‘Return on Experience’ (ROX) is being recognised as one of the best ways to realise more value from your business; for hotels and restaurants where experience is everything, it is a useful approach to business planning.
The return on investment to be gained from delivering a great guest experience is dependent for the most part on employees. Their knowledge, motivation, energy and know-how are as important, if not more important, than many aspects of the physical product, including technology.
Therefore investing in and measuring ROX, which takes into account employee engagement as well as financial results, guest satisfaction and efficiencies puts the spotlight on ensuring your employees’ experience within the organisation is as it should be.
According to Accenture, employers offering a great employee experience outperform the S&P Index by 122%
To retain fully engaged employees and offer them a great brand experience, taking the time to understand things from their perspective is the place to start.
This includes everything they see, feel, observe and experience throughout their journey within the organisation – not just their career development path. It includes the everyday, the here and now. The company culture and team spirit, the willingness of leaders and supervisors to take time to support their teams as well as providing the tools, technology and resources to excel at serving the guest at every touch point. This kind of support is expected by all your employees especially the most talented – the ones who can move on at any time to new and better opportunities.
Getting the right balance is hard; whilst younger employees may prioritise their development and growth opportunities, others may look for maximum flexibility to help them meet commitments to family, children and parents.
Good hotel leaders are well ahead in retaining great talent through cultures that enable people to be their best, which in itself builds social capital within the organisation and status externally as an employer. This is ROX at its best.
How can the ROX approach help ensure your brand’s ‘employee experience’ stacks up to the expectations of today’s workforce?
The answer is a virtuous circle that aims to embed high employee satisfaction which in turn drives guest satisfaction that results in guest loyalty and higher spend.
For a virtuous circle that embraces the employee brand experience as well as the guest’s brand experience, here are some key goals to frame an action plan
ROX goals
- Self-esteem – make internal brand ownership aspirational
- Influencers – encourage internal influencers to engage others
- Behaviours – recognise the right behaviour in performance management
- Value – identify & reward the creation of value in the guest’s eyes
- Financial – share and celebrate financial success
For help with employee experience, employee engagement, brand engagement, internal communications and Return on Experience: hello@imlondonhq.com
