When a company decides to measure employee engagement, one of the first things up for discussion is using a third party for employee surveys vs. conducting the study in-house.
While there are many factors that assist a company in choosing in-house or outsourced market research, the cost of outsourcing an employee survey is normally the top determining factor.
The cost of an employee survey depends on different components such as survey length and estimated number of responses.
Speaking more generally, an employee satisfaction survey ranges between $3,000 and $15,000.
In this blog post, our employee survey company will share the top factors that can impact the cost of this type of market research.
Benefits of Outsourcing Your Employee Survey
Outsourcing an employee satisfaction survey provides an organization with several benefits.
To begin, the questions are less biased and drawn more towards getting better answers out of the participants.
They are not written in a way to bias the answers, but from a third-party perspective that knows what type of information will be most useful for leadership and HR teams.
Conducting an employee survey in-house impacts an organization in two major ways.
1. Employees will not trust their answers are confidential.
Confidentiality creates the safest of environments for employees to answer questions in the survey.
Using a third-party employee survey company is extremely important for this type of market research. It will ensure the confidentiality and anonymity of the responses.
2. Organizations rely on inaccurate data when improving company culture and experience.
If employees are less inclined to provide honest answers, then the data becomes tainted. The main goal of conducting a workplace survey is to improve team satisfaction and engagement.
However, with illegitimate results, achieving this goal is impossible.
We share more dangers of DIY market research in the video below.
Factor #1: Employee Survey Length
The first factor of the cost of an employee survey is the length of the questionnaire.
It is best to keep the surveys simple and concise with questions that will prompt the best answers out of the employees.
Additionally, having a longer survey can increase costs. It takes more project management time to draft, program, and report 50 questions than it does 25 questions.
When drafting an employee survey, a market research company like Drive Research keeps your unique project objectives in mind.
This assures the survey is not 100 questions long but also answers your most critical key performance indicators.
Factor #2: Number of Employees
After you’ve created the survey and reviewed the questions you can begin the process of distributing the survey.
Another cost factor for employee engagement questionnaires is the goal number of responses.
This can range based on the size of your company and what the margin or error will be.
There are many different sizes of studies including:
- Microenterprises: less than 10 employees
- Small enterprises: 10-49 employees
- Medium-sized enterprises: 50-249 employees
- Large enterprises: 250 or more employees
Market research costs increase as the goal number of responses increase. Luckily, having access to a database of respondents (aka employees) helps drive costs down.
However, the cost of an employee survey for large enterprises will likely be more expensive than a survey for small enterprises.
Factor #3: Levels of Reporting
Depending on the employee survey company you choose to partner with, you will likely have different options for reporting.
For most firms, there are three levels of reporting including:
- Bronze. Includes an online portal with exportable charts and graphs.
- Silver. includes a topline summary of the results with key insights about the overall project.
- Gold. Gold level holds a comprehensive report with a summary, recommendations, infographic, and full cross-tabulations.
For context, a comprehensive market research report will be more expensive than the export of charts and graphs.
Depending on your needs and budget, reporting packages can be altered as a more a la carte approach.
Drive Research is a national market research company, specializing in employee satisfaction surveys. Our services extend across several business sectors and audience types.
We offer many different approaches to collecting employee feedback such as online surveys, phone surveys, and paper surveys.
To partner with Drive Research for your next employee survey, contact our team today.
- Message us on our website
- Email us at email@example.com
- Call us at 888-725-DATA
- Text us at 315-303-2040