Qualtrics announced new XM Benchmarks that will help give organizations insights to make decisions based on Qualtrics’ experience data and analytics.
The new Benchmarks are a product of feedback from Qualtrics’ nearly 17,000 customers in addition to targeted panel data from surveys. According to Qualtrics, their collection of human sentiment data ensures these benchmarks are accurate and comprehensive.
Using these benchmarks, organizations can compare their customers’ satisfaction, patients’ perceptions and employees’ engagement against their industry peers and competitors. Qualtrics said, this new feature will help organizations to uncover their biggest risks and opportunities and make decisions to address them.
Qualtrics’ new Employee Engagement Benchmarks are composed of data to measure employee experience including work-life balance, respect and collaboration. Each metric is aligned to the five key performance indicators (KPIs) of the employee experience: engagement, experience vs expectations, intent to stay, inclusion and well-being.
Employee expectations have been shifting in recent years. This trend has been observed in Qualtrics’ data. The company said, the benchmark data demonstrates changes in employees’ satisfaction with pay and benefits. As one of the largest factors to employees staying with a company, employers could benefit from gaining knowledge in this area.
Qualtrics’ proprietary data shows that the share of employees who felt they were paid fairly for the work they did declined in the U.S. – from 58% to 56%. Meanwhile, the percentage of employees who believed their companies offered competitive benefits packages also went down by 6%.
“Amid inflation, spending cuts and a tight labor market, organizations must find ways to differentiate themselves from competitors and keep employees engaged and productive,” said Brad Anderson, Qualtrics’ president of products and engineering. With these benchmarks in mind, Anderson believes companies will be able to better understand their workforce and identify risks to retention, thus reinforcing employee engagement.