The employee experience management market is projected to grow from USD 6.8 billion in 2023 to USD 11.1 billion by 2028 at a CAGR of 10.2% during the forecast period. Fueled by rising mental health awareness, organizations prioritize employee well-being through mindfulness programs, flexible work arrangements, and stress management initiatives. This leads to a happier, healthier workforce with reduced absenteeism and increased productivity, making companies more attractive to top talent.
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The adoption of employee experience management has experienced a remarkable surge in recent years, as government initiatives worldwide are recognizing the significance of effective employee experience management, leading to investments in technologies and the formulation of employee experience management plans. Governments, once synonymous with rigid hierarchies and procedural bureaucracy, are embracing a transformative shift in employee experience management. Recognizing the importance of work-life balance and mental health, governments prioritize well-being initiatives like flexible hours, childcare support, and employee assistance programs. This fosters a happier, healthier workforce, increasing retention and productivity.
The IT & ITeS segment contributed the largest market share in the employee experience management market during the forecast period.
Employee experience management strategies in the IT & ITeS industry focus on creating a dynamic and innovation-driven work environment. Companies prioritize continuous learning and development initiatives to keep employees at the forefront of technological advancements. Career growth opportunities, mentorship programs, and a culture of innovation contribute to retaining top talent.
Effective communication and teamwork are critical components of employee experience management strategies in the collaborative nature of IT & ITeS work. Technology plays a central role, with organizations investing in cutting-edge tools and platforms to facilitate seamless collaboration, enhance productivity, and streamline work processes. Moreover, in the IT & ITeS sector, employee experience management includes initiatives to support employee well-being, considering the potential for burnout in roles often involving tight deadlines and complex projects.
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Unique Features in the Employee Experience Management Market
Organisations can obtain insights into employee sentiment and satisfaction across many touchpoints by utilising the comprehensive employee feedback mechanisms provided by EXM platforms, which include surveys, sentiment analysis, and real-time feedback channels.
By customising learning, development, and engagement programmes according to each employee’s preferences, abilities, and career goals, EXM platforms offer individualised employee experiences and promote a culture of ongoing improvement.
Proactive interventions to increase employee engagement and retention are made possible by certain EXM platforms, which use machine learning and predictive analytics to spot trends, anticipate employee requirements, and suggest tailored solutions.
Through the use of features like stress management tools, mental health resources, and wellness challenges, EXM platforms support employee wellness and well-being programmes and foster a positive, supportive work environment.
Employer appreciation and motivation are promoted by the features on EXM platforms that facilitate employee recognition and awards. These capabilities enable peers and managers to recognise and honour accomplishments.
Major Highlights of the Employee Experience Management Market
Organisations are starting to prioritise employee experience as a critical factor in driving engagement, productivity, and retention in the EXM sector, which is undergoing a change towards employee-centric approaches.
As businesses use technology to improve employee engagement, communication, and collaboration in both physical and remote work contexts, the use of digital EXM platforms is growing.
Managing the employee experience holistically is possible with EXM solutions, which cover a range of touchpoints such as career development, wellness programmes, performance management, onboarding, and training.
With the help of real-time feedback mechanisms offered by EXM systems, businesses can swiftly gather, evaluate, and act upon employee input to resolve problems, streamline procedures, and improve the employee experience overall.
In an effort to foster a more welcoming and encouraging work environment for workers from a variety of backgrounds, organisations are progressively integrating DEI initiatives into their EXM strategy.
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Top Key Companies in the Employee Experience Management Market
The major vendors covered in the employee experience management market include Qualtrics (US), SAP (Germany), Oracle (US), Microsoft (US), Workday (US), Zoom Video Communication (US), Culture AMP (Germany), Achievers (Canada), Workleap (Canada), SurveySparrow (US), 15Five (US), Awardco (US), Vantage Circle (US), Quantum Workplace (US), ClearCompany (US), Jostle (Canada), Kudos (Canada), Lattice (US), Bonusly (US), Motivosity (US), WorkTango (US), Blink (US), MO (UK), and Pixida (US). These players have adopted various growth strategies, such as partnerships, business expansions, agreements, collaborations, and new product launches, to expand their employee experience management market presence.
Qualtrics is a leader in the experience management (XM) software category; it is a cloud-native software provider that empowers organizations to deliver exceptional experiences and build deep relationships with their customers and employees – so they can understand their most significant friction points, retain and engage top talent, and deliver the right products and services. Nearly 20,000 organizations worldwide use Qualtrics’ advanced AI to listen, understand, and take action. It leads the industry by providing world-class software used by the most renowned brands to deliver exceptional frontline experiences, cultivate high-performing teams, and design products that resonate with users. Beyond being a platform, Qualtrics is the driving force and custodian of the experience management category, catering to over 19,000 clients.
In March 2023, Qualtrics entered into a definitive agreement to be acquired by Silver Lake, the global leader in technology investing, in partnership with Canada Pension Plan Investment Board (CPP Investments).
Oracle sells database software and technology, cloud-engineered systems, and enterprise software products, such as enterprise resource planning software, human capital management software, customer relationship management software, enterprise performance management software, and supply chain management software. The company is in the Americas, Europe, the Middle East, Africa (EMEA), and Asia Pacific. It operates through various subsidiaries, including Logical Applications, Inc. (US), Oracle Argentina, S.A. (Argentina), G-Log Pty Ltd. (Australia), Oracle Corp. Canada Inc. (Canada), and Oracle India Private Limited (India).
Oracle ME is a complete employee experience platform that guides employees through professional and personal activities, delivers responsive HR service support, and streamlines organizational communication. It also provides tools to strengthen the manager-employee relationship and connect employees with their peers to nurture a greater sense of workplace belonging. It’s built as a part of Oracle Cloud HCM. Oracle offers employee experience solutions for various verticals based on their marketing, sales, services, social, and commerce requirements.
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