- By Sherril Hanson
- May 3, 2022
According to Dash Research’s market forecasting, there is an increasing number of companies offering software systems and applications focused on EX. Dash projects that global EX software and services revenue will reach $14.6 billion annually by 2026, up from $5.8 billion in 2019, reflecting a 14.1% compound annual growth rate (CAGR). Other recently released research brings to light some of the trends, pain points and focus areas that will be pushing this market forward. Achievers Workforce Institute, Harri, Future Forum, Medallia, Gallup, Eagle Hill Consulting, and McLean & Company all released research data over the past month.
- More than half (57%) of employees report feeling recognized would reduce the likelihood that they would take a call from a headhunter.
- Employees are not willing to compromise on job elements such as work-life integration, career progression, and a sense of belonging and fulfillment.
- There is a disconnect between HR and employees regarding training. Compared to the 90% of HR leaders saying they offer such training, just 41% of employees say they have received training.
- Top reasons employees are leaving hospitality include unsociable hours (54%), insufficient pay (47%) and difficult customers (42%).
- More than a third of employees say training has been too basic (30%) or too long (7%), and only a quarter (25%) were very satisfied that their training had left them confident to fulfil a role to the best of their abilities.
- Over half (58%) of employers cite staff shortages as their biggest challenge.
- EX scores are declining for knowledge workers asked to return to the office full time and do not have schedule flexibility.
- Employee sentiment has dropped to near-record lows, including 28% worse scores on work-related stress and anxiety and 17% worse scores on work-life balance (compared to last quarter).
- More than 50% of workers say their employers rarely ask/don’t ask for employee feedback.
- Only 25% feel heard by their current employers and less than a quarter say their company takes “meaningful action” based on employee feedback.
- The top 5 reasons workers are leaving jobs are the nature of their jobs in general, workload, concerns about pay equity, not feeling appreciated, and limited career advancement opportunities.
- Employee engagement in the U.S. saw its first annual decline in 10 years, moving from 36% engaged employees in 2020 to 34% in 2021.
- There was an eight-point decline in the percentage of employees who are extremely satisfied with their organization as a place to work.
- Engagement elements that fell the most from early 2021 to 2022 were employees’ level of agreement that they have clear expectations, the right materials and equipment, the opportunity to do what they do best every day, and a connection to the mission or purpose of their organization.
- Women are more likely to cite a lack of connection to colleagues (31% of women versus 24% of men) and not feeling empowered (30% of women versus 20% of men) as contributing factors to burnout.
- Federal women workers are more likely than men to say they do not have access to the training they need to do their jobs well (24% of women versus 17% men); that they are not being mentored for success (56% of women versus 49% of men); and that they do not feel they belong (24% of women versus 16% of men).
- Job drivers, or areas that influence an employee’s happiness and commitment with their day to day role, include employee empowerment, learning and development, rewards and recognition, co-worker relationships, and manager relationships.
- Research uncovered employees are much less satisfied with learning and development and rewards and recognition compared to other job drivers.
- Working environment ranks as the highest retention driver, followed by work-life balance, benefits, and compensation.
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