Employee Experience industry useful reports – May 2024

Yet more evidence that great EX positively impacts upon the bottom line

WtW evidence that differentiated employee experiences lead to consistent financial success.

Takeaways:

• Global high-performing organisations achieved nearly three times the revenue growth, eleven times the profit margin, and two times the return on equity compared to global averages - Further proof that investment beyond pay and on-costs bears fruit
• High-performance companies who prioritise employee wellbeing making it an integral part of their culture, outperform the average organization by more than five points - So, focus on the physical and mental health of your people to support them to succeed
• High-performance organizations have responded by revisiting their talent strategy, focusing on recruiting the talent for their future needs - No more replacing a person with another with exactly the same background and experience
• High-performance organisations are prioritising pay equity that recognises individuals based on contribution and merit - Fair and transparent performance review metrics are required to allow for this

The message is clear: investment in EX is the gift that keep on giving.

Link to report: https://www.wtwco.com/en-gb/insights/2024/02/its-official-great-employee-experiences-still-result-in-superior-financial-performance

Going to the office 'feels like a waste of time'

Appspace 2024 Workplace Experience Trends & Insights Report finds that office space isn’t conducive to working productively and not enough colleagues are there to foster collaboration.

Takeaways:

• 54% of respondents are dissatisfied with their in-office experience - The challenge is on to make it meaningful to come into the office, rather than to come in and do exactly what you could do from home
• Satisfaction with workplace tools and tech has declined from 39% in 2021, to 33% in 2022, and 29% in 2023 - This may well have something to do with greater awareness of tech that's out there and seemingly not being deployed in many organisations
• Gen Z is most in favour of return to office at 77% - Somewhat driven by many not having home offices and working from bedrooms or shared spaces and also a desire to learn on the job from colleagues (and not through a screen)
• 84% of respondents believe their organizations can seize opportunities to leverage AI - The challenge is on for senior leaders to capitalise on the AI opportunity or be left behind
• 72% of respondents feel ESG is very or somewhat important - ESG is not a fad or a trend; it is a global priority through the UN and most governments, and needs to be high on every corporate agenda

A frustration for many employees is that remote working tech and tools were implemented swiftly during the pandemic but now the pace has slowed (to a crawl in some cases). Also, offices need to become collaboration hubs rather than a place for battery hens - return to office mandates need to explain the why.

Link to report: https://www.ravepubs.com/appspace-releases-findings-of-2024-workplace-experience-trends-insights-report/

A widening gap between employer and employee expectations

The latest HR Leaders Report from isolved finds HR Leaders saying that employees deserve to have good experiences at work. 

Takeaways:

• 95% of HR leaders surveyed say they’re already delivering an employee experience that matters - Really?
• 90% of HR leaders surveyed believe their organisation offers competitive benefits - It would be interesting to compare this with what the employees are saying
• 90% of HR leaders surveyed say that their organisation does enough to support diversity and inclusion - See he comment above
• 76% of HR leaders don’t believe that employees’ expectations for their workplace experience are out of control - I'm not sure who thinks they are, but in general employees want more than just a pay cheque
• 43% of HR leaders believe there is a skills gap within their organisation - How can there be if the EX offered is so good?
• “The best way to win the war on talent is by not losing your talent." - For sure, and it's more productive and economical

Most EX and engagement reports show concerning metrics, so it’s interesting to see an HR report paint such a rosy picture.

Link to report: https://www.hrotoday.com/employee-experience/a-balancing-act-3/