Impact of Employee Disengagement | Expand North Star | Better CX Better Profits | #6
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Welcome to the 6th edition of 'Experience Matters,' your monthly newsletter to stay updated in the realms of Employee and Customer Experience Management.
As we step into October, the leaves may be falling, but in the business world, things are just getting started. It's that time of the year when companies are brewing up their plans and budgets for 2024. ?????
So grab your favorite pumpkin spice latte, and let's dive into Experience Matters.
Here are some highlights:
New McKinsey Research Reveals Impact of Employee Disengagement
More than half of employees report being relatively unproductive at work, according to recent McKinsey research. The research indicates that employee disengagement and attrition could cost a S&P 500 company at least $1.1 billion over five years. It is crucial to understand Employee Archetypes, to tailor strategies for increasing satisfaction, commitment, and performance among their workforce.
The study identifies six distinct employee archetypes, ranging from highly dissatisfied and actively disengaged to thriving stars who significantly impact their organizations.?
Quitters: Around 10% of employees in a typical organization fall into this category. They may not necessarily be low performers, but they are among the least satisfied and committed.?
The Disruptors: 11% of employees are actively disengaged and have the potential to negatively influence others. Companies should prevent further disengagement and protect their best performers from feelings of inequity.
The Mildly Disengaged: This group, making up about 32% of the workforce, reports below-average commitment and performance levels but isn't actively disruptive.?
The Double-Dippers: This growing group, around 5% of employees, consists of workers who hold multiple jobs, often without their employer's knowledge.?
The Reliable and Committed: Representing 38% of the workforce, this group is satisfied and committed, going above and beyond for their employers.
The Thriving Stars: About 4% of employees, these individuals create significant value for their organizations. Companies should take steps to protect these high performers from burnout and provide them with a sense of purpose.
According to McKinsey Research, the central challenge for organizations is to move as many workers as possible away from the highly dissatisfied group and toward greater engagement and commitment.
Human-Centricity Accelerates Successful Business Transformation
A recent worldwide research, conducted in partnership with Prophet & Forrester Consulting, has revealed that companies that prioritize human-centric approaches are more likely to experience positive outcomes from their business transformation endeavors. In fact, organizations with a human-centric focus are 10 times more likely to achieve revenue growth rates exceeding 20%.
According to this survey that is conducted over 300 leaders responsible for organizational growth and transformation, it is crucial to be able to engage with all stakeholders and focus on their need
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3 reasons why customer journeys are the key to better experiences and profits
According to Martech article by Chris Wood, taking a holistic view of the customer journey is essential for happier customers and increased revenue. Customer journeys provide insights into customer intent, helping organizations understand what customers really want. This approach can streamline processes, reduce costs by 15% to 25%, and boost customer advocacy by 20% to 40%.
4 Steps for Scaling a Modern CX Organization
Andrew Carothers, CCXP , a Digital Customer Experience Leader at Cisco Systems, discusses the evolving landscape of customer expectations in CXSCOOP. Beyond offering great products, customers now seek extraordinary experiences. Strikingly, 57% of B2B customers have shifted to different vendors in pursuit of a superior experience.
According to Carothers, to foster enduring growth, organizations must focus on 4 fundamental strategies: prioritizing a Digital-First approach, fostering Internal Alignment, embracing the potential of AI, and effectively measuring their successes.
Cloud4Feed at Expand North Star!
Mark your calendars for October 15-18 for the Expand North Star, the largest tech show in the world!
We are thrilled to announce our participation in the upcoming event in Dubai, held in conjunction with #GITEX2023. Join us at Booth C30 in Hall 6 at Dubai Harbour, where we will showcase our cutting-edge Employee & Customer Experience Management solutions. We can't wait to connect with potential investors, partners, and customers!
Reading Suggestion: CX Kaleidoscope ??
In our latest Kaleidoscope series, Kahraman Gül , as a seasoned expert in the field, unlocks the secrets behind the importance of Omnichannel Experience Management and its profound impact on business.