We’ve recently taken a deep dive on exploring the relationship between employee engagement and employee experience (EX) and how both connect to customer retention to deliver an unsurpassed customer experience (CX). Our research demonstrated that satisfied employees in their work environment are crucial to maintaining and developing loyal customers and that without long-term customer engagement, your P&L top-line (sales turnover) and gross margins will suffer, severely impacting the bottom line.<\/p>\n
Missed the insights? Start here!<\/a> Then, move on to the follow-up, focused on fundamental benchmarks<\/a> stakeholders should regularly monitor to assess customer engagement health. Why are these KPIs vital?<\/p>\n You\u2019re seeing an important call to focus on customer retention within engagement strategies crossing with employee experience. The metrics we have looked at so far are employee NPS <\/a>(eNPS), customer NPS (NPS), Employee Absenteeism (EA), Employee Retention Rate (ERR), and Employee Learning and Development (EL&D). However, the more benchmarks in the mix, the better the perspective and fine-tuning for your strategy team. So, we have five more insightful yardsticks to add to your armory:<\/p>\n Here’s how to calculate Employee Turnover Rate in order to maximize its usefulness when strategizing.<\/p>\n While ETR tells you something, I suggest breaking C into employees who exited as the following categories:<\/p>\n Compare the resultant benchmarks to industry historical expectations (generally available from archives, via Google searches, or acquiring them from dedicated research companies). The latter should provide a picture of possible discontent or, if only by circumstance, work disruption. Whenever team harmony tilts off balance, it affects your brand presentations significantly. For example, excessive firings or voluntary terminations signal that onboarding or corporate culture is somehow misfiring.<\/p>\n ERR and ETR are the yin and yang of the same thing – successful and unsuccessful employee retention. So, why are we recommending it? Because ERR doesn’t involve exit interviews. The latter are windows that give stakeholders an expanded, more detailed look at category churn causes suggested above.<\/p>\n Employer branding jumps to the forefront when people look to join a company. So, Glassdoor platformed itself as the #1 center for all prospects to appraise their future employers based on real-time, substantive employee reviews. Why? There\u2019s no better or more anonymous directory for company culture insights and employer branding than anonymous (non-threatening or come-back) reviews. In other words, what Yelp is to customers, Glassdoor is to employees.<\/p>\n How does it work? A business\u2019s rating rides solely on employee feedback slotted into a 1 to 5 range, as follows:<\/p>\n Suppose your company reflects numerous employees providing GDR feedback. In that case:<\/p>\n Of course, anything negative signifies net employee dissatisfaction and disengagement. Conversely, when one gets into the positives, 80+ denotes best-in-class, and 50 to 79 is exceptional. A rating of 30 to 50 is good, and between 1 and 29 is on the right track, with room for improvement. Compare this to similar calculations to derive eNPR and NPR – they should all more or less agree with one another.<\/p>\n Vacation Days Used closely connects to Work\/Life balance<\/a> on the premise that employees well rested with time for stress release are more engaged. It goes to both the mental and physical health of your staff. In a frenetic work environment, task overload for an extended time is a looming danger to team stability, as is focusing on job insecurity, fear of scrutiny when absent from work, and work-addictive personalities. These extremes test employee satisfaction at every turn and throw out alarm signals.<\/p>\n Calculating Vacation Days Used:<\/p>\n Vacation Days Used metric integrates with others on our list, for example:<\/p>\n How to calculate this metric:<\/strong> The number of completed surveys\/The total number of employees invited to participate x 100 = Percentage of active employee participants.<\/p>\n For surveys to be successful, structure direct questioning showing unambiguous objectives without suggesting a direction to the audience. Use yes\/no questions with enough open-ended ones to fill in the gaps; keep surveys brief, anonymous, and focused on priority considerations.<\/p>\n Low participation indicates too many employees refusing to provide feedback and obstructing insights into many of the ten benchmarks I’ve covered. Data is an invaluable asset as long as significant survey participation is evident. If you want to boost employee survey participation rates<\/a>, a few simple tips can make all the difference!<\/p>\n Also, the mark of a positive company culture is employee willingness to improve things with innovative ideas. In this and other articles, I\u2019ve provided compelling reasons to believe that eagerness to express views and opinions – even anonymously – aligns closely with employees who feel at ease in their work environment. Thus, they are also likely to be good customer ambassadors.<\/p>\n\n
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<\/a><\/p>\nFive more employee engagement benchmarks that connect to CX<\/h2>\n
1. Effective Employee Turnover Rate (ETR) calculation<\/h2>\n
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2. Glassdoor.com rating<\/h2>\n
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3. Vacation Days Used<\/h2>\n
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4. Employee Survey Participation<\/h2>\n