Organizations Are Failing To Keep Workplace Promises, Putting Millions Of Dollars At Risk.
While 83% of all businesses in the post-pandemic era believe they've reached the proper balance in terms of 'people-first work models' such as hybrid or remote working, the reality is quite different, according to Avanade's worldwide survey of 2,100 business leaders from 15 countries (250 of which are based in the UK).
Almost everyone Avanade spoke with (99% in the UK) claimed their company was working to improve their employees' working conditions. In addition, 87% of UK businesses said they have adopted (or piloted) hybrid or remote working. In actuality, according to the polled respondents, workers are let down by a lack of technology, security, and flexibility:
- In the UK, 54% stated they don't provide their employees a genuine choice over when and where they work.
- In the UK, 64% stated they haven't yet made it easier for employees to use the tools and software they need to operate smoothly from anywhere.
- In the UK, 53% of companies have not implemented cloud-based systems for knowledge exchange.
- In the UK, 52% of businesses lack a security strategy that allows all workers to operate securely from anywhere.
According to the study, failing to deliver on promises could potentially cost businesses millions of dollars, however, successfully implemented workplace experience programmes (driven by a partnership between IT, HR, and business leaders) estimates a 6.16% revenue increase in the UK over the previous year.
Avanade's research revealed that, in addition to financial incentives, employers who adopted broader, more progressive workplace experience initiatives in the previous 12 months saw considerable other benefits, both for their employees and their businesses, including:
- The average increase in overall productivity is 6.44%
- Employee retention increased by 6.55% on average
- Customer satisfaction levels increased by 6.98% on average
- The average increase in stock market valuation was 6.37%
- The average cost reduction was 6.01%
In the long run, 72% of the global workplace experience top-performers thought their companies were prepared for the future of work, compared to only 33% of bottom-performers. Similarly, 91% of top worldwide performers believe their business has already established the correct hybrid work strategy, compared to only half of those in the bottom half.
“The message from our research is loud and obvious,” said Avanade's Modern Workplace lead, Veit Siegenheim. “A holistic approach to the working experience is crucial, as it benefits both organizations and their most valuable asset—their employees.” The longer leaders wait to respond, the further behind they will slip and risk losing out financially and in the war for talent.”
Trying to manage HR tasks with remote or hybrid working staff? See how HealthBoxHR can help your business streamline your day to day HR processes with our cloud-based HR software.