Establishing a strong, positive and trusting relationship with the workforce is paramount for companies, regardless of economic circumstances. Without fostering such a foundation, attracting, engaging, and retaining talent becomes a challenging endeavor.
In times of economic adversity, the employer-employee dynamic becomes even more crucial in the work environment.
An antiquated employer-employee relationship
The employer-employee relationship has its roots in the Industrial Age and the traditional model of “trading-time-for-money.” However, this antiquated approach persists in many organizations today.
While significant progress has been made over the past century in terms of compensation, safety, and healthcare, it is not surprising that attracting, engaging, and retaining employees can feel like an insurmountable task for many companies.
Contemporary work goes far beyond a mere exchange of time for monetary compensation. Employee expectations have evolved exponentially, adapting dynamically to the experiences and developments in the world at large.
The recent global pandemic serves as a powerful illustration of how rapidly employee expectations can shift, leading to record-breaking attrition rates and workforce migrations that have had a devastating impact on entire industries.
Navigating economic adversities
Successfully navigating a recession with minimal repercussions necessitates employers and employees being on the same page, working towards common goals, and, above all, placing trust in one another.
Without trust, achieving the outcomes of a high-performing organization becomes increasingly challenging. During times of economic adversity, this can result in heightened costs, limited innovation, diminished commitment, and decreased productivity, all of which stand in stark contrast to the needs of companies.
Utilize the Triple E Gap Analysis to foster trust among your employees
The initial step in establishing a trustworthy relationship with your employees is to comprehend and address their expectations.
Consider the Triple E Gap Analysis as a springboard for implementing strategic enhancements aimed at bridging the divide between employee expectations and their current realities, particularly focusing on the 63% of expectations that are non-financial.
This analysis enables you to prioritize the areas that require attention and identify a range of actions, varying from low to high intensity, to narrow the gaps and promptly demonstrate improvements that hold the greatest value for your employees.
Next steps: Complete the assessment
If you are prepared to discover ways to enhance the employee experience within your organization, we encourage you to take advantage of the free Triple E Gap Analysis. It only takes five minutes to complete and provides you with in-depth insights that are tailored to your specific organization.
By becoming a truly employee-centric organization, you can surpass your industry peers. It all begins with understanding and addressing employee expectations, and the Triple E Gap Analysis serves as your roadmap to accomplish this essential task.
Axiom understands the importance of a healthy employer-employee relationship and we strive to increase employee engagement by leveraging employee self-service tools and mobile access. Connect with us and foster a positive work environment today.