Global Benchmark Updates, Q3 2021

We are excited to announce that our latest Q3 Workday Peakon Employee Voice Global Benchmark update will be live from the 25 October 2021! To have the latest information on how your company is performing against the competition, make sure you read our Q3 report.

Our benchmarks consist of data points from over 190 million unique surveys all using the same model of engagement, and we continuously collect information on how the scoring behavior of employees is changing in response to external circumstances.

The following changes to the benchmark will be effective October 25, 2021:

• Updated existing industry benchmarks
• Addition of 1 new industry benchmark

Key highlights from our latest report

Overall

The new report further updates the benchmarks based on the current world of work. It has been widely reported in recent months that employee ‘quit rates’ and ‘intention to turnover’ have increased substantially since April of 2021. This despite many countries reporting labour shortages or relatively low unemployment rates, particularly in the US, UK and Europe. With millions of workers rethinking what work means to them and how they want to be valued by their employers, the ‘great resignation’ trend could just be getting started — beyond the initial waves of record-setting turnover reported in some industries and regions.

Though, it appears that globally, employees’ experience of work had yet to change substantively according to our Global Benchmark Report, however, we do expect to see the impact of this in our next benchmark updates.

Segments

While overall benchmarks remain stable, we did observe noteworthy driver score increases within the healthcare equipment & services, and retail industry: 

• Increased pressure for Health Care & Equipment
  In our current analysis however, we see decreases in five scores, we suspect these decreases (particularly the reversal of improvement previously noted in Engagement - Belief, Growth - Career path and Reward) correspond with the increased pressure on healthcare workers as covid cases and hospitalizations have increased following the mid-2021 low point.
• Greater workload and less support in Retail
  Employees experiencing greater workload and less support from their employer, relate to the labour shortage that many countries are currently experiencing (as we reported in our last update). Many retailers have recently reported difficulty in sourcing and retaining employees, leading to greater reliance and pressure on existing employees.

New industry benchmarks

With our latest update, we are adding 1 new industry - Consumer Discretionary to bring the
total to 26. Existing industries will remain the same, and if you want to update the benchmarks you are using based on the new additions, you can easily do so in your admin settings.

Learn more about your updated benchmarks

What will change on your dashboard?

These changes will impact the base external benchmark score that your company has chosen to be compared to, difference to benchmark calculations shown in the heat map and on driver and question score pages. You may notice a change to your organization’s overall benchmark score and percentile placement. 

If you would like to learn more about Peakon benchmarks, feel free to view our help centre. You can also contact your Customer Success Consultant or get in touch with a member of our team.