Happy employees lead to happy customers and more productive organizations. Organizations have always focused on building great customer experiences (CX), but now they also realize the importance of building great employee experiences (EX). It is increasingly apparent that the two experiences (CX and EX) are inextricably linked.
Even though organisations traditionally have invested hugely in creating customer experiences yet they haven’t seen significant RoI of that investment. According to The Consumer Conversation report, only 37% of businesses surveyed said they were “able to tie customer experience activities to revenue and/or cost savings”. Many studies have been done on customer experiences but none have been able to establish a direct revenue impact on the company.
In fact as per a recent study, in 26% of companies, the results were assessed using behavioral metrics, e.g. churn reduction. It’s a good start but doesn’t provide direct linkage to monetary value. An Accenture report also concluded that half of companies’ CX initiatives do very little to retain customers. Irrespective of this, the market for customer experience management services and technology is predicted to be worth $13.2 billion by 2021. This is testimony to the fact how organisations are obsessed with Customer Experience. However in this obsession what they forget often is that employees are the prime factor in driving that experience.
It is important to enable personalized experiences for employees just the way organisations look at providing customized experiences for customers. In fact as per an Accenture report, 51% business leaders do plan to create individualized employee experiences!
What exactly is EX?
Employee experience is the combination of three distinct factors that exist within any organization regardless of industry, size, and location – Culture + Physical Space + Technology. While culture and physical space were always important, technology has also become an imperative for addressing the needs of today’s millennials. They expect the convenience and work on the go that digital technology has enabled, at every step.
Whether it is connecting with colleagues and customers, filing of reimbursements, seeking approvals or incurring any business related expense, employee experience becomes important in ensuring trust in the organization and its leadership. It, therefore, becomes a key parameter for finding and retaining the right talent. Modern technologies and automation are empowering companies to deisg personalized experiences at scale.
World-renowned author and futurist Jacob Morgan has found that organizations that scored the highest in culture, technology, and physical environment had 4X higher average profits, 2X higher average revenues than companies that did not focus on Employee experience!
Reinventing food benefits with digitized vouchers
An important benefit that is becoming increasingly vital today is food allowance. Most employers provide food allowances to employees as an added value. Employees can save from Rs 50 from tax per meal going up to Rs. 2,200 per month.
Currently, distribution of food allowances in most organisations are not automated. Identifying poor EX in such organizations is of utmost importance. Some signs could be frustration amongst employees due to unexpected delays owing to manual distribution. In fact, using physical vouchers in limited stores in itself seems pretty outdated in this day & age of high-tech consumerism where pay-on-tap, self-checkout stores etc are increasingly prevalent.
Not to forget the hurdles faced by the HRs to manually distribute these vouchers to each & every employee. Not only is it a pain point but also a cost to the company. The long procurement processes, the logistics, distribution & storage costs that just end up becoming a huge cost element that is irrecoverable.
Digitised food vouchers can help address these issues. It also resonates with millennial lifestyles like ordering food on the go, travelling cashless and availing services at the click of a button.
While from today’s generation, digitization of food card or voucher helps build convenience, it has now also become mandatory.
Form Jan this year, Reserve Bank of India’s (RBI’s) has made it compulsory for all meal vouchers to be in digital form, to aid better tracking and address any misuse. Several companies, which provide meal vouchers to their employees, have already made the shift towards digital cards, while others are in the process of doing so.
To help corporates design new and improved EX around something as employee-centric as food allowance, Happay, has launched a new-age digital food card that will also help corporates meet RBI’s compliance norms.
It is win for both employees as well as companies. From organisation’s perspective, HR teams can configure their whole food card program on the platform and run it on autopilot mode.
For employees, it not only helps save tax, they no longer have to worry about the card’s acceptability.Happay Food Cards are accepted practically everywhere – Online Merchants, and point-of-sale terminals. The card can also be managed through a user-friendly app, to help employees check balances, passbook, activate and deactivate the card. This futuristic app also comes with a unique feature of fingerprint authentication that eases the process of placing an online food order.