Accurate measurement of employee opinion better equips a company for continuous productivity increases, employee retention and overall profitability. Yet, only 32% of benchmarked companies administer regular employee surveys throughout the year, according to a study conducted by Best Practices, LLC. The study uncovers how and why organizations survey employee level of commitment, engagement and satisfaction.
The study profiles 27 financial services, biotech, insurance, technology and energy companies. Topics covered in the comprehensive slide presentation are survey frequency, external benchmarks and norms, internal administration versus outsourcing, and survey analysis procedures.
Top findings from the survey include:
- One third of the benchmark class utilizes consulting firms specializing in surveys to conduct their employee surveys. Those companies cited reputation, cost and capability as top concerns when choosing the vendor.
- Over 80% of benchmarked partners use employee surveys to identify areas for improvement and benchmark required action items.
- Surprisingly, only 18% of companies conduct employee surveys each year (14% twice a year); most companies conduct surveys on an "as needed" basis. Web and paper capabilities, electronic reporting and the ability to manipulate survey data after receiving the results were the survey features most important to benchmarked companies.