Some organizations think they know exactly how employees feel and what needs to be done to improve team culture and retention. Unfortunately, these assumptions are usually off-base.
For instance, 33% of employees jump ship because they feel bored in the workplace and want to find new challenges.
Alternatively, some organizations feel apprehensive about gathering feedback and fear the results and next steps.
When Voice of Employee (VoE) research is conducted correctly, these myths are instantly debunked.
This blog post will discuss how the data and feedback collected from an employee engagement study will help drive real change and improvements for your organization in 2024.
Why Budget for Employee Engagement
First and foremost, if improving employee engagement is a priority for your organization in 2022, I recommend partnering with a market research company that specializes in employee surveys.
The cost of outsourcing employee surveys is small enough to fit in most marketing budgets.
There are many reasons why employee engagement surveys should not be administered by in-house HR departments or leadership teams.
1. Employee anonymity is crucial for an employee survey to be successful
When providing honest feedback, employees should feel their responses are 100% anonymous. The more honest an employee’s feedback is, the more accurate the data becomes.
Even if employees are told their answers are kept confidential, there are always thoughts of doubt in the back of their minds. As a result, they don't share their most accurate feelings and sentiment about company culture, their manager, their role, and so on.
Therefore, organizations should partner with a third-party company to collect and analyze the data. This ensures bias is removed from the analyzation of the data and feedback collected from employees is kept anonymous.
2. Ask unbiased questions written by survey writing professionals
Whether it is intentional or not, employee surveys written by leadership teams include biased questions that can skew the results of the survey.
With the help of a research partner, a survey is written from a third-party perspective. They ask questions in a strategic way without compromising feedback.
Again, the purpose of conducting this type of market research is to improve employee engagement, satisfaction, retention, and more. In order to do that properly, you must be making decision based on 100% accurate data.
3. Market research companies provide expert recommendations based on data
Second, organizations should find an employee survey company that provides actionable next steps specific to the challenges voiced by your team.
If looking for an employee survey firm, ask if they offer recommendations and next steps within their reporting. Your organization will no longer be basing organizational change on guessing and assumptions, but rather evidence and facts presented by an unbiased and impartial third-party.
It is even more so important that organizations act on the recommendations and next steps provided by the employee engagement company.
For example, this might involve a member from HR or your leadership team sharing an overview of the findings with employees and confirm the organization is taking action on the results.
This communication should highlight future initiatives and reiterate leadership and human resource teams care about the opinions of their team.
Recommended Reading: Ultimate Guide to Using a Third-Party Employee Survey Company
Best Practices for Improving Employee Engagement
Track Employee Satisfaction
After an organization decides to measure employee satisfaction, the next step is to measure progress over time. After employee satisfaction data is gathered, organizations create initiatives to improve or maintain the status quo.
Oftentimes, it can be difficult to understand how well those initiatives are working or organizations will assume satisfaction is increasing.
Rather than making assumptions, keep the pulse on employee satisfaction by measuring it every 6, 12, or 18 months.
Voice of Employee research is not a one-and-done study. It contains many data points and employee survey benchmarks to measure over time. The range in time may depend on factors like the number of employees, the amount of change, etc.
Measuring employee survey satisfaction scores quarter after quarter in 2022 or even year after year can also help give leadership and HR teams a better understanding of whether new initiatives have helped or lowered employee retention.
Set Goals and Budgets for Training
When creating a budget for 2022, many business leaders are merely guessing what tools they will need to invest in that will provide a real ROI for the organization.
Market research methodologies such as employee satisfaction surveys eliminate the guesswork. Using real data to set 2022 goals and budgets is extremely cost-effective.
Rather than guessing at what employees need and want for the coming year, use their feedback to properly allocate time and money used for training and education. Employers tend to undervalue training and education, and employees take notice.
Doing so can have a direct impact on increasing employee retention.
Assess Satisfaction with Compensation and Benefits
This is a big one. According to HRM’s Employee Job Satisfaction and Engagement survey, only 29% of employees are satisfied with available career advancement opportunities
Satisfaction with compensation and benefits may not be as tricky as it sounds. When it comes to this area, there is typically always going to be room for improvement. However, there are ways to address those concerns without increasing salaries by 10%.
A third-party employee survey company will turn to industry best practices and find ways to maximize satisfaction in this area without overspending.
While market research may sound like a daunting task, it will very rarely eat into your estimated budget for 2020.
The cost of an employee survey is dependent on numerous factors, but can often fit within any organization’s allotted budget.
Assess Employer Competition
In addition to tracking employee engagement and satisfaction for an organization, it is important to understand how your organization’s scores or metrics compare to industry and competitor benchmarks.
Industry benchmarks add insight into employee satisfaction as organizations are often competing for the same talent. It is powerful to know the true level of employee satisfaction, satisfaction with training, satisfaction with benefits, or other components are higher among employees of a competitor or your industry in general.
These are all important selling points when seeking new talent as well as keeping the top-talent you have now.
Speaking of, employee engagement research will answer if and why employee turnover is so high at their company. Using industry benchmarks will help the team understand where shortcomings are and how to address them.
Recommended Reading: How to Use Employee Survey Benchmarks
How Much to Budget for Employee Engagement
Budgeting for employee engagement can vary greatly depending on the size of your organization, industry, specific initiatives you plan to implement, and the current level of employee engagement.
However, here are some general guidelines to consider when budgeting for employee engagement:
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Assessment and Analysis: Before implementing any engagement initiatives, it's essential to assess the current level of employee engagement within your organization. This might involve conducting surveys, focus groups, or hiring external consultants to evaluate the existing situation. Budget for these assessment activities accordingly.
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Training and Development: Investing in employee training and development can significantly impact engagement levels. Allocate a portion of your budget for training programs, workshops, seminars, and online courses aimed at developing employees' skills, fostering career growth, and improving job satisfaction.
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Recognition and Rewards: Recognizing and rewarding employees for their contributions is crucial for boosting morale and fostering a positive work environment. Allocate funds for employee recognition programs, bonuses, incentives, awards, or other forms of acknowledgment based on performance, milestones, or achievements.
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Wellness and Work-Life Balance: Supporting employee well-being and promoting work-life balance can contribute to higher engagement levels and productivity. Budget for initiatives such as wellness programs, flexible work arrangements, employee assistance programs, or initiatives that promote a healthy work-life balance.
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Communication and Feedback: Effective communication channels and feedback mechanisms are essential for engaging employees and ensuring their voices are heard. Allocate resources for tools, platforms, and activities aimed at facilitating communication, gathering feedback, and fostering a culture of transparency and openness.
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Social Events and Team Building: Organizing social events and team-building activities can help strengthen relationships among team members and enhance overall morale. Set aside a budget for activities such as team lunches, off-site retreats, volunteering opportunities, or other events that promote camaraderie and teamwork.
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Technology and Infrastructure: Investing in technology and infrastructure that supports employee engagement efforts is also important. This might include budgeting for collaboration tools, employee engagement platforms, intranet systems, or other digital resources that facilitate communication and interaction among employees.
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Continuous Improvement: Employee engagement is an ongoing process that requires continuous improvement and adaptation. Budget for regular evaluations, follow-up surveys, and adjustments to engagement initiatives based on feedback and evolving organizational needs.
Remember to prioritize initiatives based on your organization's unique culture, challenges, and objectives. Additionally, be flexible with your budget and be prepared to reallocate resources as needed to ensure maximum effectiveness in engaging your employees.
Contact Our Employee Engagement Company
Drive Research is a national market research company specializing in employee engagement surveys. Our team of certified market research professionals can act as an extension of your team as we head into 2022.
We offer end-to-end project management services such as survey design, fieldwork, and reporting.
Companies with an excellent corporate culture achieve over 4x higher revenue growth! Drive Research can help get you there.
To learn more about our process for conducting employee surveys, contact our team today.
- Message us on our website
- Email us at [email protected]
- Call us at 888-725-DATA
- Text us at 315-303-2040
Emily Taylor
As Director of Operations, Emily is approaching a decade of experience in the market research industry and loves to challenge the status quo. She is a certified VoC professional with a passion for storytelling.
Learn more about Emily, here.
