Several interesting pieces of research were published this week. They included Precisely revealing the full Data Integrity research report it highlight at Trust 23 from Drexel University’s LeBow College of Business. Pegasystems has unveiled research conducted by Savanta at its annual PegaWorld iNspire conference about adopting AI and Automation.
Adobe has published research suggesting how brands can navigate economic uncertainty in three key areas customers and employees value most. A report by Global Freight Solutions (GFS) and Retail Economics looked at basket abandonment.
Achievers
The Achievers Workforce Institute (AWI) published the 2023 State of Recognition report. Employees say adequate recognition can outweigh layoffs, increased workload, and stagnant salary. It can help to maintain productivity and engagement amid the economic downturn. Increasing recognition frequency from quarterly to monthly increases the likelihood of high engagement and productivity at work by 40% and high job commitment by 25%.
Achievers Chief Customer Officer Matt Tremmaglia, commented, “In the current economic climate, company leaders have to make tough decisions, and employees are feeling a lot of fear and uncertainty. HR is stuck in the middle trying to engage and retain employees while maintaining productivity with fewer resources. This research shows that creating a culture of recognition can bring these objectives together by driving business results and improving employee morale and engagement.”
The report also highlights the importance of social recognition, but these programs are more successful if tied to monetary recognition. In addition, 84% of HR leaders say diversity, equity, and inclusion (DEI) is a high priority. However, women are 28% less likely to receive at least monthly monetary recognition. Women are also 39% more likely than men to say they never get monetary recognition. HR leaders must consider this discrepancy.
BMC
BMC published its annual Corporate Citizenship and ESG Impact Report. This inward-facing report reveals BMC’s environmental, social, and governance (ESG) strategy, which includes reducing our carbon footprint, promoting diversity and inclusion, making and delivering products sustainably and inclusively, maintaining high ethical standards, and supporting social causes. The release highlights six of the areas that BMC is making progress on:
- BMC Cares
- Annual International Day of Service
- Gender equity
- Net Zero commitment
- Water Restoration
- Reforestation
Ayman Sayed, President and CEO of BMC commented, “Being a socially responsible organization creates an opportunity and expectation for each of us to make the right decisions to collectively impact climate change, diversity and inclusion, and make the world a better place. Throughout our history, BMC has been committed to reshaping the business landscape to be more inclusive and play an active role in global issues and opportunities. Our people are inspired to pursue excellence and at the same time, focus on doing good in the world. We believe the Autonomous Digital Enterprise includes everyone.”
Deloitte
Deloitte published four reports this week. Deloitte CFO Signals Survey 2Q 2023 saw a dip in confidence about economic conditions in the US. 34% of CFOs rated the current North American economy favourably, down from 40% in 1Q23. There is a similar concern across all five economic regions, with Europe falling from 32% to 15%.
Key concerns included economic/financial market risks (81%), geopolitical risks (57%), and cyber risks (56%).
Deloitte’s “2023 Legal Talent Survey” found that despite 85% of respondents’ high job satisfaction, 61% have seen high attrition rates. The report identifies that senior legal leaders are most at risk. 88% of senior-titled leaders expect to seek employment beyond their current companies. Of equal concern is that female attorneys have an 11% lower satisfaction rating than male colleagues.
Deloitte and the Alliance for Board Diversity (ABD) released the seventh edition of “Missing Pieces.” The report shows that nearly 45% of women and underrepresented racial and ethnic groups held board seats in 2022, up from 38% in 2020. The change is not consistent across different industries, though. The report looks at the changes in representation between 2020 -2022.
Carey Oven, national managing partner, Center for Board Effectiveness, Deloitte LLP, summarised, saying, “The findings from this year’s report show gradual steps in the right direction, but at this pace, U.S. top corporate boards might not represent the nation’s population until 2060. Board diversity and inclusion isn’t only the right thing to do; it is a business imperative that builds broad stakeholder trust that ultimately can lead to better business outcomes.”
In its first Deloitte SpaceTech report, it looks at opportunities for SpaceTech companies through three lenses: Here” on Earth, “Near” in Earth’s orbits, and out “There” in deep space. Mike Bechtel, Chief Futurist and Managing Director of Deloitte Consulting LLP, commented, “The space industry is entering a renaissance. Space has never been more accessible, and the potential for breakthrough discoveries has never been greater. As exploration gives way to economics, it will be important for companies in all sectors — not just those traditionally associated with space — to begin planning for their role in what figures to be the ultimate emerging market.”
Experian
Experian has published three reports:
Experian’s Annual Report 2023 provides a detailed overview of how the company has made progress by investing in innovation. By combining the latest cutting-edge technology and its market-leading data assets, Experian has developed new products at scale, helping to meet a broad range of client and consumer needs. The firm is creating value across all its regions, solving big problems and helping businesses and people thrive on their financial journeys.
Experian’s Improving Financial Health Report explains how the company has set out to support the financial health of millions of people by utilising its core products, promoting social innovation and financial education while making strategic community investments.
The United for Financial Health programme, which focuses on improving financial education among underserved communities, has connected with 113 million people since its launch, achieving its target a year earlier than planned.
Over 106 million people have been reached through Experian’s social innovation products, designed to provide societal benefits and improve financial health.
Also published today is the Power of You: 2023 Diversity, Equity and Inclusion Report, a deep dive into Experian’s approach to Diversity, Equity and Inclusion. The report shares the company’s philosophy in celebrating its diversity and inclusivity alongside a detailed update of progress made in the last 12 months.
Intuit
Intuit Mailchimp released a report titled “The Future of AI Marketing Isn’t Added On — It’s Built In.” It explores marketers’ perspectives on AI and automation across the globe and use cases for how marketers can adopt artificial intelligence (AI) and automation.
Small and mid-sized company marketers are facing a multitude of issues:
- On average, marketers use 5 different platforms to plan, execute, and analyze their marketing campaigns.
- 44% of marketers say the limited ability to compare their performance to peers is holding them back from achieving their goals.
- 49% see limited scalability as the most significant risk associated with inadequate marketing automation and AI adoption.
The same companies are eager for solutions:
- 67% of respondents believe that strategically increasing the adoption of marketing automation is essential for acquiring and retaining customers.
- 70% of marketers say insights on campaign performance against business targets are valuable to their marketing organization in attaining its top priorities.
- 73% of marketers said insights around omnichannel customer engagement insights (i.e., 360-degree view of customer’s interactions with the business for better personalization and engagement) are valuable to their marketing organization achieving its top priorities.
Maya Wilson, Director of Data Science at Intuit Mailchimp, commented, “My advice to marketers is to take time to understand machine learning and understand what it unlocks in terms of the potential to differentiate groups of customers at scale to stay ahead of the curve. AI-powered tools are starting to understand content the way a marketer understands it, and can provide recommendations based on that understanding. This can be used for design, segmentation strategy and content optimization.”
MYOB
The MYOB business monitor found that only 47% of SMEs are measuring productivity in their business. This is concerning at a time when 54% believe the economy will decline, lowering revenue for 27% over the next 12 months.
Emma Fawcett, General Manager of SME at MYOB, commented, “We know this is a challenging environment for SMEs, with 40% already impacted by rising interest rates. The increasing cost of living has led to an increase in the cost of doing business, affecting profits for 38% and, for almost a third (30%), resulting in price increases for their customers. The survey results indicate that many small businesses are being cautious and holding steady, rather than investing in their business growth.
“Digital capabilities are closely linked to productivity, helping SMEs save time, money and improve accuracy in their business operations, as well as drive economic growth in uncertain times, but cost remains a barrier.
“While many SMEs are unlocking the power of digital tools, we know it’s not always easy to make investments. 23% of respondents said government support would help incentivise digital adoption.
“The findings suggest that while SMEs are cautious about their current position and the economic environment, additional investment to help them to improve and upskill themselves and their teams would assist with productivity.
“The last few years have shown Australia’s small and medium businesses can carry on in unprecedented times and this data shows they are preparing for what’s to come. To protect against all the risks businesses face, SMEs need to adopt productivity tools and embrace technology. Driving this adoption will not only help SMEs thrive, it will also build a stronger economy that will positively impact Australia’s economic outlook.”
PDI Technologies
PDI Technologies launched EV Hub to support the adoption of electric vehicles (EVs) in the convenience industry. A recent survey revealed:
- 77% of respondents are considering buying or leasing an electric vehicle or already have an EV.
- 45% of respondents state their biggest concerns about leasing or buying an EV are battery charge durations and travel distance, which opens the door for a solution-oriented response from the convenience industry.
- 41% of respondents noted that affordability is the most important thing when finding an EV charging station, and 40% currently, or plan to, find charging locations for their EVs online.
Linnea Geiss, Chief Operating Officer at PDI Technologies, commented, “The rapid adoption of electric vehicles is ushering in a new era of transportation, one in which the convenience industry will emerge as a critical enabler. With the unparalleled insights and innovative solutions offered by PDI, convenience store operators will not only embrace the surge in EV use but seize it as a strategic business opportunity to solidify their positioning as the go-to destination for on-the-go consumers.”
Bethany Allee, Senior Vice President, Marketing and Education at PDI Technologies, commented, “The launch of the EV Hub will provide users with a one-stop destination to access informative content and discover the latest EV outlook, charging infrastructure, and the evolving convenience ecosystem. As convenience stores remain a steadfast destination offering a wide range of services and amenities, our mission is to deliver up-to-date resources that provide insight into the next evolution of the industry.”
Qualtrics
Qualtrics published research that reveals a gap between executive and employee expectations for AI in the workplace. While generative AI could reduce employee burnout, only 39% of individual contributors, on the other hand, say the potential impact of AI is exciting. 46% say that it is scary. For business leaders, 64% see it as exciting, yet 30% still see it as scary. Executives are more likely to see its introduction as positive, with 31% of individuals seeing it as having a negative impact. More than two-thirds of employees (68%) believe that some jobs are at risk because of AI, and 23% believe their jobs are at risk.
Qualtrics Chief Workplace Psychologist Dr Benjamin Granger said, “The excitement among executives about AI is not surprising given the promise of more efficiency, but the concerns of employees are also well founded. Organizational leaders would be wise to remember that at their roots, organizations are simply groups of people and the bigger promise of AI is to help people be happier, healthier, and more productive at work – outcomes that benefit everyone.”
The Qualtrics XM Institute published research about loyalty. It found that electronics makers, hotels and airlines are most likely to drive positive business results through great customer experiences. Poor customer service is especially costly for banks and credit card companies. Supermarkets are the most resilient industry, which additional factors like convenience and prices may influence.
After a negative interaction, 50% of consumers said they either decreased or stopped spending entirely with a company, meaning bad experiences put 8% of companies’ annual revenue at risk. Consumers are slightly less likely to turn away than in 2021, when 53% of people said they’d cut spending after a bad experience. Still, in an uncertain economy, customer retention is even more important.
Bruce Temkin, Head of XM Institute at Qualtrics, commented, “Customers have more options than ever before, making the effect of a great experience critical for building a loyal customer base. This goodwill extends beyond a single customer, as the happiest customers are also much more likely to recommend a company to others.
“There are so many moving pieces to the overall customer experience, it’s incredibly valuable for companies to understand which journeys drive the most business impact. Not all customer journeys can be perfectly smooth, but focusing on the most important friction points goes a long way to ensuring repeat customers.”
SAS
SAS published the SAS AI Cities Index 2023. It found that Edinburgh is the UK’s most AI-ready city outside of London. Based on seven criteria, Edinburgh beat Cambridge and Oxford. However, there were other notable climbers. Leicester moved from 50 to 13, and Newry, last in 2022, rose from 74 to 25.
Glyn Townsend, Senior Director of Education Services at SAS EMEA, said, “The UK has a goal to become a science and technology superpower by 2030. But as the industry grows at pace and generates thousands of jobs, who fills them when we’re in the midst of the digital skills gap? TechUK has reported that over half of UK firms identify accessing talent as their biggest challenge over the next 12 months.
“More and more careers require an element of data literacy, and so educators need to be well-versed in teaching people how to incorporate this into their subject areas along with, where necessary, data analytics and AI elements.
“All cities – not just those that are the largest or most populated – need to be able to build, test and implement AI technologies. They need to create an ecosystem between institutions, research and commercial applications to develop and deploy future technology.
“While some cities have made huge gains since last year, our research still highlights large discrepancies between the most and least-prepared areas. Beyond just the digital and data literacy that some cities lack, there needs to be investment in regional AI Centres of Excellence and Incubation Hubs for new and emerging technology to fuel the future economy.”
SD Worx
SD Worx published findings from a survey of 16,000 people across Europe, including the UK, France, Germany, Italy and Belgium. It looked at employer and employee attitudes towards requesting leave last minute.
78% of European employees put leave and flexible working on a similar priority level as salary. The benefits and value of flexibility are something businesses cannot ignore. 38% of Brits can request time off on the day, though the highest across Europe is in Denmark (54%). 79% of employees can request vacation online using digital tools.
The report also found that unlimited leave is not universally wanted. Only 48% of European employees wanted it. There are national differences though: Croatia (66%), Poland (60%), Spain (56%), the UK (51%), Denmark (49%) and Sweden (46%).
Rachel Clough, UK Country Lead at SD Worx, commented, “Time off is critical for employee well-being. It allows staff to recharge their batteries and avoid burnout, which is vital for productivity and can lead to better business performance. For some time now, flexibility has been at the top of the business agenda for both employers and employees. Staff now place flexibility far above other benefits – often including pay packages. Businesses who fail to recognise the importance of this run the risk of high turnover and will eventually lose top talent and we are seeing more and more employers pivoting to offer these benefits to help attract and retain staff.”
UiPath
UiPath released its Fiscal Year 2023 Impact Report. In this report, the Company highlights its environmental, social, and governance (ESG) approach’s impact across four pillars: automation for good, empowering our people, protecting the planet, and ensuring good governance.
Daniel Dines, UiPath Co-Founder and Co-CEO, said, “We are proud to announce our latest Impact Report, which reflects our commitment to rigorous standards of ESG performance. We take seriously our accountability for the impact our business has on people, society, and the planet. We are continuing to broaden our ESG commitments and pursuing an ambitious vision to leverage automation for good.”
Rob Enslin, UiPath Co-CEO, said, “At UiPath, we believe that automation is a force for good, enabling us to create a more sustainable, inclusive, and equitable world. It’s our responsibility to not only help our customers meet their ESG goals but to constantly push ourselves and our entire industry forward. We are confident that our technology can drive incredible positive impact around the world, and we will continue to work hard to make a difference.”
VinciWorks
VinciWorks published findings from a survey that found 56% of HR and DEI managers are not yet carrying out any training around sexual orientation within their organisations. Furthermore, 62% of HR and DEI managers have witnessed discrimination against sexual minorities in the workplace.
25% of HR and DEI managers plan to roll out sexual orientation training to their employees, to combat discrimination in the workplace in the near future. Only 22% of those questioned are undertaking the recommended training every year.
Nick Henderson-Mayo, Head of D&I at VinciWorks, commented, “Organisations must recognise the importance of supporting LGBTQ+ employees to feel comfortable in the workplace, which means educating the whole workforce about the challenges that sexual minority employees face. Regular training on sexual orientation also supports staff to know how to speak to colleagues and clients with more sensitivity, more understanding, and also challenge those potentially biased. People should be able to bring their whole selves to work, and that includes LGBTQ+ people.
“Having more comprehensive training sessions that are shared with all employees allows sexual minority employees to see that their organisation cares about them and creates a culture of respect for LGBTQ+ employees that helps brands build strong, inclusive reputations.”
To help firms address this gap VinciWorks launched film-based training on Sexual Orientation and is offering a free trial of the course.
