The employee experience (EX) segment is seeing a continuous influx of product and customer announcements as technology vendors respond to companies’ needs to not only battle “The Great Resignation” but also recruit top talent. Conversations Dash Research has been having with technology vendors indicate that this was an area of interest even before Covid-19, but that the pandemic has caused a deeper sense of urgency, resulting in budget allocation and investment.
A recent announcement from Medallia, a provider of customer, employee, citizen, and patient experience solutions, confirms this optimism. Medallia reported an impressive 77% increase in new EX bookings in the fourth quarter of fiscal year 2022. According to Medallia President and CEO Leslie Stretch, “The massive growth in bookings, industry-leading retention rates, and the sheer number of employees using our platform show the growing urgency—and value—of providing a great employee experience. We are in the midst of a talent revolution and ‘The Great Resignation’ put employee experience in the spotlight. The most innovative companies know that by listening, learning, and taking meaningful action, they can not only empower their people, but drive significant business results.”
Further, Medallia shared that half the Fortune 10 companies are now using the Medallia Employee Experience Suite and 165 large enterprise companies globally in total. These companies encompass more than 12 million employees. Clients include Equinix, Vanguard, Johnson & Johnson, Shopify, and Telus. Customer results have been very positive, with one Fortune 50 bank reporting a 40% decrease in employee turnover and an enterprise software company reporting a 25% increase in net promoter score (NPS) for candidate experience.
Medallia’s platform offers a broad range of capabilities, including:
- Engagement and pulse surveys
- Role-based dashboards
- Video feedback
- 360-degree feedback
- Artificial intelligence and predictive analytics
- Employee idea platform
- Action Planning
- Alerts and notifications
- Speech and text analytics
These capabilities go way beyond traditional feedback mechanisms and encourage a deeper level of employee engagement. Interestingly, more than 40,000 employee ideas have been submitted so far in 2022 via the Medallia EX and crowdsourcing solution.
Offering these solution types empowers employees to share thoughts and ideas quickly, feel heard, and deepen a sense of connection with their employer, which are critical factors in maintaining positive EX.
Author Information
As a detail-oriented researcher, Sherril is expert at discovering, gathering and compiling industry and market data to create clear, actionable market and competitive intelligence. With deep experience in market analysis and segmentation she is a consummate collaborator with strong communication skills adept at supporting and forming relationships with cross-functional teams in all levels of organizations.
Sherril holds a Master of Business Administration in Marketing from University of Colorado, Boulder and a Bachelor of Arts in Psychology from Rutgers University.
