Qualtrics, the creator of the experience management category, announced new XM Benchmarks that will give organizations insights to make critical decisions based on Qualtrics’ vast experience data and industry-leading analytics.
These new XM Benchmarks are powered by organic feedback from Qualtrics’ nearly 17,000 customers spanning dozens of industries around the globe, in addition to targeted panel data from surveys. The Qualtrics platform has the world’s largest collection of human sentiment data, making Qualtrics benchmarks the most comprehensive and accurate on the market.
Many organizations have a wealth of customer and employee experience data from surveys, support conversations, chat and social media posts, but lack the ability to use it to decide what to prioritize and what actions to take. Using these benchmarks, organizations can compare their customers’ satisfaction, patients’ perceptions and employees’ engagement against their industry peers and competitors, in order to uncover their biggest risks and opportunities and make the right decisions to address them.
“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. “Qualtrics has more experience benchmark data within our XM Platform than any other company. The insights our platform delivers allow our customers to identify performance gaps, opportunities and best practices across industries and geographies and take action – all within the XM Platform.”
Qualtrics Employee Experience (EX) benchmark data shows shifting employee expectations
For example, Qualtrics’ EX benchmark data demonstrates changes in employees’ satisfaction with pay and benefits – a major driver for their intent to stay with a company. Qualtrics’ proprietary data shows that the share of employees who felt they were paid fairly for the work they did declined in the US (from 58% to 56%), UK (from 51% to 49%) and Australia (from 61% to 57%) between 2020 and 2021*. Similarly, in 2020, 63% of employees believed their companies offered competitive benefits packages, but that number fell to 57% globally in 2021. The drop-off was particularly steep in Australia (from 58% to 51%) and the UK (from 57% to 48%).
A company using the EX benchmarks can compare these results to their own employees’ responses globally and within their industry, and identify risks to retention in various parts of the world.
Employee Engagement and Technology Experience Benchmarks
- Qualtrics’ new Employee Engagement Benchmarks are composed of data from over 250 science-based questions, including EX25, to measure the 25 key drivers of every employee’s 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.
- The benchmarks include data for Qualtrics’ validated DEI solution and the Wellbeing solution, enabling companies to attain or maintain a diverse workforce and inclusive culture, and make improvements that impact employee well-being.
- The new Employee Technology Experience (ETX) Benchmark offers organizations comprehensive benchmarking of their entire technology experience, including speed, reliability, change management, knowledge management and other aspects of IT.
Patient Experience Benchmark
- The Qualtrics Patient Experience Benchmark compares patient experiences across 500 hospitals in the US (all 50 states and Washington D.C.). This benchmark enables Qualtrics customers to evaluate performance against their competitors, set goals, and satisfy regulatory reporting requirements including Magnet and CAHPS. The benchmark includes over 125 questions and the ability to filter by site of care, region, bed size and facility type.
Customer Experience (CX) Agent Benchmarks
- The CX Agent Performance Index Benchmark uses three key attributes: friendliness, knowledge, and understanding, to help organizations compare their customer care agent performance against competitors and peers based on operational characteristics including contact center size, support team size, CRM system, industry or country.
- The CX Support CSAT Benchmark allows customer care teams to compare their overall satisfaction scores and support performance against competitors and peers based on operational characteristics like contact center size, support team size, CRM system, industry or country.