Companies that focus on human experience receive performance boost

Dive Brief:

Deloitte Digital examined how the focus of human experience across a variety of cohorts corresponds to business growth in its newest white paper, The Human Experience: Quantifying the Value of Human Values, emailed to HR Dive. To do so, it "created a new algorithm," which combines customer experience (CX), partner experience (PX) and workforce experience (WX), and "raises them all to the power (H), which is the alignment to human values."
Based on their data, Deloitte Digital found companies that focus on the human experience benefit substantially. With regard to revenue growth, they're twice as likely to outperform peers over a three-year period.
Deloitte Digital also created a "Values Compass," which maps human values — ambition, curiosity, belonging and certainty — and provides insight into customer, partner and employee values. Using a database of over 200,000 individuals' answers to more than 10,000 questions, Deloitte Digital found organizations with the highest workforce and customer satisfaction have aligned values, meaning the Values Compasses of their workforce and customers overlap significantly.

Dive Insight:

Companies are prioritizing the employee experience. According to a recent Harvard Business Review report, creating a positive employee experience is one of the top three goals business leaders have for 2019. The report included details of how HR is leveraging employee experience (EX) to attract and retain workers. Some are providing on-demand pay, personalizing benefits or treating employees similarly to customers, while others are asking for continuous feedback or making HR services and tech more accessible.

It may not come as a surprise that businesses are prioritizing EX; Deloitte Digital is not the first to find that high EX scores correlate with good business. A 2018 report from IBM Smarter Workforce Institute and the WorkHuman Analytics and Research Institute (formerly known as the Globoforce WorkHuman Analytics and Research Institute) found that organizations scoring in the top 25% for EX also report seeing nearly three times the return on assets as those in the bottom quarter of EX.