Budgeting for Employee Engagement in 2020 | Employee Survey Company

With 2019 coming to an end (gasp), consider ways to set your organization up for success in 2020. Using data is a great way to drive new initiatives for your organization, especially when it comes to employee engagement and satisfaction.

Some organizations think they know exactly how employees feel and what needs to be done to increase satisfaction and engagement. Unfortunately, these assumptions are usually off-base. 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 2020.

Budgeting for Employee Engagement in 2020 | Drive Research

Set your organization up for success in 2020 by budgeting for employee engagement. Use data to increase employee satisfaction, retention, and performance.

How to Conduct Voice of Employee Research Correctly 

First, 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.

Employee anonymity is crucial for an employee survey to be successful. The more honest an employee’s feedback is, the more accurate the data becomes.

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 of guessing and assumptions, but rather evidence and facts presented by an unbiased and impartial third-party.

Lastly, organizations need to act on the recommendations and next steps provided by the employee engagement company. This involves 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.

Need more detail? Here is an overview of the employee market research process.

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 2020 or even year after year can also help give leadership and HR teams a better understanding into whether new initiatives have helped or lowered employee retention. 

Every successful company uses employee surveys. Don’t be left out.

Set Goals and Budgets for Training 

When creating a budget for 2020, 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 2020 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.

Learn how to increase employee retention and engagement.

Assess Satisfaction with Compensation and Benefits 

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.

Find out how much an employee surveys costs.

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, etc. and if these factors 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.

Learn how to use employee survey benchmarks

Contact Drive Research

Drive Research is an employee market research company in New YorkInterested in receiving an estimate for an employee engagement study with our team in 2020? Reach out through any of the four ways below.

  1. Message us on our website
  2. Email us at info@driveresearch.com
  3. Call us at 888-725-DATA
  4. Text us at 315-303-2040

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