Employee Experience industry useful reports – May 2024

3 Minutes
18/05/2024
Here’s links to recent reports we’ve come across that we’ve found interesting and some of our key takeaways from them.

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/

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