Let’s Talk About EX: Why It’s a Mistake to Back Off in Tough Times
We’ve heard it before in business: When times are good, you should advertise. When times are bad, you must advertise. A study conducted by McGraw-Hill during the recession in the first half of the 1980s looked into companies that maintained or increased advertising. The research found that those who continued advertising through tough times showed a sales increase of 275% compared to 19% in the companies who cut their advertising budgets.
What if we applied this same adage to the employee experience (EX) and customer experience (CX)? Research confirms that the employee experience directly affects the customer experience. In fact, poor or absent employee communications are costing organizations an average of $19 million a year and that’s just the financial hit on specific business initiatives.
Also Read: Creating Safe Spaces: Nurturing Psychological Safety
What about the monetary impact of poor comms on productivity and employee attrition? The results are likely to be equally as concerning.
As organizations navigate the new economic and professional landscape born out of the effects of the Covid-19 pandemic, they must weigh employee satisfaction high on the list of priorities to improve customer experiences and business outcomes.
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