Employee Experience industry useful reports – April 2024

3 Minutes
26/04/2024
Here’s links to recent reports we’ve come across that we’ve found interesting and some of our key takeaways from them.

Employee Experience Management market worth $11.1 billion by 2028

A new report by MarketsandMarkets™ details that this market should almost double within five years.

Takeaways:

  • Leaders who actively listen to feedback, share company goals and empower employees to see enhanced trust, increased innovation, and more robust employee advocacy - Increasingly, employees want a bigger say in how work is delivered; this makes sense for organisations as employees know and understand the work the best
  • This transparency translates to improved brand reputation and customer loyalty - Anything internal can go external in seconds; so, get it right for your employees and the world will know - the opposite is also true
  •  Integrated EX management software enables a more comprehensive approach to managing EX by providing a centralised dashboard for HR professionals and managers to monitor and analyse data - As data is the new gold, it's vital that employee data is captured and obsessed over, just as customer data is

Whereas it's undoubtably good news that employee data is being taken more seriously, it must be the case that something is actually done with the data. It's no good obtaining turnover trend reports and then shrugging your shoulders. So, organisations should not only be investing in EX tools, but EX professionals to leverage the tools and data.

Link to report: https://www.globenewswire.com/news-release/2024/02/14/2829110/0/en/Employee-Experience-Management-Market-worth-11-1-billion-by-2028-growing-at-a-CAGR-of-10-2-Report-by-MarketsandMarkets.html

Staff morale - who cares?

An article by People Management tells that frequent satisfaction surveys can aid retention and ensure workers feel their voices are heard.

Takeaways:

  • According to MHR’s 2024 Employee Experience Report, 75% of employers are failing to regularly check in on their workforce’s morale and satisfaction - Imagine the same metric for customer satisfaction! How can you improve EX if you don't understand how employees are feeling?
  • Consistently listening to employees and tackling areas that might be lowering satisfaction levels is not a priority - It's understood that leaders are busy, but if you don't look after your employees, it will impact upon customer service
  • Many well-qualified candidates will seek out employers that meet their expectations with regards to wellbeing, development, EDI, CSR and flexible working - Very true - it's not all about the salary for many
  • Satisfaction surveys should not be a “once-and-done solution” - This is exactly why Brand Experiences created mojo, so that line managers and employees have quarterly check-ins on motivation levels and swift corrective action can be taken

Whereas EX as a ‘thing’ seems to be gaining ground, figures such as the 75% one seem to indicate that there’s a gap between saying and doing for EX. Quite a simple rule of thumb is: whatever you’re doing for CX, you should be doing for EX.

Link to article: https://www.peoplemanagement.co.uk/article/1860564/three-quarters-employers-not-regularly-check-staff-morale-report-reveals

In a globalised world, a one-size-fits-all employee experience won't work

ET HR World discuss that what works in one culture may not work in another.

Takeaways:

  • Some cultures prioritise individualism, and some collectivism: So, EX strategies should be tailored, especially where reward is concerned
  • Some cultures prefer clear hierarchy, and some egalitarianism - So, this will impact on how you communicate and how the work is shaped
  • Some cultures thrive on ambiguity, and some don't - So, structure and guidance should be dialled up or down accordingly

As the article rightly calls out, it's important to remember that cultural norms are not monolithic. Therefore, although there should be some guiding principles, you should still focus as much as possible on personalising EX.

Link to article: https://hrme.economictimes.indiatimes.com/news/employee-experience/ex-around-the-world-tailoring-the-employee-experience-for-a-global-workforce/109109272

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