Employee wellbeing is an essential part of any business; after all, what is your business without your employees? Getting the most out of your workforce is critical to success, hence the rise of employee wellbeing initiatives. There are many strategies and programs out in the market; however, how do you know what is working and what is merely costing you money, time and resources with little actual return?
Measuring the impact of your employee wellbeing initiatives is essential to ensure your efforts are resulting in the return you expect. Let’s take a look at a few easy-to-implement metrics that will help you keep tabs on what’s working and what isn’t.
Net Promoter Score: Are your Employees Happy Enough to Recommend You?
Net Promoter Score, or NPS, was initially designed to seek meaningful feedback from customers with as little friction as possible. By asking customers how likely they are to recommend a product or service to people they know, businesses can deduce how loyal a customer is, which correlates to how much revenue they are likely to generate the business in the future (through their own spend and referrals).
Applying this same idea to employees gives us the following question:
“On a scale of zero to ten, how likely are you to recommend working for us to your friends, family and other acquaintances?”
Employees that score your company a six or below are ‘detractors’ and do not positively contribute to your business, scores of seven or eight are ‘passives’ and are neither here nor there, and scores of nine or ten are ‘promoters’ and an indication of who feels you are treating them excellently.
To arrive at your NPS ‘score’, simply subtract the count of detractors from the total count of promoters. Ideally, you’ll want your score to be greater than 0. A score above 60 is the gold-standard. As good as NPS is, it’s only instrumental as an overall gauge – to get detail around what’s causing the score we need to dig deeper.
Drivers: Ask for Both Qualitative and Quantitative Feedback
There are a range of factors that play into employee engagement. Understanding how your employees think about each one is critical to evaluating and then elevating your entire employee wellbeing strategy. Typical drivers of employee satisfaction are:
- Progression – is there room for promotion?
- Collaboration – how much cross-team cooperation is there?
- Recognition – are employees rewarded when they do well?
- Development opportunities – are there resources available to learn and grow?
- Leadership – does management support employees, or is it the other way around?
- Autonomy & empowerment – do employees feel heard and trusted?
When seeking an answer to these potentially insightful questions, it’s essential to give your employees a range of responses to elicit a meaningful response. For example, instead of asking for a ‘yes’ or ‘no’, use a five-point (or more) scale – ‘strongly disagree’ to ‘strongly agree’.
Quantitatively, look at what your employees and recruitment processes are telling you through their actual behaviour and results. If you’re concerned about employees leaving, measure the improvement (or decline) in your employee retention rate. If it’s attracting quality talent, look at how your recruitment team is converting applicants to successful employment (and how long that employee ends up staying for).
Financial resilience and hence wellbeing plays a substantial role in improving your employee’s workplace satisfaction. If your business wants to enable your employees to improve their financial wellbeing, workplace engagement and productivity, contact Paytime today to arrange a free consultation.
