Regular communication with your employees about their satisfaction is a good investment for all involved. Annual employee satisfaction surveys can drive profits and keep those who work for you happy.
In July 2003, the Corporate Leadership Counsel published a white paper; Linking Employee Satisfaction with Productivity, Performance, and Customer Satisfaction. While these concepts were not necessarily groundbreaking, the messages remain as true and relevant today as they were when written.
– Gallup reports that highly satisfied groups of employees often exhibit above-average levels of the following characteristics:
- Customer Loyalty (56 percent)
- Productivity (50 percent)
- Employee Retention (50 percent)
- Safety Records (50 percent)
- Profitability (33 percent)
Between 40 and 80 percent of customer satisfaction and loyalty is determined by the customer-employee relationship, depending upon the industry and market segment. At Sears, employee satisfaction accounts for 60 to 80 percent of customer satisfaction.
“Over 40 percent of companies listed in the top 100 of Fortune magazine’s ‘America’s Best Companies to Work For’ also appear on the Fortune 500.”
Below are a few of the main benefits of conducting these surveys. It’s important to tailor the process to your particular business and industry, and be able to modify the surveys over the course of the changing years.
1. Monitor Changes in Personnel
Whether it’s due to turnover, an evolving economy or life changes such as marriage, death and children, your employees will change. Monitoring the trends and unexpected events can help you plan for the future concerning everything from insurance plans to how much space you need. In addition, responding to the reasons for change may help you in improving employee retention.
2. Discover the Source of Problems
Challenges can arise at all levels of your business, from top to bottom. Uncovering typical issues like punctuality and disagreements, as well as illegal activity and abuse, is easier when conversations are taking place. Have discussions about what you find with managers, and encourage them to talk to their teams about what you’ve found.
3. Idea Generation and Sharing
Good ideas can come from anyone in your employ. Opening the table can allow you to tap into resources you didn’t even know you had. People might take the opportunity of a survey to describe exciting innovations, and you can, in turn, share them with others. Ultimately, this can increase productivity and improve your profits.
Employees are not drones, and will respond well to a request for their feedback. Annual employee satisfaction surveys should become an invaluable part of your company’s operations.