Singapore – Experience management (XM) company Qualtrics has announced new XM Benchmarks that will give organisations insights to make critical decisions based on Qualtrics’ vast experience data and industry-leading analytics.
The new XM Benchmarks are powered by organic feedback from Qualtrics’ nearly 17,000 customers spanning dozens of industries around the globe, in addition to targeted panel data from surveys.
According to Qualtrics, many organisations have a wealth of customer and employee experience data from surveys, support conversations, chat, and social media posts, but lack the ability to use it to decide what to prioritise and what actions to take. Using these benchmarks, organisations can compare their customers’ satisfaction, patients’ perceptions and employees’ engagement against their industry peers and competitors, in order to uncover their biggest risks and opportunities and make the right decisions to address them.
Qualtrics Employee Experience (EX) benchmark data shows shifting employee expectations. For example, Qualtrics’ EX benchmark data demonstrate changes in employees’ satisfaction with pay and benefits – a major driver for their intent to stay with a company. Qualtrics’ proprietary data shows that the share of employees who felt they were paid fairly for the work they did decline in the U.S. (from 58% to 56%), UK (from 51% to 49%) and Australia (from 61% to 57%) between 2020 and 2021. Similarly, in 2020, 63% of employees believed their companies offered competitive benefits packages, but that number fell to 57% globally in 2021. The drop-off was particularly steep in Australia (from 58% to 51%) and the UK (from 57% to 48%).
A company using the EX benchmarks can compare these results to their own employees’ responses globally and within their industry, and identify risks to retention in various parts of the world.
Brad Anderson, Qualtrics’ president of products and engineering, noted that amidst inflation, spending cuts and a tight labour market, organisations must find ways to differentiate themselves from competitors and keep employees engaged and productive.
“Qualtrics has more experience benchmark data within our XM Platform than any other company. The insights our platform delivers allow our customers to identify performance gaps, opportunities and best practices across industries and geographies and take action – all within the XM Platform,” said Anderson.
Moreover, Qualtrics’ new Employee Engagement Benchmarks are composed of data from over 250 science-based questions, including EX25, to measure the 25 key drivers of every employee’s experience including work-life balance, respect and collaboration. The benchmarks also include data for Qualtrics’ validated DEI solution and the Wellbeing solution, enabling companies to attain or maintain a diverse workforce and inclusive culture, and make improvements that impact employee well-being. And lastly, the new Employee Technology Experience (ETX) Benchmark offers organisations comprehensive benchmarking of their entire technology experience, including speed, reliability, change management, knowledge management, and other aspects of IT.
Meanwhile, the CX Agent Performance Index Benchmark uses three key attributes, namely friendliness, knowledge, and understanding, to help organisations compare their customer care agent performance against competitors and peers based on operational characteristics including contact centre size, support team size, CRM system, industry or country. While, the CX Support CSAT Benchmark allows customer care teams to compare their overall satisfaction scores and support performance against competitors and peers based on operational characteristics like contact centre size, support team size, CRM system, industry, or country.