Happy Friday! ‘This week in CX’ brings you the latest roundup of industry news.

This week, we’re looking at the great results from the almighty 4 day week trials! Emplifi have also investigated the impact of customer reviews, and there’s new research into which generations are feeling the stress at work. 

Key news

  • Medallia have announced their new platform – Medallia Experience Orchestration (MXO). This seeks to help companies use omnichannel customer insights to understand and personalise what their customers want in order to provide the best experience. It has combined intelligence capabilities with innovative solutions from Thunderhead to extend the influence of traditional customer feedback management programs. This can result in reduced cost to serve and increased revenue; and the ability to detect intent based on customer experience data, driving faster and more tailored experiences seamlessly across channels.
  • OvationCXM are integrating the foundation of ChatGPT into its CX management platform. The incorporation of ChatGPT generates human-like responses and smart solutions in real time and will work alongside OvationCXM’s existing artificial intelligence suite to elevate clear communication, smart help and predictive support for its customers.
  • By 2025, nearly half of cybersecurity leaders will change jobs according to Gartner. The unsustainable amount of stress will lead to 25% heading into entirely different roles. Gartner predicts that by 2025, lack of talent or human failure will be responsible for over half of significant cyber incidents. The number of cyber and social engineering attacks against people is spiking as threat actors increasingly see humans as the most vulnerable point of exploitation.
  • Sigma Connected has been named as a Platinum Accredited Member of the Workplace Mental Health Charter. They were awarded Platinum status following an audit. This studied its approach to mental health provisions and how it has provided mental health first aid training, workshops and a range of other initiatives which support and signpost employees.
  • RESPONSIBLE, the global reCommerce circularity platform, has selected Delivery Experience Platform Sorted to revolutionise its flexible overseas returns, solving new challenges brought on by Brexit and rising customer expectations. RESPONSIBLE partners with premium fashion, streetwear and outdoor brands, such as RÆBURN and Haglöfs to help them take accountability for their products in a sustainable way. RESPONSIBLE refurbishes and resells brand products, as well as Buying Back unwanted clothes from customers to refurbish and resell. 

New breakthrough report released for the 4 day week campaign

4 Day Week Global have released a new report on the campaign for a new working week. It has resulted in some major breakthroughs following the pilot programme. Overall, the results see that it was huge success!

Involving 61 companies and around 2,900 workers, this is the world’s largest four-day week trial to date.  Of those companies taking part, 56 have extended the 4 day week. 18 companies have decided to make the model permanent. This means 92% of the participating employers are sticking with the 4 day week.

Here are some of the key stats:

  • Company revenue rose by 1.4% on average
  • 96% of workers prefer the 4 day week
  • Employee stress levels dropped by 39%
  • Employee burnout rates fell by 71%
  • 54% of workers felt a reduction in negative emotions
  • 60% of employees with care responsibilities saw an improvement to their work-life balance. 62% reported a positive impact to their social lives
  • 48% of employees feel more satisfied than when they first started
  • Sick days plummeted by 65%
  • Staff resignations dropped by 57%

By the end of the trial, 46% of workers said they’d only accept a five-day week job if they received a pay increase. 15% said that no amount of money could entice them return to a five-day schedule.

For personal social improvements, the trial saw 21% reporting a reduction in child care costs. Remarkably, parenting time by men more than doubled during the trial!

What do you think of the 4 day week? For more insights, check out these CXM articles on the topic:

80% of consumers say customer reviews have the biggest impact on purchase decisions

This week, Emplifi released “Meeting the Demands of the Modern Customer: A Deep Dive Into The Importance of Social Influence”. This is a new study in collaboration with Harris Interactive offering insights into the power of ratings and reviews on purchasing behaviors. The findings cover a wide scope of areas from time spent researching products to preferences for user-generated content (UGC) which all map to the rising demand for brand authenticity. 

Emplifi discovered that not all reviews are equal in the eyes of the customer. According to the study, 87% of consumers said that real-life customer reviews/ratings have a greater impact on purchasing decisions compared to influencer/celebrity reviews (50%).  

58% place a high value on product pictures or videos posted by real-life customers when researching products online. When researching products online, customer reviews/ratings are the most influential factor in purchasing decisions – outranking price, return policy, and shipping costs.  

Product research plays an enormous role in the buyer’s journey with 95% of consumers researching products priced $/£5-20 on one or more sites. Marketplaces are the most commonly sought-after information source for products priced on the lower end of the spectrum ranging from $/£5-20. However, search engines are most frequently used for product research when it comes to items priced more than $/£100.  

Regarding product research, there are no distinct differences between Gen X, Millennials, and Gen Z consumers. The majority of each generational category tend to visit one to two websites before making a purchase of $/£5-20, investing up to 15 minutes in the research. Naturally, the number of websites visited to research a product goes up with the cost of the item.

Across generations, online shoppers had similar behaviors when making high-end purchases in the range of $/£20-100 with 25% collectively willing to visit 20+ web pages to acquire more information or knowledge about a product. 

Are Gen-Z the most burnt out and stressed in the workplace?

According to a new report released by Cigna, 91% of Gen Z participants between the ages of 18 and 24 feel stressed, compared to 84% on average. The report is based off a survey of nearly 12,000 employees across 15 countries – including the UK, Australia and the US. 

We also see unmanageable stress now impacting a quarter (23%) of 18-24-year-olds. This is along with almost all, 98%, experiencing work burnout symptoms. Meanwhile, Millennials between 25 and 34 were not far off behind, with 87% saying they were stressed.

The biggest cause of employee stress, especially amongst younger people, is the economic outlook. There is a clear link between stress and financial security, and employees that struggle to cope with stress are more concerned about personal finance; 38% of stressed employees vs 32% on average. We also see a similar disparity between the generations, with 39% of Gen Z and 34% of Millennials saying money was now the lead cause of stress. This compares to 29% of 50-64-year-olds and 21% of those older than 65.

Uncertainty about the future is another major concern amongst younger employees, with 34% of Gen Z citing it as a key stressor, compared to 31% of Millennials and only 21% of those aged over 65. Young employees are also worried about a lack of opportunities, with 24% worried about a lack of learning and jobs, compared to only 14% of 35-49-year- olds and 9% of 50-64-year-olds.

Gen Z employees said that for 25% of working time they are ‘present but not fully engaged’, with 20% of Millennials saying the same. They also feel less satisfied with the experience of work, with 48% of Gen Z and 54% of Millennials saying work now feels transactional without the ability to bond with colleagues.This has profound implications for employers.

Although not a ‘Great Resignation’, nearly half (48%) of those under 35 now say they are job hunting, along with 43% of those with children under the age of 18 and 54% of senior managers, representing a huge swathe of the workforce. 

Thanks for tuning into CXM’s weekly roundup of industry news. Check back next Friday for the latest updates of the week!

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