The awareness that the most crucial ingredient of great customer experience (CX) is a great employee experience (EX) is maturing in most industries. Therefore, leaders from various industries are proactively looking for the most efficient ways to achieve this goal, critical to reaching the final corporate goal – desired CX.
Best Practices on How to Positively Influence Employee Engagement and Experience are:
- A corporate culture that promotes principles of corporate entrepreneurship (proactiveness, innovativeness, risk-taking)
- Enabling employees fully and timely to achieve their goals and contribute to the greater vision
- Transparency of the goals and fair evaluation of their contribution provided by continuous and comprehensive performance management process.
Developing the right corporate culture to retain top-talents and maximize their performance has never been an easy task. The digital revolution made it even harder, but the efforts pay-off.
Organization Health Influence
According to the McKinsey research Organizational Health Index (OHI), healthy companies dramatically outperform their peers: the top quartile of publicly traded companies delivers roughly three times the returns to shareholders as those in the bottom quartile. The right corporate culture turns enabled-employees into empowered employees and enables them to achieve full potential and integrate more closely into the company mission.
What is Performance Management?
Employee-enablement and performance-management are strongly interconnected, providing a company with the right balance between short-term performance and long-term goals. Performance management is the company-wide and continuous process of improving an organization’s overall performance by:
- setting goals through the collaborative process at all levels aligned to the organization’s strategic plans
- transparent and regular reviewing and assessing progress, and developing employee recognition and reward programs based on the evaluations (79% of employees quit for cite “lack of appreciation,” O.C. Tanner research)
- developing the knowledge, skills, and abilities of people to ensure long-term and sustainable achievement of the strategic plans
The company’s performance management process is based on a set of quantitative and/or SMART KPIs that ensure an optimal path to the right short vs. long-term goal achievement.
But one research conducted by MIT Sloan management Review (3.200 executives globally) shows that it is a highly demanding task to define KPIs’ set to balance tactical and strategic KPIs, operational and financial KPIs, and KPIs that fairly present past and anticipated future. Lack of balance leads to dissatisfaction and concerns, but in extreme cases in loss of trust in the need for implementing process within the organization.
It is interesting to see the insight into the executives’ KPIs sets taking part in the survey. When asked to list the top three KPIs (excluding gross revenue), nearly 38% of participants named a KPI that focused explicitly on customers in some way. All other metrics are far behind that one. The same research shows that around 63% of respondents say they are now using KPIs to develop a single, integrated customer view. They see KPIs and the Performance Management process as an essential strategic tool to become measurably customer-centric organizations.
The employees must be enabled on time by all means (tangible and intangible) necessary to accomplish their in-advance agreed targets.
The achievement must be evaluated against the plans and consequently rewarded. Another process output is an individual development plan for maximizing the performance of each employee.
The right performance management process will guide your company towards the excellent CX, but the complex and ever-changing process must be properly supported by the right digital ecosystem.
Internal processes must be harmonized to ensure timely employee-enablement. Analytical support must provide insights to support defining the right set of KPIs and enable transparent evaluation of achievements. The system must be fully integrated within the IT architecture (core-business module, financial module, HR and compensation module, etc.) to enable the process’s full automation. Full synchronization of internal processes is needed to serve customer’s requests and needs.
Asseco and its LIVE product family for employee and customer relationship management help organizations regardless of the industry or size to establish the right digital ecosystem that will enable all of these objectives: harmonizing the internal processes to ensure employee-enablement and serving customer needs. Strong analytical capabilities enable the set-up of the right set of KPIs on all levels, as well as regular evaluation of the achievements to support transparency of the process. High integrability enables an organization to integrate LIVE in their existing IT architecture and ensure full process automation.
For more information on how Asseco and LIVE product family can support the implementation of successful and fruitful bancassurance cooperation, please contact us at [email protected]