Key takeaways
The Role of DEX in Talent Retention
- The average knowledge worker uses 2.6 devices to get their jobs done and runs into an average of 3.67 digital endpoint issues a day.
- Research shows that almost a third of employees quit a job within the first six months.
- 87% of HR professionals say improving retention rates are among their highest priorities in the next five years.
- Thanks to digital burnouts and better job opportunities, 20% of HR professionals are expecting a decrease in employee retention rates, based on current trends at their organisation.
- By providing the right tools for their employees, organisations can increase talent retention and reduce the risks of work-related stress and digital burnouts.
Download the Digital Employee Experience Report and explore research results.
Recruiting talent to your organisation is one thing, keeping said talent is a different beast. Everywhere Work has given the workforce an increased sense of power in choosing where and how they work.
As a result, retaining employees has become a challenge for organizations. Research has shown that 31% of employees quit a job within the first six months and France experienced record-high turnover in 2021, with a rate of 24.20%. This massive employee shift, sometimes called the “great resignation”, is a worldwide phenomenon.
Recent reports are showing:
- 38% of Australian workers intend to leave their current employer during the next 12 months.
- The US saw 5.9 million total separations in July 2022 – 20% higher than pre-pandemic levels.
- The Netherlands had 1.9 million people start a new job at the beginning of 2022 – 400,000 more than at the same time in 2021.
- 45% of US employees are currently looking for a better position elsewhere.
Knowledge workers’ expectations have changed in the age of Everywhere Work; especially when it comes to the technology they use day-to-day. The average employee now uses 2.6 devices to get their job done and 49% of employees are frustrated with their current tools – with 26% even contemplating leaving their job partly because of it.
Therefore, a proper investment in your Digital Employee Experience (DEX) process and tools can help you both recruit and keep talent, as well as align them with the goals of your organisation.
The value of DEX across your organisation
Talent retention has become a topic no organisation can escape. An overwhelming 87% of HR experts consider improving retention rates to be among their highest priorities in the next five years.
“I think ‘Attracts and retains talent’ has an edge at the moment since good employees are hard to come by in the current job market!”
– Mick Verbunt, System Engineer / Workspace Engineer, ACA IT Solutionsty
Over the past few years, businesses have reassessed embracing user-centric approaches to IT. In particular, the “modern management theory” postulates that job satisfaction predicates workforce productivity, rather than financial compensation. Applying this principle to the present day, the use of IT requires digital technology to serve the workers, rather than the other way around.
Today, the type and usability of the technology businesses offer to employees are chief factors for attracting and retaining a talented workforce. According to research, 41% of businesses reported they had lost IT workers because they were unhappy with having to perform excessive workloads.
Rather than focusing on delivering “user-centric” technology that solely targets the goal of making workers productive, modern management approaches address the broader objective of enhancing employee experiences to elevate both productivity and job satisfaction.
Deter digital burnouts
Everywhere Work hasn’t been just a bed of roses. It has created an always-on environment where workers can’t “plug out.” Unrestricted access to the internet and their work devices has caused a spike in digital burnouts.
Digital burnouts, a contributing factor to mental health conditions like depression and anxiety, are costing UK organisations over 15 million days of lost work. HR professionals estimate up to 50% of their annual turnover is caused by digital burnouts. In fact, 20% of organisations are predicting a decrease in talent retention based on current trends.
When workers experience digital burnout, they find themselves disengaged from the goals of their organisation. That’s further confirmed by research saying only 28% of employees feel connected to their company’s mission.
By providing the right tools for their employees, organizations can be proactive in reducing work-related stress and digital burnouts, leading to a more engaged and invigorated workforce. When workers feel more in line with their organisation’s goals, productivity will increase.
What value do higher retention rates have?
Employees bring the most value to an organisation when they’re energised, motivated and willing to take on challenges and strategic projects. None of that can start without a great relationship with their devices and tools. And workers are vocal about it – our survey on digital employee experience found that 65% of employees and 71% of IT professionals said they could be more productive if they had different tools.
There are also financial factors to consider. It’s estimated that low retention rates will cost the US economy $430 billion in lost revenue by 2030 and replacing a trained employee can exceed their salary by up to 200%. In the UK, work-related stress is costing organisations over £5 billion annually. Improving your retention rates, through the correct investment in DEX, can maximize a company’s profits up to four times.
“Between reducing risk and retaining our healthcare talent, we believe improving the DEX of our employees is very important for our business.”
– Robert Garza, Systems Architect, University Health System
Investing in DEX is no longer a question of “if” or “when”. The toll digital burnouts are taking on your teams are now clearly impacting organisations’ ability to attract and retain talent. Empower your teams with great tools that drive productivity and employee engagement
At Think Tank, we have found that the value of DEX (Digital Employee Experience) to our customers is highlighted as an essential investment to recruit and retain talent, align them with the goals of the organisation, and reduce work-related stress and digital burnouts, leading to an engaged and invigorated workforce.
Written by Robin Row
