Just as WOM (Word of Mouth) is the Holy Grail of generating demand for consumer products, it can be applied when generating demand for your company’s jobs. Generating demand for a job is increasingly about employee engagement, and it follows a formula. One ingredient in particular yields a much higher ROI than the rest. What is this ingredient, and how can you use it to generate positive WOM for working at your company?
Talk is (no longer) cheap
Like the consumer goods market, demand and supply for jobs goes up and down. In our connected world, talk is proving to be a powerful factor in company valuations. We’ve seen Elon Musk’s Tesla shares fall 3.5% (equivalent to almost $2 billion) in the days following his Twitter spat with a diver during the Thai cave rescue. And when Kylie Jenner tweeted about using Snapchat less, it led to a loss of 6.1% in Snapchat's share value, worth $1.3 billion. We are living in an age where talk is becoming one of the most valuable currencies.
How to master the employee engagement formula
The beauty in today’s world is we don’t have to be big name founders or celebrities for words to have an impact at companies. When someone gets a promotion or innovates a new product, you’re going to hear about it. Though where you work determines how this information is delivered. The ingredients of employee experience work together to produce feelings of engagement. The ingredients making up employee experience include physical space, technological tools, and culture. Out of these, technology is assuming a bigger role in determining how you receive and share information. Using technology that facilitates communication leads to higher levels of connectedness, and higher levels of business performance (companies investing in employee experience are four times as profitable).
Source: The Employee Experience Advantage, By Jacob Morgan (Wiley, 2017)
Applying technology to your company’s communication
No matter which areas of employee experience you invest in, it all adds up. As investments in employee experience go up, so does positive employee WOM. But the biggest bang for your buck comes from the biggest WOM multiplier: internal tools for communication. If you put emphasis on improving how employees communicate, you’re already ahead of the game.
Written by Campbell Owens
Challenging conventional corporate practices, Campbell explores what it means to truly invest in people at work. When she's not writing, you can find her in a studio of the art, yoga, or apartment variety.