Employers and company leaders are making a concerted effort to listen to their employees even with an impending economic downturn. Nearly all organizations reported having a formal listening program in place (95%), and seven out of 10 of those are planning to further accelerate listening programs, according to a study by Perceptyx.
Leaders responded that with the troubling economic situation, it was the best tine to invest more in employee listening. In fact, more than 60% placed a higher value on listening during a recession than during more favorable times. In addition, the survey found that employers are listening to employees more than ever before, with 70% of respondents requesting feedback at least quarterly, compared to 60% in 2022.
“There’s a clear mindset shift evident in this year’s study: employers no longer see listening as a discretionary tool for employee retention, to be cut along with other benefits and initiatives, when times are tough. Employee listening is now seen as a direct path to better business performance – when done correctly,” said Perceptyx Director of Research & Insights Emily Killham.
The Importance of Listening Programs
The survey also found that organizations that have “mature” listening programs are 6X more likely to exceed financial targets and 7X more likely to retain talent, even during times of high attrition. It also found that those organizations were more likely to achieve higher customer satisfaction, to adapt to changing circumstances and to effectively innovate.
The company said the report analyzed organizations based on four defining characteristics that helped place them on a maturity curve. The best listening companies scored highly on certain metrics, including listening channels, speed, agility and integration.
“We measure four stages of listening maturity in our model, and as organizations mature, their performance follows,” said Killham. “It doesn’t have to happen all at once – leaders who know where their listening program is today can take steps tomorrow to reach full maturity.”