Providing clear, timely explanations helpminimise the damage to employee morale in the wake of adverse changes, new research from Aalto University School of Business and others reveals. Professor Marjo-Riitta Diehl and colleagues from Vlerick Business School, Católica-Lisbon School of Business and Economics, and University of Waterloo, discovered that workers vary in their level of attachment to the organisation that employs them and this affects how they react to adverse changes. Adverse changes such as layoffs or wage cuts can cause especially those employees who feel strongly aligned with their company’s goals to become disillusioned and cynical. Unlike workers who are doubtful but remain optimistic, cynical personnel have lost faith in the organisation, making resignations more likely and minimising the commitment to work in those that stay on in their jobs. Attempts at reconciliation between company managers and cynical employees are often difficult, as the workforce will instinctively distrust the intentions of higher-ups. However, the research shows that explaining the necessity of unpleasant changes to a workforce in general, but especially to the loyal and committed employees before or shortly after action is taken helps reduce the likelihood of widespread cynicism. “When employees receive a clear explanation for the change, they aremore likely to feel valued and perceive lower levels of uncertainty. Managers need to adhere to principals of truth and fair dealing in interactions with their employees. By doing so, they create an atmosphere in which cynicism is unlikely to prosper,” says Diehl. The implications of this research, published in The Journal of Occupational and Orgnisational Psychology, are particularly relevant in the current climate of “The Great Resignation”. Cynical employees in the face of change must be managed by effective communication Quantexa goes global, growing across regions London-headquarteredQuantexa serves companies in over 70 countries and four continents. The company achieved a 144% Net Retention Rate and more than 70% increase in Committed ARR in FY2022. Last year also witnessed a growing foothold across North America and APAC. - North America had a breakout fiscal year and now contributes 30% of total revenue. - After opening a new presence in Luxembourg, Quantexa continued growth in EMEA, which now represents over 50% of its revenue. - Opening offices in Melbourne and Singapore helped to drive growth in the APAC region, making up almost 20% of total revenue. Industry & Solution diversification highlights Quantexa is used by some of the world’s largest banks while diversifying its customer portfolio with major additions from other industries. - While Banking, Quantexa’s flagship industry vertical, continued to see major growth, nearly 30% of Quantexa’s total revenue now comes from, Insurance, Government, and Telecom industries. - Quantexa saw global sales growth across its core solution suites; Contextual Data Management, Financial Crime and Fraud Detection, Customer Intelligence (CI), and Know Your Customer (KYC), reflecting strong demand for new offerings with existing customers and growth in new industries. IDC’s recent report with Quantexa confirms this momentum across all global sectors, predicting that by 2024, AI-based investment in AML and fraud technologies will exceed $6 billion globally. Delivering innovation through its leading Contextual Decision Intelligence Platform Throughout the past Financial Year, Quantexa continued to invest in the development and evolution of its Decision Intelligence Platform. - In October 2021, Quantexa launched Quantexa 2, the latest version of the company’s Decision Intelligence Platform, responding to a growing global demand for trusted, actionable intelligence from fast-increasing and fragmented data volumes. Helping enterprises face the data explosion, the new platform version introduced powerful capabilities that boost control and functionality, reduce friction, and easily add new data sources to the analytics capability. Expanding customer and partnership portfolio - Quantexa announced its new customer, Govia Thameslink Railway (GTR) in June 2021, now using Quantexa’s solutions to detect and tackle multifaceted transport fraud. - In July 2021, Quantexa’s momentum was recognized with the Google Cloud 2021 Industry Solution Partner of the Year Award in the Financial Services category, for its achievements in the Google Cloud ecosystem. - Quantexa announced Bank of New York Mellon (BNYM) as its latest customer, as well as Series D investor, in September 2021. The leading bank now benefits from Quantexa’s strengths in Master Data Management, Entity Resolution, Graph Network Intelligence, and AI, continuing to deliver innovative solutions for its clients. - Quantexa announced a new partnership with KPMG UK to optimize organizations’ defences against fraud, money laundering, and illicit finance. The UK Government’s Cabinet Office signed to use Quantexa’s solutions, to detect fraud stemming from the COVID-19 loan schemes. - Rounding off the financial year in March 2022, Quantexa’s client, major Netherland’s bank ABN AMRO, was awarded the Celent Model Risk Manager Award for use of Quantexa’s technology. Quantexa’s AI-powered analytics solution significantly improved ABN AMRO’s data quality and enhanced the efficiency and intelligence for complex KYC investigations. - Quantexa announced its Series D funding round of $153 million in July 2021, providing further growth funding and confirming its lead in the Decision Intelligence category. Alongside its existing world class investors, the round was led by leading private equity investor Warburg Pincus.
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