コーチ・エィ and Welliba analysed the relationship between employee experience and five-year total shareholder return (TSR) among companies included in the Nikkei 225. Companies with higher employee experience tended to have higher TSR, and the gap widened each year.
This study was jointly conducted by コーチ・エィ's research and development division and Welliba using EXcelerate, an EX analysis service. It examined the relationship between 24 EX factors and five-year cumulative TSR from 2021 to 2025, based on more than 4.6 million pieces of publicly available information collected from more than 100,000 websites. Using the horizontal distribution of Total EX among Nikkei 225 companies, the companies were classified into three groups: the top 20%, middle 60% and bottom 20%, and their TSR was compared.
The TSR of the top 20% Total EX group was 205.7%, compared with 192.6% for the middle 60% group and 105.0% for the bottom 20% group, resulting in a 100.7 percentage-point gap between the top and bottom groups. Throughout the period, the TSR of the three groups remained in descending order of the top, middle and bottom groups, and the gap widened over time.
A significant positive association was confirmed between 8 EX factors and TSR. The factors showing an association included relationships with colleagues, corporate brand and reputation, and the purpose, contribution and significance of work. The study notes that the association between EX and TSR does not indicate causation.
Case studies were conducted on 2 domestic automobile manufacturers. Combining the 24 EX factors with employee feedback revealed differences in organisational and job characteristics, including business strategy, feedback, workload and flexible working arrangements.