Surveying and collecting feedback from employees is something businesses around the world feel is essential to do. In between the war on talent and various disruptions to business-as-usual, it’s no longer good enough for communication channels to be one-way, from management to everyone else.
The return on investment of employee feedback & engagement: a success story
Not only do employees want to have their voices heard, but well executed survey programs can make incredible impacts on a business and help accelerate it towards it goals.
Organizations are wanting to ask questions about some of today’s most important topics, such as re-boarding to wellness and diversity and inclusion. They need expertly and scientifically crafted question sets which are easy to distribute through a team or organization, and give employees the chance to respond anonymously. HR managers also want to know that the results will be presented clearly, and come benchmarked against industry and geographical competitors.
The result of a professionally executed survey is feedback and insights that can power management to make better decisions. Those decisions will be based on competencies, concerns and ideas of the workforce, meaning that they’ll be much more effective at resulting in positive change.
A big benefit of surveying employees and acting on their feedback is that it engages them. Engagement is more than satisfaction. Engagement is involving and connecting employees with an organization’s mission and values.
You can engage employees by listening and working on feedback, which is not only great for employer branding efforts but also increases productivity. An employee engagement strategy based on feedback loops between teams, management, and employees provides an impressive return on investment.
Such a strategy has transformed a multinational organization which has been working with Effectory in recent years. Since partnering with us in order to listen to their employees via our intuitive employee engagement platform, this multinational has embarked on a proactive and positive approach to feedback, resulting in a 455% return on investment. Read on to find out about the incredible benefits that listening to employees can bring to any organization.
The benefits of a continuous listening strategy
We wanted to find out the quantitative ROI that our tech & touch approach provides our customers. That’s why we asked Forrester to conduct research on our behalf: to give an objective review of the impact our platform has had on a global conglomerate.
This organization uses Effectory’s employee listening solutions to increase engagement and get insights into what their employees are thinking, feeling, and concerned about. To gain an insight in the effect of these solutions, researchers from Forrester interviewed the organization’s head of global HR.
Before partnering with Effectory
Prior to collaborating with Effectory, the organization’s employee listening efforts were fragmented, sporadic, and inefficient. HR staff members created and conducted their own surveys for different teams and used spreadsheets to analyze responses. This meant a lack of centrality to results, so that cross-organization comparisons were nearly impossible to do.
Effectory’s listening landscape resulted in a 455% return on investment (ROI)
Guidance from Effectory’s in-house experts have helped the organization shape its employee listening strategy and implementation plan. After bringing Effectory onboard, benefits were apparent from the first survey.
Total Economic Impact Of Employee Listening
Effectory commissioned Forrester Consulting to conduct a Total Economic Impact™ study and examine the potential return on investment (ROI) of Employee Listening
Download5 incredible statistics from an HR success story
Here are some of the headlines from this case study, which you can download for free.
Greater employee retention saved $1,329,159
Effectory’s services helped the organization act on issues affecting retention rates. Retention rates drop when problems encourage people to find work elsewhere.
By proactively acting on these issues, such as workload or focus, the organization saw voluntary turnover decrease from 12% to 11.4% over three years. This 0.6% decrease represents a large number of retained talent.
In turn, the reduction in the number of new employees that the organization needed to recruit has saved them excessive costs for recruitment and onboarding.
Improved productivity worth $1,787,429
Not only did employees remain with the company for longer, they were also productive on a higher percentage of workdays.
Before partnering with Effectory, the percentage of workdays taken as sick leave was at 4%. Three years after the employee listening strategy was implemented, that percentage declined to 3.65%. This shows the value of preventing burn outs due to overwork and stress through a continuous listening strategy.
HR time savings worth $286,410
HR staff members reduced the time they spent planning, implementing, and working on the results of surveys. What’s even better is that the effectiveness of their listening landscape improved with the help of our technology. Effectory’s platform has been designed to make it easy to plan and initiate a continuous listening strategy, and its results dashboard simply analyzes the data for you.
According to the head of HR, our listening platform has benefited 150 HR staff members at both corporate and team levels across the company. Time saved on the legwork of running surveys meant that all these members have had time to be more creative and innovative.
Avoided $109,533 of employer branding costs
Typically, the organization had been spending a constantly increasing figure on employer branding. Employer branding efforts include advertisements that portray a company as an employer-of-choice to attract highly skilled employees.
This organization’s use of Effectory’s listening solutions contributed to a positive culture that resulted in employees recommending their company to others. Its employees became its ambassadors, and this attracted the best talent in their networks to apply for positions.
A more innovative workforce and better financial performance
The HR manager estimated that the organization had seen a 20% increase in new initiatives and process improvements since adopting Effectory’s software and expertise.
Their increased competitiveness in attracting highly skilled employees contributed to increased innovation, revenue, and profitability. Engaging employees through an organized and well-executed listening strategy also played a role in this boost to their profit margins.
Realize the incredible ROI that engaging employees could award you
We know that companies of any size can benefit from our employee listening solutions.
Find out more about the return on investment that listening to your employees provides. Download Forrester’s Total Economic Impact™ Of Effectory Employee Listening report for free.
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