Employee Experience industry useful reports – November 2023

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

Where should companies invest to improve the employee experience?

This report by pwc examines why investing in EX just makes sense.

Takeaways:

  • Only 13% of employees indicate that they are fully satisfied with their experience – Ouch!
  • A good EX leads to lower absenteeism and turnover and higher productivity – This has been a staple finding for years
  • Investing in the key drivers of EX (Autonomy, Comp & Bens, Development, Diversity, Leadership, Training, CSR, Work environment, Flexibility, Workplace stress and Wellbeing) could yield 13% percent of total revenue – It could be higher!
  • A focus on wellbeing brings the biggest yield – This makes sense as if people are sick or unmotivated, then they’re unlikely to be productive

It’s great that pwc has taken the time to invest in this report. The more the big hitters talk about investment, the more likely senior leaders will listen. The report highlights the key opportunities for EX – and these certainly have an impact upon the bottom line.

Link to report: https://www.pwc.nl/en/insights-and-publications/services-and-industries/people-and-organisation/investment-in-employee-experience-reduces-absenteeism-and-turnover.html#

Money talks where employee loyalty is concerned

This report from the Institute of Internal Communication and Ipsos Karian and Box follows on from The IC Index 2023 and discusses the factors that influence why people leave their jobs - or not.

Takeaways:

  • 68% of respondents plan to stay where they are for at least three years, and 24% are in it for the long haul – Are we moving away from The Great Resignation? Or was this overhyped?
  • The larger the organisation, the more likelihood that someone will plan to stay for longer – You would assume this has something to do with having more mobility opportunities and probably more budgets
  • Pay/Benefits is by far the main reason people would consider leaving their employer (48%) and by far the biggest reason to join another (63%) – If you pay someone the going rate then your employee experience will be the differentiator; pay someone peanuts then they will always be looking for another master
  • 39% of those who intend to leave within one year will do so due to feeling demotivated – Wow! Imagine the turnover costs! A reason, if ever there was one, to invest in employee motivation and productivity – mojo, anyone!

An adult’s primary need is to provide for themselves and their family, so the findings about the importance of pay and benefits is not a surprise. However, through mojo, at Brand Experiences, we’re aware that people are motivated by different things and tapping into this knowledge will support retention efforts.

Link to report: https://www.ioic.org.uk/resource-report/should-i-stay-or-should-i-go.html

Are we heading for The Swift Reassessment?

The Qualtrics Employee Experience Trends Report 2024 finds that employees want their jobs to make good use of their skills and abilities; to feel respected at work; to feel safe at work; and to work with integrity – in that order. Oh, and simply having a new job isn’t enough to stay engaged.

Takeaways:

  • Only 38% of respondents believe that their Employee Experience exceeds expectations - this finding is consistent with all other EX reports... employees are crying out for EX improvements, but most senior leaders aren't hearing them
  • 61% of respondents say that the task they're most comfortable getting AI support from is writing - this isn't surprising as the most high-profile AI tool is Chat GPT
  • Engaged employees are 23% more comfortable with AI than the disengaged - perhaps some evidence that engaged employees are more up for change?
  • What is, perhaps, surprising is the tenure of employees with the lowest levels of engagement, intent to stay, well-being, and inclusion is at 6 months - this would indicate organisations are over-promising and under-delivering their EX... it's easy to say you care about your employees
  • Email is the data engaged employees say they’re most comfortable with their organisation using to improve employee experiences (70%) - it remains the most trusted platform; but this will change as we move through the generations
  • Only 49% of respondents either discussed or saw positive changes from survey results - clearly, a say-do gap between saying you want employee feedback and embracing it

Along with some useful findings about AI, there’s some familiar (and rather depressing) findings about EX. With new hires at least signalling an intent to leave if not satisfied, this could lead to higher turnover figures, which impacts upon the bottom line. We’ve had The Great Resignation - are we heading for The Swift Reassessment?

Link to report: https://www.qualtrics.com/ebooks-guides/2024-ex-trends-report/

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