A wealth of studies prove the value of investing in employee engagement to improve productivity, talent retention and customer satisfaction. However, being able to demonstrate these links with hard data from our own organisations is often a significant task.
There are two steps to measure: First, which management practices and aspects of your company culture promote engagement. Second, how does performance differ between engaged and disengaged employees, and how strong is the correlation between engagement and performance. Knowing this, we can circle-back and more accurately predict the changes that are needed to improve engagement and thus performance.
Using Peakon, hundreds of businesses already have a clearer understanding of what’s driving the engagement of their employees and the actions that will make tangible improvements. Now, with our latest platform update, we’ve added the ability to bring any numerical data into Peakon and correlate these figures with engagement data. For example:
- Pay and engagement: If you use pay bands in your organisation, calculate the percentage deviation of each employee’s pay against the pay band’s median. E.g. someone earning £54K a year, when the median of their pay band is £50K, would be recorded in Peakon using the numbers attribute as 8. Your dashboard will then show you whether paying employees relatively more or less is reflected in their engagement, and how they feel about their pay.
- Engagement and sales performance: You could run a similar analysis regarding the performance of your sales team: Calculate the mean revenue a sales person brings in, then how many percentage points each particular sales person is away from the mean. Record this figure in Peakon. You’ll then see the link between engagement and sales performance.
- Engagement and customer satisfaction: If you’re using tNPS (transactional Net Promoter Score) to measure the performance of your customer support staff, you could record each employees average tNPS in Peakon to learn if customers are more satisfied with the service of more engaged employees. You’ll also be able to discover whether specific management practices or aspects of your culture influence tNPS scores. E.g. employees who feel they have they have the freedom to solve customer problems as they see best (a sentiment measured by the autonomy driver in Peakon) may deliver a better service.
- Engagement and reduced sick leave: Studies show happy employees are healthy employees, with strong links between improved engagement and reduced sick leave. Now you can find out how this applies to your organisation. Using the numbers attribute to record the number of sick days each employee registered last year, Peakon will then show you the correlation to your engagement scores.
The numbers attribute that powers these capabilities is available now. Whether you’re already using Peakon or you’re new to the platform, get in touch – we’d love to walk you through exactly how you can tie people and performance together, to make better, data-driven decisions.