While the “human experience in the workplace” is a popular phrase, it’s unlikely to disappear next year when the new Top 10 Workplace Trends of 2018 are released. Fortune 500 companies are increasingly investing in humanizing the workplace by addressing long-term employee needs. And yet, this approach is not a new business strategy – it’s just one that works.
Each year Fortune ranks the best companies to work for and Capital One has been a top runner on the list for 11 years. This ranking takes into consideration workplace attributes from the Great Place to Work survey, including community giving, pride in work, ethics, and workplace environment. Of their employees surveyed, 92% believe Capital One is a great place to work, and over 90% are satisfied in several of the survey’s sub categories.
“Led by our Founder, Chairman, and CEO, Richard D. Fairbank, we’re on a mission to hire top talent and help our customers succeed by bringing ingenuity, simplicity, and humanity to banking.” – Capital One, Great Place to Work
In May of this year, the company distributed wearables for employees to mobilize their innovative culture. This type of digital investment helps generate a sense of engagement and connectedness to the company, giving employees a sense of pride and loyalty. Investing in the employee’s personalized experience improves their commitment to the company and leads to increased productivity, customer satisfaction, and overall company performance.
This simple yet powerful strategy has become today’s trending topic as companies realize the cost of employee turnover and the subsequent negative impact on the brand’s reputation are too great of a risk to ignore. C-suite Analytics references a study that found companies with less than 60% of an engaged workforce saw a drop of 9% from their average total shareholder returns when compared to engaged workforces ranging in the 60-70% range. In consideration of disengagement rates rising to 73% and this definitive proof of a correlation between employee engagement and company performance, investors are backing companies that proactively enhance their employee management practices.
The Human Capital Management Coalition (HCMC) recently petitioned for US SEC to require increased disclosure of HCM information as a “large body of evidence links investment in human capital to performance.” The market is demanding transparency of human capital management practices which should urge companies to start investing now, if they haven’t already, to improve in the core disclosure areas requested, including workforce stability, culture, and empowerment, health and safety.
“Translate the human capital opportunity for investment into the human experience investment for employees.”
The fastest way to improve your overall HCM is by investing in how your company translates the human capital opportunity for investment into the human experience investment for employees. Identify a digital transformation initiative that will rapidly evolve your company’s culture to meet employee expectations and needs by promoting your workplace investments, programs, and employee benefits. Over the years Capital One invested in the delivering the human experience through digital innovation and created a “‘Great Atmosphere’ based on a culture that respects and values diversity and fosters an inclusive business environment.”
The connected feeling from the workforce is a result of prioritizing the human experience, delivering these experiences in a dynamic, mobile-first company culture, and ensuring staff engages with these investments ongoing. All too often, companies fund transformative workplace programs and policies, but employees are either unaware of these initiatives or disengaged from the beginning which negatively impacts how investors will perceive the worth of these investments.
The best path forward is not to put a band-aid on the employee’s engagement and productivity concerns, but instead to make a long-lasting foundational impact on how your company eases their day-to-day routine. Digital innovation is the key and Modo Workplace™ is the solution. The team at Modo has partnered with Fortune 500 companies around the world that put employees first to deliver a responsive, personalized, mobile-first experience that evolves alongside the workforce’s needs. We can help to rapidly deliver this connected workplace with a unified, one-stop mobile app that will bring instant value as a capital investment and enhance the long-term value of the human experience.
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