Back in 1998, B. Joseph Pine and James H. Gilmore introduced their concept of "the experience economy" and defined it in their article, "Welcome to the Experience Economy." Their definition explained how experiences differ from services and are a distinct economic offering. They declared that the next competitive battleground would lie in the staging of experiences.
In that case then, we may well be in the heyday of the experience economy. Right now, businesses are deliberately designing engaging experiences that command a fee from customers or that differentiate them as an employer of choice to attract the best talent. In many ways, talent is the new client.
At this point, most of us would agree that we live in an experience economy and we have examples in our environment where we are willing to pay extra just for the experience, which makes us feel valued and important. As potential employees, we look for what a company offers to us. While different employees want different things based on their age, marital status, gender and ethnicity, the one thing that every employee desires is to feel wanted and to be considered special. Right now, as companies compete for top talent, they are benchmarking salaries, benefits and the "employee experience" to make sure that when it comes to the total rewards offered, that the talent they want is attracted to their company.
This article shares a specific survey conducted within the IT sector in India, but the take-aways are global and relevant in my opinion. While considering the employee segments (male/female, Gex X/Gen Y/Gen Z, race, etc.) helps to hone in on what a given employee wants and allows the company to target the right reward package to attract the employee they need and want.
The reality that organizations must focus on:
- is creating employee experiences is critical
- is that cash is still extremely important to most all employees
With this killer combo, it is all about getting the right ratio.
Do you know if your mobility program is giving employees what they need and want? Is the relocation package being considered as part of the equation in the overall "rewards" package? Are you currently stuck in the internal muck of logistics, reporting and tactics that you don't have the time or expertise to consider initiatives that will create a whole "new and improved" experience? There is help out there! Talk to your supply chain to see what they are doing differently. How are they currently designing experiences that will make an impact for your mobility program and for your company?
What do employees really want? Different things actually, based on their age, marital status, gender, and ethnicity. But the one thing that every employee desire is to feel wanted and to be special. Much before an organization designs its Total Rewards, two important points every organization must need to pay attention to are as follows – Creating Employee Experience Cash is always King Employee experience is the big differentiator in overall employee lifecycle. Employees relate to the organization emotionally and if every experience in the employee lifecycle touches the emotions positively, it makes the bond stronger between employee and employer. We live in an experience economy and we have examples in our environment where we are willing to pay extra just for the experience, which makes us feel valued and important. Organizations must need to ensure that it has systems and processes which are supporting employee experiences at every stage starting from the selection process till separation process.