Talent crisis: Your competitive edge is slipping away

Originally published by HR Leader on 13 August 2024

The Australian workforce is in a state of emergency. A staggering 36% of occupations are facing critical shortages, a 5% jump from last year. This isn't just a statistic; it's a direct threat to your bottom line.

Your competitors are already winning the talent war. They're building thriving cultures, fostering purpose-driven teams, and keeping their best people engaged. Meanwhile, your workforce is feeling the strain, leading to higher attrition and a constant struggle to fill critical roles.

The solution? Unlock the power of employee experience. It's time to stop fighting the talent crisis and start building a winning team.

Employee experience: The secret weapon for business success

Forget outdated definitions. Employee experience is more than just perks and ping pong tables. It's the entire journey your people take, from the moment they first consider your company to their final day (and even beyond).

This isn't just a feel-good initiative; it's a strategic imperative. Gallup's research proves it: engaged employees drive a whopping 147% higher earnings per share and 21% greater profitability. That's not just a nice-to-have; it's a competitive advantage.

In today's volatile landscape, employee experience is your secret weapon. Engaged employees are more resilient, adaptable, and ready to embrace change. They are the key to navigating uncertainty and achieving sustained success.

The future of work is here: AI and HR, a powerful partnership

The digital revolution isn't just changing industries; it's rewriting the rules of work. AI and data analytics are transforming everything from finance to retail, and the workplace is no exception.

This isn't just about automation; it's about unlocking human potential. Tech, HR, and business leaders must join forces to reimagine the future of work. Together, they can use AI to empower employees, streamline processes, and create a more engaging and fulfilling workplace experience.

The first step: Effective employee measurement models

Want to elevate employee experience in your organisation? Start with data. A robust employee measurement model is the foundation for building a truly engaged and thriving workforce.

The first step? Listen to your people. Use surveys, pulse checks, onboarding feedback, and exit interviews to gather valuable insights into employee sentiment and engagement at every stage of their journey.

But data isn't just about numbers; it's about understanding. Analyse metrics like employee net promoter score, employee satisfaction index, turnover, and absenteeism to gain a comprehensive view of ‘employee health’ within your organisation.

Here are some ways to unlock the true power of your data:

• Track trends over time: Identify patterns and understand the impact of initiatives and changes.
• Compare across departments and demographics: Uncover hidden pockets of strength and areas for improvement.
• Benchmark against industry standards: See how your organisation stacks up and identify areas for growth.
• Combine qualitative and quantitative data: Gain richer insights by understanding the "why" behind the numbers.

By harnessing the power of data, you can create a truly employee-centric culture and unlock the potential of your workforce.

AI: The future of employee engagement

Imagine a workplace where AI empowers your people, fuels their growth, and keeps them engaged. We’ve provided below some ways you can use AI to revolutionise employee experience.

1. The virtual buddy: Always there, always helpful

Say goodbye to information silos. AI-powered virtual assistants can answer employee questions, resolve issues, and provide instant support, even in large organisations.

Streamline onboarding. New hires can get up to speed quickly with personalised guidance and support from their AI buddy.

Reduce wait times and frustration. Employees get the answers they need, when they need them, without the hassle of navigating complex systems.

2. Unlocking career potential

Personalised learning paths. AI can analyse performance data and recommend tailored training and development opportunities for each employee.

Real-time feedback and coaching. AI can provide constructive feedback and guidance, helping employees identify areas for improvement and reach their full potential.

A culture of growth. Employees feel valued and empowered, knowing that their career development is a priority.

3. Preventing turnover before it happens

Proactive retention strategies. AI can analyse employee data to identify potential flight risks, allowing you to intervene early and address concerns.

Personalised engagement initiatives. AI can recommend targeted actions to keep high-risk employees engaged and motivated.

A workforce that stays. By proactively addressing employee needs, you create a culture of loyalty and retention.

AI isn't just about automation; it's about creating a more human-centric workplace. By embracing these innovative use cases, you can unlock the power of AI to build a truly engaged and thriving workforce.

Employee experience is the next big opportunity for business success

For too long, businesses have focused solely on optimising customer experience, neglecting the equally critical realm of employee experience. It's time to change that. Employee experience isn't just an HR initiative; it's a strategic imperative for senior leadership.

The potential benefits are undeniable:

• Improved communication and collaboration
• Enhanced career development and growth
• Reduced turnover and increased retention

By embracing AI-driven strategies, businesses can not only navigate current challenges but also position themselves for future success in the evolving workplace landscape.

The impact extends beyond your workforce. Happy, engaged employees lead to increased customer satisfaction and long-term business success.

Ready to unlock the power of employee experience? Fujitsu is your partner in building a thriving, AI-powered workplace. We offer a comprehensive suite of solutions designed to empower your people, drive engagement, and fuel your business growth.

Take the first step: Contact us today for an employee experience workshop to explore the latest trends, discover practical strategies, and learn how AI can transform your workplace: enquire@fujitsu.com