Several interesting pieces of research were published this week. They included commercetools publishing Establishing Your Baseline: Assessing B2B Digital Maturity. The report provides a model to support businesses to assess their digital maturity. A survey commissioned by Delivery Experience Platform, Sorted, highlighted the disparity between consumer expectations and retail leader perceptions regarding the post-purchase experience.
Achievers
Achievers has announced the publication of the Ultimate Guide to Engaging and Retaining Offline Workers from Achievers Workforce Institute (AWI). The report looks at the reasons offline workers stay and leave their firms.
With 1 in 3 workers part of the offline workforce, it is an important study, though based on the findings from previous studies that surveyed 4,000 HR leaders. The report highlights that feeling recognized and empowered are reasons to stay. Workers looking to leave their current role cited career progression and work flexibility as the top reasons for leaving. In addition, 66% of workers are more likely to stay if employers act on feedback given.
Caitlin Nobes, Lead Analyst at Achievers Workforce Institute, commented, “Though offline workers are 50 million strong in the U.S. alone, they are left out of a lot of workplace conversations. These workers are traditionally harder to reach because they are not at a computer all day, and disparate shifts and locations make it hard for organizations to create a consistent employee experience.
“However, our findings show that these workers’ needs are not as different from online workers as business leaders might think. The right programs and tactics implemented throughout an organization will increase productivity, retention, and engagement for all employees, regardless of how, where, and when they work.
“We’re hearing from customers with large offline populations that they are increasing their employee roster where necessary to meet the growing desire for flexible schedules. These companies are finding that flexibility is a key differentiator for their employee value propositions that pays off favorably when it comes to retaining and attracting talent.”
ADP
ADP published the July National Employment Report. It found that private sector jobs increased by 324,000 and annual pay rose by 6.2%. Leisure/Hospitality jobs increased by 201,000, driven presumably by the summer holidays.
Nela Richardson, Chief Economist of ADP, commented, “The economy is doing better than expected, and a healthy labor market continues to support household spending. We continue to see a slowdown in pay growth without broad-based job loss.”
Deloitte
Deloitte published the ‘Deloitte 2023 Financial Services Industry Predictions’. The report outlines emerging trends across the banking & capital markets, insurance, real estate, and investment management sectors.
Jim Eckenrode, Managing Director, Deloitte Center for Financial Services. Deloitte Services LP, commented, “The reality is that emerging technological changes could be more pervasive and impactful going forward in ways that can be scarcely imagined today,” he continued, “Financial services will likely play an important role in helping these breakthroughs emerge to the benefit of us all, while simultaneously opening up new avenues of revenue and profit.”
Key findings included:
- Generative AI is expected to boost productivity
- Increased demand for carbon credit offset financing
- Insurers prepare for driverless vehicles
- Office space to fill the affordable housing gap
Other trends include:
- The democratization of financial advice
- Synthetic identity fraud could trigger the need for more sophisticated biometric security systems
- Higher deposit costs expected to challenge banks
- Real-time B2B payments could take off
- Rise of embedded insurance
- Increased spending on quantum computing
- Alternative data in investment management
- Funding for climate hard tech
Monica O’Reilly, Vice Chair, US Financial Services Industry Leader, Deloitte & Touche LLP, added, “As financial services firms grapple with what’s on the horizon, they need to think about how the landscape is radically shifting. Market and economic pressures, emerging technologies, and new revenue opportunities will impact tomorrow’s business strategies, and financial services firms should prepare for that now.”
HR Acuity
The 2023 Workplace Harassment & Employee Misconduct Insights from HR Acuity found a lack of trust in investigations that inhibits workplace loyalty. It also revealed that there is low trust in anonymised reporting tools.
Key findings included:
- 40% of the respondents lacked confidence that their reported concerns would be thoroughly investigated and addressed fairly
- Half of the respondents feared retaliation for reporting workplace concerns
- 30% of staff who witnessed or experienced bullying, sexual harassment and discrimination have left their roles, compared to 11% who left for other reasons
Deb Muller, CEO of HR Acuity, said, “It’s clear from the study results that how organizations respond to workplace harassment and bad behavior matters as much as trying to prevent it. When issues are mishandled or unresolved, culture becomes toxic, turnover increases and referrals plummet. Clear communication, improved investigation processes, and real support for anonymous reporting can help rebuild employee trust.
“With more transparency around investigations, organizations can foster an inclusive and safe environment that bolsters employee confidence, improves reporting and helps teams proactively address workplace harassment and misconduct.”
There are further concerns raised in the report. In 2023, only 58% of harassment incidents witnessed were reported, down from 64% in 2019. Those suffering the most included independent contractors and transgender employees. 83% of the latter have experienced or witnessed an issue.
Jitterbit
Jitterbit published its State of Automation Survey last week. The report was titled “The Promise of a Consumer-Grade Employee Experience is Finally Becoming Reality”. It examines organizational priorities, challenges and expected benefits from automating the employee experience (EX) process.
The report found that 50% of organizations see the human resources department as a top priority for business process automation, second to the IT department. However, only 11% of firms have fully automated their HR function. The most common challenges are the proliferation of applications and manual data management challenges that still exist. It appears there are either too many applications and not enough at the same time.
Vito Salvaggio, Senior Vice President of Product Management at Jitterbit, commented, “The key to creating a seamless employee experience lies in embracing automation. Our survey reveals the strategic significance of integrating HR systems to boost productivity, enhance morale and build a workforce that thrives in the digital age.
“While there are challenges to overcome, the data shows a clear commitment to increasing automation and integration within HR departments — a shift which will undoubtedly set businesses apart in today’s competitive job economy.”
Stephanie Anderson, Global Human Resources Manager at Jitterbit, added, “Today’s HR leaders are managing an increasingly-complex variety of employee data and systems. While there is never a shortage of priorities or new initiatives to tackle, automating key HR workflows frees up critical time and resources to focus on employees.”
MYOB
MYOB published findings from a survey of 74 decision-makers from mid-sized Australian construction and trades businesses. It found that while 47% are fueled by the ambition to maintain a steady income, 41% want to scale or grow the business and 38% are driven by a desire to diversify or expand their offering.
There are challenges, though, with respondents citing:
- The increased cost of materials (63%)
- A shortage of skilled employees (49%)
- The increased cost of business overheads (42%)
Kim Clarke, General Manager for Enterprise at MYOB, said, “There’s no denying mid-sized businesses in construction and trades have felt the brunt of the economic environment in recent years, with costs going up and widespread caution with regard to spending.
“However, despite these setbacks and the liquidation of many larger players, mid-sized construction and trades businesses show remarkable resilience and capability. These businesses are often more nimble and able to adapt quickly to change, compared to larger enterprises.
“Innovation is at the forefront for ambitious businesses, and 82% of survey respondents have invested in innovation in the past 12 months. This will help those hungry for growth to keep a laser focus on their operations and ensure they are maximising the productivity and efficiency of their business.”
Innovation investments include new software solutions to manage the business (51%), improving project management (48%), and tightening or improving the supply chain (42%).
Clarke added, “With an emphasis on the future, and anticipation of an uplift in revenue, many business owners are getting match fit by adapting their operations, in order to successfully navigate the next chapter.”
Teradata
Teradata published results from a survey of 900 C-Suite and Other Top Enterprise Executives.
Key findings included the following:
- 80% had a high or significant level of trust that GenAI could be leveraged for their company’s future offerings and operations
- However, 66% of top business leaders worry about generative AI’s consequences — especially as it relates to bias and disinformation
- Almost 9 out of 10 executives understand the merits and potential of generative AI
- Data complexity remains daunting, with 85% of respondents seeing little change or fearing greater challenges in the next two years
- 70% of the respondents noted data complexity in their organization had increased, with 20% saying they have felt “significantly more complexity” in the last 24 months.
- There is also a skills gap, with just 30% saying they are extremely prepared or ready to leverage GenAI today.
The report delves into these findings around benefits, skills, and data challenges.
UKG
UKG found that 46% of full/part-time employed U.S. adults who plan to watch the 2023 FIFA Women’s World Cup™ games live, will miss work because of it. However, with the US exiting the World Cup in the last sixteen, this may not be as disastrous as first thought.
UKG also believed that the hype around the World Cup would highlight the pay inequity believed to exist in professional sports (71%) and the workplace (71%). UKG is the title sponsor of the 2023 National Women’s Soccer League (NWSL) UKG Challenge Cup — the first tournament to reach pay parity with the U.S. men’s game. The UKG Close the Gap Initiative aims to help highlight and subsequently close the gap.
The research shows the impact of the World Cup on workers in the US, how they intended to watch and when. A week later, and with the US out of the cup, that number will likely have dropped considerably.
Pat Wadors, Chief People Officer at UKG, said, “This summer should be about celebrating these strong, female athletes for what they do on and off the pitch, not about kicking ourselves over the impact the games may have or may not have in the workplace. Companies can get ahead of potential absence problems with a little planning and a lot of open communication.
“And, as with everything in today’s world of work — from taking time off to how people are paid — it all starts with our managers. They need to lead the way with authentic, vulnerable, and transparent communication, so we can create productive workforce cultures built on a foundation of trust and belonging.”
UKG also published the July 2023 Workforce Activity Report. The report revealed that businesses with 100 or fewer employees experienced a decline in workforce activity for the 12th time in 13 months.
Other findings were:
- A nationwide decline in shift work (-0.7%) in July, following back-to-back months of growth
- Declines across most sectors, including manufacturing (-0.9%), retail and hospitality (-1.1%), and services and distribution (-0.7%)
- Healthcare experienced a fourth straight month of growth (0.2%)
Smaller businesses will likely continue to struggle amid the tight labour market. Which may create additional wage inflation as businesses of all sizes and across all industries compete to hire and grow.
