When an employee is engaged or emotionally connected to his or her job, that employee is likely to put more effort into that job and less likely to search for other employment. To retain skilled talent, it's vital for companies to be able to measure and understand employee engagement and job satisfaction and then act quickly on the results.
This knowledge is especially crucial during tough economic times, when employee engagement and morale typically suffer, and during the ensuing economic recovery when the job market loosens and employee turnover increases. However, getting honest feedback that you can use to retain employees isn’t always easy.
Regular employee perception surveys help companies proactively improve employee engagement, reduce turnover, and realize business results.
Turnover can be very costly. Although figures vary widely, all estimates show that the costs are significant. Studies reveal that the cost of an exiting employee can range from 25 percent to 250 percent of the employee's annual salary. What's the average? Using an example based on median figures, Allen explains that for a company of 100 employees, a turnover rate of only 3.3 percent could potentially result in a cost of $1.3 million annually.
Research has shown that employee engagement is crucial for organizations that are striving to return not only to fiscal health, but growth as well. It is also crucial for retention of employees to ensure they don't leave for greener pastures. Engaged employees display more interest and effort in their jobs, thus increasing their productivity and effectiveness.
Audience response systems help to accelerate the development, implementation, and tabulation of employee surveys. These systems reduce the amount of time and hassle involved in creating survey questions as well as the time and expense of data collection and reporting. They allow you to create and rollout an employee survey in a single day. Data collection, roll-up, tabulation, and reporting of actionable results to executives and line managers can happen in just a few weeks.
In a typical implementation, employees answer 25 to 40 questions using wireless keypads in small group sessions. Often a facility can complete the data gathering process in 5 to 7 business days. Reports are immediately available for printing and distribution by HR staff to line managers and supervisors. Roll-up and reporting of company-wide data is simple and easy.
An interactive response system offers the following key benefits:
- Reduces the time required to create and distributed surveys online or using paper forms.
- Delivers a higher level of perceived anonymity than paper or e-survey methods.
- Achieves higher response rates than paper or e-surveys.
- Reduces the time required to get survey results into the hands of line managers by 60% or more.
- Provides an ideal solution for data collection for companies with a significant percentage of employees who do not use computers.
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