5 KPIs to track employee experience effectively
According to an employee engagement benchmark study conducted by the Temkin Group, organizations that excel at customer experience have employees that are 1.5 more engaged than organizations with poor customer experience.
No wonder you’ve made your decision to focus on improving employee engagement in 2019!
And it is the thing to do, but do you have a plan in place to monitor and measure employee experience?
If not, how will you know what’s working for you and what’s not?
If you want to know the level of employee engagement that presently exists in your company, you need accurate data points.
Here are 5 KPIs that HR teams and leaders can track to extract accurate insights into employee experience:
Net Promoter Score
The employee net promoter score systematically tracks the loyalty of employees. This HR metric is important to track as it plays a vital role in an organization’s success. It indicates if your employees are likely to continue being productive and contribute to company success. Recruiters can use online survey tools or a customized NPS survey to accurately calculate employee NPS. The NPS survey will give you a clear understanding of what your employees want from their job and help you improve employee engagement levels.
Absenteeism and Attrition Rate
Companies with highly engaged employees have 41 percent lower absentee rates and 59 percent less turnover.
Review the absenteeism and attrition rate and compare the numbers against your desired levels. If you come across certain departments with a higher absenteeism and attrition rate, you should focus on identifying and addressing the underlying problems.
If the rate of attrition is more than 10 percent or your employees are remaining absent repeatedly without giving a clarification, you need to identify the bottlenecks. Think through solutions that not only resolve the problem but also include an element of employee engagement.
Companies with an engaged workforce have 5 times higher shareholder returns.
An employee satisfaction survey can be conducted annually to know how satisfied your employees are in their roles. There are several online survey tools that let you customize the survey and make it anonymous so you can extract a wealth of valuable information. You can combine open-ended and closed questions to elicit quantitative and qualitative feedback from your employees and accordingly improve the level of employee engagement.
61 percent of employees feel burned out at work.
Employee pulse surveys harness the power of real-time feedback to give you a more accurate picture of your employee’s well-being. You can use a pulse survey tool to identify which areas of your business are impacting employee engagement for good or for bad.
Even with simple questions like, “would you recommend us to a friend” or “do you feel valued as an employee”, a pulse survey tool proves invaluable in improving and maintaining employee engagement levels. It helps promote a flexible approach towards reshaping the company’s culture for better.
Highly engaged employees are 21 percent more productive.
If employee productivity is low or the monthly sales are falling off consistently, this could be a warning sign that your employees are not motivated to perform. Without high levels of employee engagement, you could find that your employees are performing only what is expected out of them, not pushing their limits, lacking in enthusiasm and innovation and also seeking employment elsewhere. When employees are working passively, profits are bound to take a nosedive.
As more and more organizations prioritize employee well-being and advocacy, tracking and improving the employee engagement level is becoming increasingly important. But, the traditional employee engagement survey has around 40 to 50 mind-numbing questions, divided into different categories. So, if you want to increase the completion rate and actually extract thoughtful and useful feedback, you might want to consider using NPS software.
This software allows you to adopt a comprehensive approach which includes multiple KPIs and HR metrics. It also allows you to send personalized and engaging NPS surveys. With the right NPS software, you can send out pulse surveys, pick responding channels, and gain rich insights into the employee experience by asking the right questions.