Connect with us

O.C. Tanner Unveils 2023 Global Culture Report as Workplaces and Organizations Continue to Evolve and Rebuild Connection in a Post-Pandemic World

O.C. Tanner Unveils 2023 Global Culture Report as Workplaces and Organizations Continue to Evolve and Rebuild Connection in a Post-Pandemic World
PR Newswire
SALT LAKE CITY, Sept. 28, 2022

As employees around the world collectively seek out a great…

Published

on

O.C. Tanner Unveils 2023 Global Culture Report as Workplaces and Organizations Continue to Evolve and Rebuild Connection in a Post-Pandemic World

PR Newswire

As employees around the world collectively seek out a greater sense of connection, community, and fulfillment, the comprehensive fifth annual report examines the most pressing issues relevant to employee retention and great work in the midst of ongoing transformation

SALT LAKE CITY, Sept. 28, 2022 /PRNewswire/ -- O.C. Tanner, the global leader in employee recognition and workplace culture, today announced the release of its 2023 Global Culture Report. Now in its fifth year, the report details the latest trends and strategies to win and retain people, including: reconnecting workplace community, creating fulfilling employee experiences, fortifying weary leaders, and integrating recognition and symbolism early and often. Based on data gathered from over 36,000 employees, leaders, HR practitioners, and executives from 20 countries worldwide, the report was announced at O.C. Tanner's sold-out annual culture conference, Influence Greatness.

"The future of work depends on embracing change and rebuilding community within the workplace. This year's report demonstrates the importance of reconnecting employees with purpose and meaning," said Dr. Alexander Lovell, Director of Research and Data Science at the O.C. Tanner Institute. "Organizations should be deliberate in creating opportunities for employees to feel fulfilled in their work. Not only do they do better work, but we found that highly fulfilled employees want to stay at their organization for an extra three years. We hope this report will act as a guide for organizations and enable leaders to support, challenge, and inspire their employees to do great work."

As organizations continue to adjust to a new era of work and manage the uncertainty of a subsiding global pandemic and looming economic recession, the report highlights what employees want most: connection, community, and fulfillment. As organizations prepare for the next crisis, employees are still trying to heal from the disconnection caused by the pandemic. A sense of community is more important now that employees are returning to the office and searching for fulfillment and connection, but unfortunately, many organizations' current programs are failing to meet evolving employee desires. Successful organizations are the ones reconnecting with their people by adopting a community mindset where employees find meaning in their work, believe that they belong, and experience greater personal fulfillment.

"There's no such thing as 'work-life balance' – it's just 'life balance.' With that, a meaningful focus on employees' holistic wellbeing is crucial for organizations to retain and attract talent in today's environment," said Gary Beckstrand, Vice President of the O.C. Tanner Institute. "Data from our 2023 Global Culture Report shows that when organizations enable life balance, support the growth and development of everyone holistically, create a thriving workplace community, and help each person contribute to the collective purpose, great business outcomes are abundant."

Sample key findings include:

  • Highly fulfilled employees plan to stay three years longer at their organizations than unfulfilled employees.
  • Nearly one third (32%) of employees are unfulfilled in their jobs. These employees have 399% greater odds of looking for a job elsewhere, 71% decreased odds of promoting their organization as a great place to work, and 47% decreased odds of putting in extra effort to help their organization succeed.
  • When feelings of community, connection, and belonging are strong at an organization, the odds that employees will do great work (236%), take pride in the organization (318%), and want to stay (252%) are far better.
  • Most employees (76%) consider their workplace a community and almost as many (72%) say it's important for them to feel like part of a community at work.
  • When organizations score high on the Community Index, they experience great outcomes. Strong workplace communities have:
    • 957% higher odds employees will be Promoters on the eNPS scale
    • 100% higher odds of aspirational levels of great work
    • 62% increase in employee estimated tenure (from 7.1 years to 11.5 years)
    • 58% lower probability of employees actively looking for a new job
    • 785% higher odds employees feel like they belong
  • A sense of belonging leads to better retention (+43%), higher satisfaction with employee experience (40%), less burnout (-38%), and more great work (+20%).
  • With numerous new responsibilities and expectations placed on them, many leaders are succumbing to stress and burnout.
    • Leaders are 43% more likely to say work is interfering with their ability to be happy in other areas of their lives.
    • Just under two thirds (61%) of leaders report having more general responsibilities at work since before the pandemic, versus only one third (34%) of individual contributors who say the same.
    • While 79% of leaders think they have a "good sense" of what their employees want, only 48% of employees agree. Nearly one third (29%) of employees say there is a notable conflict between what their managers want and what their coworkers want, and only a little more than half (54%) believe their managers are "on my side."
    • Mid-level and entry-level leaders are 33% and 47% less likely to feel appreciated, respectively, compared to senior leaders. They also don't have as much access to resources and support as senior leaders do.
  • Despite the value they bring to the workplace and the high demand for them, many generalists feel under-recognized by their employers:
    • 50% feel their contributions are overlooked
    • 44% rate their employee experience positively
    • 43% feel unsupported in their work
  • Employees are three times more likely to remember a recognition experience when it includes a symbolic award.
  • When recognition occurs regularly in teams, the odds of having a strong community improve 508%. When it's integrated into the organizational culture, the odds improve 387%, and the strength of that community increases 19%.
  • Frequent, tailored recognition experiences spread throughout the year have a larger, more lasting impact on recognition integration and workplace culture than singular company-wide events—those  "Employeepaloozas"—no matter how much organizations spend.

This comprehensive report, which serves up actionable data for business leaders seeking change, can be accessed at O.C. Tanner's website here: https://www.octanner.com/global-culture-report.html.   

About O.C. Tanner
O.C. Tanner is the global leader in software and services that improve workplace culture through meaningful employee recognition experiences. Our Culture Cloud™ employee recognition platform helps millions of people thrive at work.

Our team of more than 1,500 programmers, researchers, designers, client professionals, and craftspeople hail from 58 countries and speak 62 languages. Together, we create the technology, tools, and awards that help our clients shape productive work environments, drive innovation, and fuel positive business results. Learn more at octanner.com.

Research Methodology
The O.C. Tanner Institute uses multiple research methods to support the Global Culture Report, including interviews, focus groups, cross-sectional surveys, and a longitudinal survey.

Qualitative findings came from 10 focus groups and 81 interviews among employees and leaders of large organizations. The groups and interviews were held throughout 2021 and 2022, each representing various types of employers, including both private and public entities.

Quantitative findings came from online survey interviews administered to employees multiple countries, including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Japan, Mexico, the Netherlands, Philippines, Saudi Arabia, Singapore, South Africa, South Korea, the United Arab Emirates, the United Kingdom, and the United States. The total sample size was 36,441 workers at companies with 500+ employees.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/oc-tanner-unveils-2023-global-culture-report-as-workplaces-and-organizations-continue-to-evolve-and-rebuild-connection-in-a-post-pandemic-world-301634463.html

SOURCE O.C. Tanner

Read More

Continue Reading

Uncategorized

Walmart Hits Record High After Earnings Beat, Despite Soft Guidance, Warning About “Choiceful” Consumers Spending Less

Walmart Hits Record High After Earnings Beat, Despite Soft Guidance, Warning About "Choiceful" Consumers Spending Less

Walmart shares hit…

Published

on

Walmart Hits Record High After Earnings Beat, Despite Soft Guidance, Warning About "Choiceful" Consumers Spending Less

Walmart shares hit a new all-time high after the largest bricks and mortar retailer reported earnings that beat expectations despite providing guidance that was marginally softer, as choosy shoppers nevertheless kept buying in its stores.

Here is what the company report for the final quarter of 2023:

  • Adjusted EPS $1.80 (excluding impact, net of tax, from a net gain of $0.23 on equity and other investments) vs. $1.71 y/y, beating estimate of $1.65
  • Revenue $173.39 billion, +5.7% y/y, beating estimate $170.66 billion
    • Total US comparable sales ex-gas +3.9%, estimate +3.2%
    • Walmart-only US stores comparable sales ex-gas +4%, estimate +3.12%
    • Sam's Club US comparable sales ex-gas +3.1%, estimate +2.99%
  • Change in US E-Commerce sales +17%, beating estimate +15.5%
  • Adjusted operating income $7.25 billion, beating estimate $6.79 billion

Of the metrics reported, however, the most important one is that Walmart’s same-store sales (ex fuel), rose 4% YoY for US stores (of which net sales was 3.% and eCommerce added 17%). Wall Street was expecting 3.1% so the number was clearly a beat and was driven by "strength in grocery, health and wellness, offset by softness in general merchandise", and was the result of higher transactions (+4.3%) offsetting average ticket prices, which dropped 0.3% YoY. Still, the number is a far cry from the 8.3% comp sales a year ago.

In keeping with the noted softness in general merchandise, the world’s largest retailer delivered softer guidance for the current fiscal year, as it expects consumers to be selective in their spending:

  • For full-year 2025, WMT sees
    • Net sales +3% to +4%, slower than growth from the prior year, and adjusted EPS $6.70 to $7.12, slightly disappointing vs the median consensus estimate of $7.09
    • Capital expenditures approximately 3.0% to 3.5% of net sales
  • For Q1, 2025, WMT sees sees adjusted EPS $1.48 to $1.56.

Discussing the quarter, CEO Doug McMillan said that "we crossed $100 billion in eCommerce sales and drove share gains as our customer experience metrics improved, evenduring our highest volume days leading up to the holidays"

Commenting on customer "selectivity", CFO John Rainey said that “they are being choiceful" as consumers continue to spend less per trip but have been shopping frequently, adding that the company expects some resilience to continue for the rest of the year.

There was more good news: Walmart is gaining share in nearly every category, according to Rainey, with e-commerce among the factors driving growth as the company trims losses associated with handling online orders. Furthermore, while deflation is still a possibility, the company expects it to be less likely based on what it observed during the latest quarter.

That said, while grabbing more spending with low-priced groceries and other basics, Walmart has been cautious in recent months about the health of the consumer amid persistent inflation and higher interest rates. As noted above, US consumers have been buying cheaper products and seeking value, as they pull back from discretionary products like general merchandise. That has resulted in softer sales for some retailers, including Target Corp. and Home Depot Inc. Other big-box retailers are set to report their quarterly earnings in the coming weeks.

As Bloomberg notes, the recent moderation in inflation is another challenge for Walmart and other retail operators that have passed down price increases to consumers over the past few years. This has contributed to higher dollar sales for companies, followed by an uptick in revenue during the pandemic when people bought more groceries and home goods. Such increases are slowing overall, though inflation remains stubborn in some areas like groceries and shelter.

Similar to all of its major competitors, Walmart has been beefing up automation in warehouses and stores in recent years, while remodeling locations to make them more modern. Pickup and delivery businesses continue to expand, driving share gains among upper-income households and fueling growth of the Walmart+ membership program.

Separately, Walmart said it agreed to buy smart-TV maker Vizio Holding Corp. for about $2.3 billion. The deal would accelerate the retailer’s advertising business, called Walmart Connect, and help Walmart and its advertisers engage more with customers. Walmart has been expanding Walmart Connect and other nonretail businesses that have faster growth and better margins. The deal announcement confirmed a Wall Street Journal report from last week. Vizio shares soared 15% in Tuesday premarket trading.

As for WMT, the Bentonville, after the stock gained 16% over the past year, it jumped another 5.7% on Tuesday rising to a new all time high as investors were clearly satisfied with what they saw.

Full investor presentation below (pdf link)

Tyler Durden Tue, 02/20/2024 - 10:17

Read More

Continue Reading

Uncategorized

Estimating US Recession Risk Using Economic Data For States

What are the choices for monitoring and estimating recession risk? Slightly lower than the number of stars in the universe. Ok, I’m exaggerating, but…

Published

on

What are the choices for monitoring and estimating recession risk? Slightly lower than the number of stars in the universe. Ok, I’m exaggerating, but not much. The good news: the search for robust, relatively reliable indicators narrows the field dramatically. But there’s always more to learn, in part because the supply of data sets is vast, increasingly so. Which brings me to another indicator that looks promising: state coincident indexes.

Every state’s economy is, in some degree, unique, although the gravitational pull of the national economy casts a long shadow. Tracking each state economy separately, and then aggregating the results, provides a different spin on the US business cycle compared with national indicators. Think of it as a bottom-up model vs. the standard top-down approach via US retail sales, industrial production, etc.

Conveniently, the Philly Fed publishes monthly coincident indicators for each state. Aggregating the 50 signals into a composite index provides a somewhat different view of the US business cycle vs. traditional top-down metrics. There are several ways to process the numbers – my preference, shown in the chart below, is a 3-month-change model. If a state’s 3-month change is negative (positive), the signal is negative (positive). Summing the negatives and positives provides a national profile. The current reading is 0.48 — in other words, 48% of the states are posting negative 3-month changes for their respective coincident indicator. As shown below, the composite reading maps fairly closely with NBER-defined downturns, and so the current signal is issuing a warning, albeit a warning that has yet to provide what might be thought of as passing the point of no return. But it’s close.

The readings vary from 0 (no negative 3-month changes) to 1.0 (all 50 states are reporting negative 3-month changes). A quick review of the historical record suggests that the US is on the verge of slipping into recession.

But before we ring the alarm bell, there are some caveats to consider. First, a similarly high reading 20-plus years ago turned out to be a false signal. The next couple of months will likely determine if a repeat performance is brewing, or not.

Second, no one indicator is flawless, as we’ve learned over the last couple of years – especially in recent history, when pandemic-related events have created no shortage of macro surprises.

Another reason to reserve judgment, at least for now: a range of other business cycle indicators tracked in The US Business Cycle Risk Report (a sister publication of CapitalSpectator.com) continue to show a clear growth bias. But as reported in this week’s issue, there are some nascent signs of softer economic activity and so it’s possible that the coincident state indicators are an early warning that the tide is shifting.

The most reliable methodology for estimating recession risk in real time is building an ensemble model that combines various modeling applications that are complimentary. Although any one model will excel at a given point in time, quite often the best-performing indicator changes through time. To minimize the risk that’s inherent in any one signal, The US Business Cycle Risk Report crunches the numbers on multiple indicators, which has proven to be close to optimal for balancing the need for timely signals that minimize false signaling.

Despite the caveats, the coincident state model adds another dimension to the mix and provides some complimentary input to The US Business Cycle Risk Report’s existing suite of indicators. Accordingly, I’ll be adding the composite state coincident data to the newsletter’s weekly updates.

The next batch of coincident state updates for January is scheduled for later this month. Meantime, I’ll be carefully reviewing the incoming data for fresh clues that support or reject the suggestion that trouble’s brewing via the state coincident indicators.


How is recession risk evolving? Monitor the outlook with a subscription to:
The US Business Cycle Risk Report


Read More

Continue Reading

Uncategorized

Air Canada Says Freight Demand Beginning To Improve

Air Canada Says Freight Demand Beginning To Improve

By Eric Kulisch of FreightWaves

Air Canada expects the slow recovery in cargo volume…

Published

on

Air Canada Says Freight Demand Beginning To Improve

By Eric Kulisch of FreightWaves

Air Canada expects the slow recovery in cargo volume that began in the fourth quarter to quicken in 2024, aided by the addition of two more freighter aircraft, but doesn’t anticipate gains in pricing power, Mark Galardo, executive vice president for network planning and revenue management, said Friday.

The cargo division within Air Canada (TSX: AC) currently operates five converted and two factory-built Boeing 767-300 freighters. It is scheduled this year to receive two cargo jets converted from passenger configuration, but delivery of a third plane has been delayed until 2025 because of lingering supply chain and labor challenges faced by aerospace manufacturing companies, said Galardo on the company’s fourth-quarter earnings call.

The company nonetheless expects cargo capacity to increase 6% to 8% this year with the addition of the two freighters and more passenger aircraft that also carry cargo. The converted freighters are retired Air Canada passenger jets that are being retrofitted by aftermarket aerospace firms for carrying large containers in the main cabin area.

Cargo revenue fell 15% year over year in the fourth quarter to US$181 million on soft demand and lower yields, Air Canada reported. The three-month period represented an improvement from prior months as the downturn in freight transportation that gripped the air logistics industry for nearly 18 months began to ease. Full-year cargo revenue fell 27% to $253.7 million.

At the end of 2023, Canada’s flag carrier operated four more 767 freighters than at the end of 2022. Freighters were reintroduced at the company two years ago. Increased freighter operations to Central and South America and to Europe partially offset the year-over-year decline. Air Canada also enhanced its interline cooperation with Emirates SkyCargo, which allows customers to book interline cargo shipments through the Emirates SkyCargo flights, including between the Americas and Southeast Asia and India, through key European hubs. 

“We had a bit of a slower start in January, but as we look into February and beyond we’re starting to see volumes pick up and yields also pick up. And our 2024 assumption on cargo is more volume-driven than yield-driven. So we’re starting to see some positive indicators,” Galardo told analysts. “We’ve taken all the necessary measures to position ourselves to take advantage of the recovery. This includes strategically adjusting our freighter plan so that we can keep focusing on proven overall results for the long term and on maximizing cargo network value for our entire fleet.”

Air Canada in late September canceled an order with Boeing for two 777-200 production freighters because of the reversal in airfreight demand following the pandemic-fueled boom for air transport that lasted until early 2022. It then ordered 18 787-10 Dreamliners, including two that were swapped for the 777 freighters. Management, at the time, reiterated its commitment to operating freighters, saying that it needed to take a more measured approach to fleet expenditures and keep more cash available for other purposes.

Air Canada expects another leap in cargo business when the 787-10s begin entering the fleet in late 2025. But ongoing safety and manufacturing problems at Boeing could upset the delivery schedule. Production flaws have previously prevented customers from receiving Dreamliners on time.

“As we eventually receive the larger 787-10s, taking advantage of global cargo flows through our hubs will become an important lever for further diversifying revenue streams,” said Galardo. 

Air Canada performed well on cargo against its peers during the fourth quarter. Delta Air Lines and American Airlines saw cargo revenue slide 24% during the period, and Korean Air said its cargo sales fell nearly 29%. The percentage change in revenue at Air Canada was on par with the 14.8% decline at United Airlines. On a total dollar basis, Air Canada cargo revenue was less than that of the other carriers. The three major U.S. airlines are much larger than Air Canada but also do not have a dedicated cargo fleet. Delta was the closest to Air Canada at $188 million in revenue.

Overall, Air Canada generated $3.9 billion in revenue, up 11% from the prior year, during the final three months of 2023. But earnings before interest, taxes, depreciation and amortization of $386.4 million came in below expectations. On an adjusted basis, the company lost $32.6 million versus a loss of $162 million the year before. Higher wages, maintenance costs and flying volumes pushed expenses up 8%. Inflation is expected to increase costs another 4.5% to 5% in 2024, offset in part by productivity gains.

Tyler Durden Tue, 02/20/2024 - 06:30

Read More

Continue Reading

Trending