The future of work looks very different than what we see today, from technology advancements to the changing nature of jobs, skills, and careers.
Businesses must find ways to succeed in a world being reshaped by continuous innovation. And no matter how much technology helps us automate, one thing will never change: People make the difference.
A human revolution is happening in the workforce; it’s one that makes the powerful voice of the employee heard and requires companies to ensure their people are motivated and equipped to make their biggest impact.
Organizations are raising employee experience to a board-level priority and expecting human resources (HR) to become a growth engine. In fact, those with the highest levels of engagement have 15 percent greater employee productivity and up to 30 percent greater customer satisfaction levels. Additionally, organizations with high engagement have up to 18 percent higher revenue per employee.
What it comes down to is that experience matters, and businesses that deliver the best employee experiences will ultimately deliver the most impactful results.
Power of X+O Data to Deliver Moments That Matter
The good news is that organizations have a wealth of people and HR operational data (O-data) from their human capital management (HCM) systems to understand what is happening with their workforce, things like how many candidates accept offers, the percentage of employees promoted in the past year, or which employees are leaving. What they don’t always know is why.
Qualtrics, the leader in experience management, can help measure an individual’s beliefs, emotions, and intentions to explain the why behind what is happening with the workforce. By analyzing experience data (X-data), businesses can better understand employee sentiment about the moments that matter — both inside and outside of work. These are the moments in which an employee’s relationship with a company is made or broken.
Whether it’s traditional work events that are part of an employee’s journey, like onboarding, performance reviews, role changes, and work travel, or more personal events, such as work anniversaries, parental leave return, and unexpected life expenses, organizations can rapidly and continuously measure, monitor, and act on employee feedback to anticipate challenges, course correct, and drive meaningful outcomes.
The combination of X- and O-data help ensure every business decision is based on both facts and perceptions. Organizations can close the gap between what is happening and why with insights about the experiences across the employee life cycle that can be directly linked to improving people processes and decisions. This is the power of SAP SuccessFactors and Qualtrics. Together, we can enable businesses to take action to impact engagement and deliver better business results.
Thrive XM Index to Link People Experience to Business Performance
To help validate the link between the people experience of an organization and its business performance, Thrive Global, Qualtrics, and SAP SuccessFactors today announced the launch of the Thrive XM Index. This is a first-of-its kind diagnostic tool that measures and recognizes the world’s leading companies that deliver a meaningful people experience coupled with strong business performance. Using a combination of proprietary methodology, employee feedback, and HR expertise, Thrive Global, Qualtrics, and SAP SuccessFactors will generate an index that allows companies, for the first time, to receive a comprehensive view of the way experience metrics and HR metrics — X+O data — can collectively serve as leading indicators for business performance.
How a company responds with its HCM investments, business processes, and organizational culture makes the difference that will help deliver measurable results that are important to a CEO: sustainable growth, innovation, and competitive advantage. Ultimately, every strategy’s success depends on the heart of any organization, its people. Companies that create a digital open door to ensure employees are heard and take action to address their feedback will deliver both the meaningful moments that matter to employees and a better bottom line.
For more, read the press release and check out http://www.fortune.com/ThriveXM.
Greg Tomb is president of SAP SuccessFactors.