AI Bill – Regulatory capability
April 2024
I’ll never forget in 2020 when the LinkedIn newsfeed changed seemingly overnight with the term the “Great Resignation” dominating the algorithm. Post after post popped up with people announcing their quits; hiring managers raising the flag alerting others that this trend might hit them next; and continual news articles about companies being hit with mass exoduses.
We can attribute many answers to the WHY that fueled the great recalibration, but during that time one central truth started to prevail:
The employee experience could no longer be an afterthought — second, at far too many companies, to the customer experience.
Prior to 2020, the era of customer centricity was at an all-time high. Brands would proudly boast that they were customer-first. Sizeable investments were poured into creating game-changing products, services, and offerings that would WOW customers. Town hall meetings dominated around revenue metrics, Net Promoter Scores, client acquisition costs… the list goes on… sending a signal to employees that the customer was the north star.
But 2020 and the Great Resignation did something to business. With the employees suddenly holding huge power — in terms of if they would stay, or if they would go — the concept of “experience” expanded considerably. Because having a solid approach to customer experience (CX) was no longer enough.
At the end of 2020, Gartner pushed the envelope forward on the concept of rethinking experience by introducing a new term to the market: “total experience.” Listed among its top 10 strategic technology trend predictions for 2021, Gartner described total experience (TX) as:
“A strategy that connects multi experience with customer, employee and user experience disciplines, Gartner expects organizations that provide a TX to outperform competitors across key satisfaction metrics over the next three years… TX strives to improve the experiences of multiple constituents to achieve a transformed business outcome. These intersected experiences are key moments for businesses recovering from the pandemic that are looking to achieve differentiation via capitalizing on new experiential disruptors.”
Suddenly, companies across the globe were thinking “total,” ensuring they were taking steps forward to equally prioritize, shape, and invest in experiences across employees, customers, shareholders, users and so on.
The concept of TX changed business conversation forever. Instead of companies focusing on being superior at just one experience pillar — e.g. customer experience — pressure mounted for them to master all. Because the Future of Work model in which we were all thrust into made one thing super clear…
If even one of your experience pillars was at risk, the whole of your organization was at risk.
Though the term TX might still be fairly new, the concept of winning at the experience game dates back almost 30 years ago.
Coined in a 1998 Harvard Business Review article, “Welcome to the Experience Economy,” the “experience economy” described mounting pressure companies faced to differentiate their approach, as “the next competitive battleground lies in staging experiences.”
But in 2024, the fight to win the experience economy has never been greater.
Experience has become disruptive, personalized, and customized. Individuals expect the same level of experience across all brands — from tailored messaging to robust self-service options to AI-powered recommendations. And macro trends continue to support a move to TX, or a fresh, holistic approach to standardizing and holistically thinking about experience.
So how can you jump-start your TX initiatives? Let’s dive into 3 tips to get started: