More than 60% of North American consumers cite a brand’s reputation for service and support as a top consideration when making a purchase. They also expect a fast and complete resolution when they have an issue, according to a new global report from Genesys, “Generational dynamics and the experience economy.” And about two-thirds of employees in North America expect to work for an organization with a supportive environment and culture.

These expectations make customer and employee loyalty harder than ever to earn — and easier than ever to lose.

What sets leading organizations apart are the experiences they provide to meet those expectations. Exceptional experiences delight customers and empower employees. In doing so, they build loyalty and increase retention, while increasing business performance.

Organizations looking to gain and retain a competitive advantage through experience leadership must consider both the consumer and employee experience. But it doesn’t stop there.

They must also look at the differences across Generation Z, millennials, Gen X and baby boomers. Each generation brings unique perspectives, preferences and expectations to their consumer interactions with brands and their interactions as employees with their employers.

To succeed, brands need to deeply understand their audiences and ensure that the experience they offer match each generation’s expectations.

Organizations that seize the opportunity to enhance their experience in ways that meet consumer and employee expectations will find themselves better able to attract, engage and retain both customers and talent across all generations.

Here are select findings about North American customer and employee expectations today — and what that means for organizations looking to provide engaging, personalized experiences.

Building a Long-Term Competitive Advantage

Organizations need to deliver remarkable experiences for consumers and employees today — experiences that address the unique expectations of each generation, as customers and as employees. Eighty-seven percent of North American consumers expect the organizations they buy products and services from to consistently provide high-quality service experiences. Three-quarters agree that they expect brands to show empathy and understanding toward their needs.

And research showed that 74% of employees in North America say they expect their employers to provide flexibility and work-life balance, while half expect a company culture that offers sufficient opportunities for professional growth.

Personalized omnichannel interactions with easy, seamless access to both assisted and self-service options are the future of customer experiences. And empathetic, proactive employee experiences that provide flexibility and help talent succeed today — and develop in their careers over time — are essential to a productive work environment.

More than half of North American consumers say they would stop buying from a brand because of poor customer experiences. Similarly, 57% of employees feel they would leave their jobs because of poor work environment and culture; 62% would change jobs because of inadequate recognition, compensation and benefits.

Today’s experiences must do more than just solve customer and employee issues if they’re going to build and solidify long-term customer loyalty and employee retention.

Organizations should use these opportunities to show empathy, support and shared values in ways that clearly differentiate themselves from the competition — and build engaging, lasting relationships with customers and employees. This approach will lead to a long-term sustainable competitive advantage that delivers business value as remarkable as the experiences that drive it.

Learn more about what customers and employees across generations today expect from brands and employers in “Generational dynamics and the experience economy.”