introduced in their organization has no effect on their work. This seems to indicate that many organizations are failing to understand and reflect the needs of their workforce in the area of digital transformation, investing in the wrong technologies to improve the employee experience.

In addition, the research finds that the adoption of digital technology in the workspace designed to improve the employee experience is low. For example, one-third of companies surveyed do not use any productivity and project management software (35%), automation software (38%) or hybrid meeting technology (31%). However, employees do support the introduction of such solutions.

This lack of understanding of workers’ needs can threaten companies’ productivity and growth, as well as the attraction and retention of talent. In fact, one-third of the employees surveyed indicate that working conditions and experience are the main reasons for staying with their current company.

Moreover, a possible loss of talent for this reason also has economic repercussions. Replacing top talent can be a costly process for organizations, as the average cost of replacing an employee is around 7,400 euros in Spain, according to the study.

In contrast, Ricoh emphasizes that implementing people-centric strategies and investments improves the work experience, and employee loyalty not only enables employees to perform more valuable and efficient work but also facilitates better results. Thus, the report notes that 71% of workers surveyed believe they could bring more value to their company with the right technologies and tools.