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Organizations do not keep promises in the workplace and risk losing millions of income, says a new study – FE News

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Organizations do not keep promises in the workplace and risk losing millions of income, says a new study - FE News

While 83 percent of all companies in the post-pandemic era believe they have found the right balance in terms of work models such as hybrid or remote work, the reality is quite different – according to a global survey of Avanade 2100 business leaders in 15 countries (250 of which are in the UK).

Almost everyone interviewed by Avanade (99 per cent in the UK) said their business is taking steps to improve the experience of its employees. Moreover, 87 per cent in the UK also said their business has embraced (or tested) hybrid or remote work.

In fact, according to respondents, workers are disappointed by the lack of technology, safety and flexibility:

  • 54 per cent in the UK said they did not give their employees a real choice of when and where they work
  • 64 per cent in the UK said they do not yet give employees easier access to the tools and applications needed to run smoothly from anywhere in the world
  • 53 per cent in the UK have not adopted cloud platforms for knowledge sharing
  • 52 per cent in the UK do not have a security model that allows all employees to work safely wherever they are

Failure to keep their promises could cost companies millions of dollars, according to a study, and respondents estimate revenue growth in the UK averaging 6.16 per cent of successful work experience programs (through partnerships between IT, HR and business leaders) last year Based on the revenues of global participating companies, Avanade estimates that the growth potential could range from $ 37 million to $ 6.5 billion.

In addition to financial rewards, the Avanade study also found that organizations adopting broader, more progressive workplace experience strategies over the past 12 months have gained significant other benefits for both their people and business, including:

  • The average overall productivity increase was 6.44 percent
  • The average increase in staff retention was 6.55 percent
  • The average increase in customer satisfaction was 6.98 percent
  • The average growth in the stock market was 6.37 percent
  • The average cost reduction was 6.01 percent

In the long run, 72 percent of global jobs with the best experience felt that their organizations were ready for future work, compared to only 33 percent of those with the best performance. Similarly, 91 percent of the world’s leading performers believe their company has already achieved the right hybrid approach to work, compared to only half of those who lag behind.

“The signal from our study is loud and clear,” said Waite Siegenheim, head of Avanade Modern Workplace. “A holistic approach to workplace experience is crucial and benefits both businesses and their most important assets – their employees. The longer leaders procrastinate, the more they will lag behind and risk losing out financially and in the war for talent. ”

The full report can be downloaded here.

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