#32: what's the cost of employee support & disjointed digitisation?
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Happy?Friday?and welcome! We're bringing you our roundup of industry news summarised in an exclusive LinkedIn newsletter. For more detail on any news featured here, check out 'This week in CX' on the?Customer Experience Magazine (CXM)?website.
This week we're?looking at?the latest in costs to businesses - are employee benefits and financial aid enough to match the current climate? Digitisation is also at a great cost; what is missing?
Employees need financial aid – is this being provided?
?? Research from? Blackhawk Network ?Extras has found that small to medium sized enterprises (SMEs) must be paying particular attention to their employee benefits.?The survey of 500 HR decision-makers (HRDMs) and 2,000 UK employees sought to understand attitudes towards workplace benefits. With clear disparities between what employees want vs. what they are currently receiving, businesses should review their benefits package ahead of the new tax year.??
The key finding from Blackhawk Network Extras’ research is that employees want more support, and failing to provide this could result in staff walking out the door. Already,?72% of businesses have suffered staff resignations over the last six months. 33% of all employers surveyed have noticed an increase in the number of staff leaving.??
However, the cost-of-living crisis cuts both ways. Many organisations are also feeling the pinch and might be unable to swing an inflation-busting pay rise or monetary bonus that might help them hold onto staff.
Disjointed digitisation is costing businesses
?? Twilio ’s newest study?has uncovered how businesses’ digital acceleration in 2020 has led to a wealth of channels that now need to be consolidated into nuanced, personalised customer engagement strategies in response to?today’s consumer needs. With customer retention a crucial metric amid economic uncertainty, failing to address this challenge could cost businesses significantly.
48% of the top 100 companies now offer online chatbots as a customer service channel.?Yet without taking advantage of first-party data to understand their customers and personalise their approach, businesses are missing key opportunities to engage with customers. For instance:?
Consumer opinion reflects this missed opportunity: 39% feel that it is more difficult to reach UK companies now than it was in the past, despite there being more channels available than before.
Commentary share: The 2023 Spring Budget
?? The UK Spring Budget for 2023 has been released this week by the HM Treasury .?This set out the government’s plans for tax and spending policy.??Chancellor Jeremy Hunt has?looked to focus on tackling three of the five key priorities set out by the Prime Minister in January. That is to halve inflation; grow the economy; and get debt falling.?
We have comments from the retail and hospitality industries in line with the budget announcement.?
–? Eric Jorgensen , VP, Enterprise EMEA at Zendesk :
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“To help reduce the strain of changing consumer habits and boost the hospitality and retail sector, the Mayor of London is pushing to reinstate tax-free shopping for overseas visitors in the Spring Budget announcement. The goal being to encourage international tourists back to London, and to drive demand back into shops and restaurants, who continue to be hit hard by the cost-of-living crisis and the pandemic.?
But as consumers are also tightening their belts in response to these economic headwinds, now is the time for retailers and businesses to focus on customer retention and securing customer trust and loyalty.”
–?Sam Martin, CEO of? Peckwater Brands :
“To allow hospitality to thrive, businesses required a major overhaul of the business rates system, a shot in the arm to staffing, and increased support with energy costs. The measures laid out for hospitality in the Spring Budget fall short of the level of support that industry leaders have been crying out for over the past year.
“Hospitality can be a driver for the economy and a source of both jobs and tax revenue, but without the right conditions to grow, we will likely see businesses shut down by high business rates, unaffordable tax bills and short staffing. Short-term support with energy bills may keep the lights on in the coming months, but without further action, the possibility of a return to pre-pandemic levels appears slim. I only hope more can be done to prop up businesses affected by rising costs, and that people will continue to support pubs, bars and restaurants in their communities.”
CXM articles of the week
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