According to a recent TLNT article, organisations in the US are spending around $720 million annually trying to improve employee engagement — and that’s about half of what they’ll eventually spend on it.
And what steers and measures such a massive investment? The (often tokenistic) staff engagement survey.
But there’s a way to make engagement surveys work for you, ultimately driving profit, revenue and productivity. It’s about keeping a finger on the pulse – and being open, honest and willing to change direction.
Wondering if it’s worth it?
A recent Harvard Business Review article puts the paybacks of effective staff engagement into glaring focus.
Looking at three environments that matter most to employees – cultural, technological and physical – the author analysed more than 250 organisations (based on the Fortune 100 and various “best workplaces” lists).
He found that more than half were rated poorly by employees in at least one of the three areas, and 20% got very low scores across the board. Although 23% were making strides, just 6% were investing heavily in all three — and those ‘experiential organisations’ (Adobe, Accenture, Facebook, Microsoft, and others) saw performance gains.
They were focused on long-term changes – redesigning employee experience by creating a place where people want to work every day.
And here’s the bottom line: companies that invest in employee experience outperform those that don’t. Compared with other companies, the experiential organisations are four times as profitable and earn more than twice the average revenue. Also, stock price is higher for the experiential organisations that invest most heavily in employees’ cultural, technological and physical work environments.
Pulse rate: boosting survey impact by 30+% in 12 months
Now we know it’s worth it, how do we transform staff engagement surveys from symbolic to seriously effective? Several defining factors make the difference: length, questions, relevance, integrity – and careful design that delivers rich data and leads to action.
With our passion for data-driven business results, Effectus is all about measuring what matters and developing meaningful actions to drive performance (like customer ratings, profitability, productivity and safety).
But we go further, ensuring those ‘meaningful actions’ are working before it’s too late.
Consider this scenario: You conduct a staff engagement survey annually. You receive the results, develop strategies around key pain points, and conduct an identical survey next year to determine if your programs are making a difference. If not? You’ve lost time, money and been blindsided by lower engagement ratings than before.
That’s precisely why we craft short, sharp online pulse surveys along the way to help identify red flags, take corrective action, refine strategies as needed, maintain motivation, and ensure you stay on the road to real improvements.
With results proven to increase survey impact by 30+% within 12 months, we know the secret lies in augmenting annual (or bi-annual) engagement surveys with these quick but powerful polls. It’s simply about injecting concrete confidence, rather than hoping for the best.
Want richer data and concrete confidence? Talk to us about staff engagement surveys that work for your business.