Every interaction an employee has with your organization and its people is the “employee experience.” This all-encompassing term refers to the journey an individual takes through the employee lifecycle, from hiring to offboarding. Each workplace interaction, reward and relationship has the potential to positively or negatively impact the employee experience — and your company’s reputation.
An important step in optimizing this crucial component of your organization’s total rewards is determining its current level of effectiveness. With a mix of qualitative and quantitative analysis, you can identify how employees feel about working for your organization today and lay the groundwork for effective evaluation of any future changes made to your employee experience.
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Key Metrics of Employee Experience
Satisfaction Levels
Gauging employee satisfaction levels is a great way to evaluate your employee experience strategy. This can be done via employee surveys, focus groups or by encouraging meaningful 1:1 conversations between managers and direct reports. Consider asking your employees if they feel they’re making a difference at work, if they have the resources needed to succeed, how happy they are with their compensation and benefits, and if they’re comfortable at work.
Employee Net Promoter Score (eNPS)
Employee Net Promoter Score is a scoring system that turns qualitative data into quantitative insights that can help inform your employee experience analysis. This system asks employees to rate how likely they are to recommend your organization as a place to work on a scale of one to 10. The final output is representative of how employees feel about working for your company.
Employee Referrals
Digging into the data behind employee referrals is another tactic to determine the effectiveness of your employee experience strategy. If referrals are high, you're probably doing something right.
Productivity Levels
A strong employee experience enables employees to show up to work as their best selves and perform accordingly. Because of this, productivity levels can be an indicator of an effective employee experience strategy.
Retention Rates
Last but certainly not least, retention rates may be the most telling sign of whether your employee experience strategy is working or not. If employees are choosing to stay at your organization instead of job-hopping every one to two years, it may be due to your organization offering a standout employee experience that includes competitive compensation and benefits, ample opportunities for development, a sense of purpose and a feeling of community.
As retaining and attracting top talent becomes increasingly challenging, the importance of offering a solid, positive employee experience grows — as does the importance of evaluating the effectiveness of your employee experience on a regular basis. Use these key metrics as a starting point and connect with our team at CBIZ Employee Benefits for more tailored guidance on your employee experience strategy.