The average person will spend a third of their life at work. Spending that much time doing anything will certainly have an impact on an individual’s level of happiness, which is why it is incredibly important to truly love your job.
For many, this means finding their best-fit employer. In other words, it’s not just what you are doing, but who you are doing it for.
Employee satisfaction is often reflected by a company’s retention rate.
When employees love their jobs and their employer, they tend to stay with their company for a long time. Employee retention is essential to an organization’s staff engagement, level of productivity, and culture.
A higher employee retention rate also helps with attracting new talent.
If someone is on the job hunt they often turn to Glassdoor or Indeed to review what past and current employees are saying about a certain organization. Poor reviews and a low employee retention score can easily turn away potential new hires.
Happy employees are key to having higher employee retention rates. In this blog post, Drive Research, an employee survey company, will provide our expert tips on employee engagement surveys. We will also explain the benefits of conducting these surveys have on a business’s staff retention rate.
Employee satisfaction is a reliable predictor of staff retention. With the help of an employee survey company, your organization is able to rely on real data to drive organizational change and reduce staff turnover.
The Importance of Employee Engagement Surveys
An employee satisfaction survey is important for any organization experiencing a steady stream of team members handing in their two-weeks notice.
Understanding your employees’ opinions, level of happiness with their jobs, and uncovering any opportunities to increase satisfaction will provide you with the insight you need to keep employees from leaving.
Allowing your employees the opportunity to share their opinions and feedback regarding their current positions or your organization through a survey shows them that you care - especially if you take their feedback seriously and use the data from employee satisfaction surveys to drive real change.
Fun Fact: Companies that offer employee satisfaction surveys tend to have much higher staff retention rates than those that don’t!
Measure Opportunities for Job Advancement
If your company is looking for long-term employees, it is important to consider what your employees need from your company to remain loyal and avoid searching for a new gig. Chances are, if your company invests its resources in its employees, your employees will feel valued and supported, and in return, will be more invested in the company.
Utilize the employee satisfaction survey to ask about their desired professional growth. Evaluate the opportunities your company currently offers to its employees. Does it align well with the opportunities that are currently being offered to your employees?
If not, it’s important to use the feedback gathered with the employee satisfaction survey to make these necessary changes. If there is no room for growth or advancement within the organization, they will leave for a new job (likely a competitor) where their talents can be appreciated.
Attracting New Talent
When job candidates are searching for a new job, they’ll often look into their potential employer’s retention rate.
A company’s retention rate speaks loudly about a number of important factors, such as the culture, job satisfaction, opportunities within the company, benefits, training, management, and so on. If the company appears to have a revolving door of employees coming and going, the candidate will see this as a red flag.
To combat this, an employee survey can ask employees about the company would make them start to look for a new job. Is it a lack of training? Is it their manager? Is it the workload? By understanding common issues among your employees, management is able to work towards creating a situation that is best for everyone in the organization.
Stop the Loss of Employee Snowball Effect
Poor employee retention can also cause internal damage to the company. If a critical employee leaves, others may also leave behind them. When an employee leaves, your company is left to fund recruitment and training, while also experiencing a loss of productivity.
How can this employee retention snowball effect be managed? Conducting an employee satisfaction survey will give your company the data it needs to make necessary changes.
If it’s low, you’ll be able to use the survey feedback to improve. If it’s high, you’ll be able to use the employee engagement survey data to market to potential candidates and make your company appear more attractive.
Before You Go: Don’t Conduct the Survey In-House
Working with a third-party, such as Drive Research, assures employees their responses are confidential and anonymous. If the employee survey is conducted in-house, employees may be reluctant to share how they really feel out of fear of being tied directly to their responses and potentially experiencing negative consequences.
This is not the time to fluff or bias results. It is necessary to gather real opinions of your team in order to make serious improvements before it is too late. Working with a third-party yields higher quality data, giving your company a better understanding of any internal pain-points experienced by employees.
Drive Research is a national employee survey company located in New York. Our team has the knowledge and tools to design a market research study to combat declining employee retention rates.
Interested in receiving a quote or proposal for an employee engagement survey? Contact our team today!