Research shows the narration between employee experience (EX) and lawsuit acquisition (CX) and its interaction connected accelerated growth. But tin we quantify the nonstop interaction an accrued absorption connected worker acquisition has connected growth? To reply this question, Salesforce surveyed more than 4,100 C-level executives and employees crossed 12 markets to place the cardinal elements of EX that thrust CX and summation revenue.
The Experience Advantage
The Experience Advantage is the summary study of the survey findings.
Here are the cardinal takeaways of the Experience Advantage:
- Companies are leaving wealth connected the table. Breaking silos betwixt worker acquisition and lawsuit acquisition tin pb to a monolithic accidental for gross maturation of up to 50% oregon more.
- Companies deliberation they person to take betwixt prioritizing worker oregon lawsuit experiences. And lawsuit acquisition is winning. Approximately 9 successful 10 C-suite members (88%) accidental employees are encouraged to absorption connected customers' needs supra each else, adjacent though the C-suite knows that a almighty lawsuit acquisition starts with an employee-first approach.
- Five halfway elements of worker acquisition interaction lawsuit acquisition and growth: Trust, C-Suit Accountability, Alignment, Recognition, and Seamless Technology.
- There is simply a disconnect betwixt C-suite cognition and worker experience.
• 71% of C-suite leaders study their employees are engaged with their enactment erstwhile successful reality, lone 51% of employees accidental they are.
• 70% of leaders study their employees are happy, portion lone 44% of employees study they are.
- The disconnect is undermining EX, CX, and yet growth. The study recovered that 74% of C-suite executives accidental that nary 1 astatine their institution genuinely owns the worker experience. • Only 1 successful 3 companies excel astatine creating a seamless EX-CX experience.
- Outdated exertion and siloed information strategies deepen misalignment betwixt employees and the C-suite.
• 52% of C-suite members judge their firm exertion is moving effectively, compared to conscionable 32% of employees.
• The bulk of C-suite leaders (73%) accidental they bash not cognize however to usage their company's worker information to thrust change.
- The employee-exec disconnect is driving worker exodus and reducing profitability. Amid the "Great Resignation," endowment retention successful the U.S. is astatine an all-time low.2 Employee retention and deficiency of vocation improvement opportunities are the apical barriers to gross growth.
Employee acquisition and interaction of gross growth
Perhaps the astir astonishing and impactful takeaway for maine was the survey's findings connected the interaction to gross maturation tied to the worker experience. The study said that companies are leaving a gross maturation accidental connected the array of up to 50%. The EX-CX concern lawsuit focused connected a retail situation to survey the customer-facing employees.
The retail lawsuit survey identified worker acquisition arsenic a operation of 4 elements:
- Employee longevity
- Full-time/part-time status
- Prior interior rotations
- Proxy for accomplishment level.
The survey past connected worker and fiscal information to found a wide nexus betwixt EX and revenue. The results amusement a real, measurable nexus betwixt EX, CX, and growth. The probe besides shows however these findings tin besides use to B2B and B2C companies.
The 5 cardinal elements of worker experience
Engaged and empowered employees thrust lawsuit acquisition and maturation by a reasonably important factor. Employees who consciousness empowered are 1.5x much apt to accidental they are apical CX supporters wrong a company.
There are 5 elements that thrust a measurable interaction connected CX. The 5 cardinal elements are:
- Trust: Company civilization is inclusive, promotes diversity, and provides a abstraction wherever employees consciousness listened to and empowered to beryllium themselves.
- C-Suite Accountability: HR has a spot astatine the array for discussions connected the overarching institution vision, and the C-suite acts connected worker feedback, helping to guarantee EX is prioritized astatine the highest levels of the company.
- Alignment: Employee values and the institution imaginativeness are aligned.
- Recognition: Internal resources are allocated to make and beforehand worker growth. Employees consciousness valued and integral to the occurrence of the company.
- Seamless Technology: Ensure that company-provided exertion -- some hardware and bundle -- works seamlessly together, increases productivity, and reduces the effort required to implicit basal tasks.
According to the report, employees astatine companies that supply large exertion are 5.6X much apt to study their institution has experienced utmost gross maturation successful the past 12 months.
The acquisition disconnect and hazard to profitability
The study does bespeak that determination is simply a disconnect betwixt elder enactment and their employees. While fractional of the C-suite believes they are excelling successful the cardinal elements that make a seamless EX-CX experience, lone a 3rd of employees agree. And the disconnect is the deepest erstwhile it comes to technology. 52% of C-suite members judge the exertion their institution provides to employees is moving effectively, compared to conscionable 32% of employees. In fact, little than 2 successful 10 (17%) customer-facing employees powerfully hold their institution is providing seamless technology. The study defines 'Seamless technology' as: the institution is automating and reducing basal tasks successful bid to summation productivity -- giving employees much clip to absorption connected the existent enactment and helping employees collaborate much easily.
The disconnects noted supra impacts worker happiness and engagement. Nearly 1 successful 5 employees (17%) already spot themselves leaving their existent companies wrong the adjacent year. The outgo implications of losing endowment and worker turnover are significant. Studies person shown that replacing an worker tin outgo up to 200% of their salary.
According to the 2021 Edelman Trust Barometer report, wrong the past year, employees person overtaken customers arsenic the fig 1 precedence stakeholder for businesses to guarantee semipermanent success. The probe study concludes by noting that the aboriginal of enactment starts with evolving the halfway of your business. "EX-CX alignment is arsenic overmuch a mindset displacement arsenic it is simply a integer transformation. When EX-CX alignment isn't seen arsenic a strategical priority, enactment often doesn't person the close accusation to measure and recognize cardinal challenges and pitfalls accurately. The way guardant includes a concern evolution, wherever companies rethink however to service employees and customers. Business leaders request to prioritize and observe approaches that worth some customers and employees," Salesforce Experience Advantage Report.
To larn much astir the Experience Advantage report, you tin sojourn here.