Qualtrics Announces New XM Benchmarks Powered by the World's Largest Experience Data Library

Rhea-AI Summary

Qualtrics (Nasdaq: XM) has introduced new XM Benchmarks to help organizations leverage vast experience data for improved decision-making. These benchmarks, derived from feedback of nearly 17,000 customers globally, allow companies to assess their performance against peers in aspects such as customer satisfaction and employee engagement. Significant findings reveal a decline in employee satisfaction regarding pay and benefits, potentially impacting retention. Qualtrics aims to empower organizations with tools to identify performance gaps and enhance experiences in challenging market conditions.

Positive

• Launch of comprehensive XM Benchmarks utilizing data from nearly 17,000 customers.
• Ability for organizations to measure and compare employee and customer experiences against industry peers.
• Insights from the platform can help identify performance gaps and improve customer and employee engagement.

Negative

• Decline in employee perceptions of fair pay in key markets: US (58% to 56%), UK (51% to 49%), Australia (61% to 57%).
• Global drop in employee satisfaction with benefits from 63% to 57%, notably in Australia (58% to 51%) and the UK (57% to 48%).

New benchmarks for employee experience, contact center and healthcare contextualize customer, patient and employee feedback, enabling organizations to take swift, targeted action to improve experiences

PROVO, Utah & SEATTLE--(BUSINESS WIRE)-- Qualtrics (Nasdaq: XM), the leader and creator of the experience management category, today 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.

About Qualtrics

Qualtrics, the leader and creator of the Experience Management (XM) category, is changing the way organizations manage and improve the four core experiences of business—customer, employee, product and brand. Over 16,750 organizations around the world use Qualtrics to listen, understand and take action on experience data (X-data™)—the beliefs, emotions and intentions that tell you why things are happening, and what to do about it. The Qualtrics XM Platform™ is a system of action that helps businesses attract customers who stay longer and buy more, engage employees who build a positive culture, develop breakthrough products people love and build a brand people are passionate about. To learn more, please visit qualtrics.com.

*

Qualtrics Employee Engagement Benchmarks are based on a three-year rolling average of responses updated annually. The data comes from hundreds of Qualtrics customers of all sizes, spanning the globe and a variety of industries. The 2020 Benchmark is an average of responses from 2018, 2019 and 2020. The 2021 Benchmark is an average of responses from 2019, 2020 and 2021.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220914005222/en/

Tyler Petersen, Press@qualtrics.com

Source: Qualtrics

FAQ

What is the purpose of Qualtrics' new XM Benchmarks?

Qualtrics' XM Benchmarks provide organizations with insights to make informed decisions by comparing performance in customer, patient, and employee experiences against industry peers.

How many customers contributed to Qualtrics' XM Benchmarks?

Almost 17,000 customers contributed feedback that helped shape the new XM Benchmarks.

What significant trends were noted in employee satisfaction by Qualtrics?

Qualtrics reported declines in employee satisfaction regarding fair pay and competitive benefits globally, impacting retention.

How can organizations use Qualtrics' XM Benchmarks?

Organizations can leverage XM Benchmarks to identify risks, opportunities, and best practices across various industries and geographies.

What insights does Qualtrics provide for improving employee engagement?

Qualtrics provides data on employee engagement through benchmarks that measure aspects like work-life balance and intent to stay.