Employee wellbeing strategy: How to make it measurable
Employee wellbeing has long since been a bit of a buzz word in the HR community. We all know that it’s vital to a successful business. Sometimes an employee wellbeing strategy can lack direction and measurability, meaning your efforts can result in not very much.
We’re going to look at some really simple ways for you to keep your finger on the pulse of what’s working and change up what’s not.
The Net Promoter Score System for your employee wellbeing strategy
The Net Promoter Score System was pioneered as a way to measure consumer loyalty with one simple question.
It was originally created to understand consumer-to-business sentiment. Some companies are now using it to understand employee satisfaction.
The Net Promoter System asks one question:
“On a scale of 0-10, how likely is it that you would recommend working at [company name] to your friends, family or business associates?”
You get an overall score anywhere from -100 – +100. Employees that give you a 6 or below are detractors, a score of 7 or 8 are passives and scores of 9-10 are promoters.
To find out your overall score, just subtract the number of detractors from the number of promoters. Anything +0 is deemed as good and anything above +50 is seen as excellent.
NPS is effective in gauging the general success of your strategy however it shouldn’t stop here. NPS can tell where you are but it can’t tell you about why.
To get this kind of information you need to identify what’s actually driving your results.
Identify what’s actually driving better employee engagement
To make any concrete changes you need to understand the key drivers of good employee engagement.
Drivers can include:
- Career progression
- Training and development
In line with industry standard, it’s best to measure these on the Likert scale, with five points from strongly agree to strongly disagree.
“I have access to the learning and development resources I need to do my job well”
- Strongly agree
- Strongly disagree
You can then gauge which areas are lacking to help you drive better engagement. Try to stick to this format for the majority of your questions so that it’s really simple to complete the survey.
Look at the numbers
Take a look at some of the hard numbers. If you’re looking to increase employee retention with your engagement strategy, look at how your attrition figures have changed.
If you’re looking to ease recruitment, then look at how your hiring process has improved over time.
A simple way to measure attrition is through the equation below:
Attrition Rate (%) = No. of employees that left during period / Average number of employees for period 100
To find out more about why financial resilience is the key to a successful wellbeing strategy, click here.
To implement a measurable employee financial wellbeing strategy, get in touch.