Research has proven time and time again that employees are the most critical drivers of an organisation’s success. When employees are engaged, they are more likely to be motivated, innovative and successful in their roles. In turn, this drives a better customer experience, better performance and increased revenue — creating a direct link between employee success and business success.
With the release of Forrester’s Total Economic Impact™ (TEI) of Peakon Study – a commissioned study conducted by Forrester Consulting – we are able to quantify this inextricable relationship using the experiences of our own customers. This report is a commissioned study conducted by Forrester Consulting on behalf of Peakon. It measures the potential return on investment that companies can achieve by partnering with us.
In it, Forrester found that on average, organisations using Peakon were able to reduce voluntary turnover and employee absenteeism, saving them an estimated $1 million dollars.
“Peakon is helping us to really understand the dynamic of voluntary termination because there are many reasons to leave the company. We have had Peakon globally for a year, and I can truly see the impacts — notably on voluntary turnover.”HR intelligence and people analytics senior manager, recruitment industry
Peakon customers saw a 244% return on their investment in 3 years
For the TEI™ Study, Forrester Consulting interviewed four organisations currently partnering with us across different industry sectors and of different sizes to establish their biggest successes while using the Peakon platform.
As a result of implementing Peakon in their organisations, our customers were able to achieve a 244% return on their investment over the course of a three-year period. When weighed against Peakon’s implementation costs, this equates to an estimated saving of $1.2 million (net present value).
Let’s dive a little deeper — where are our customers seeing the most value in our platform?
Voluntary turnover reduced by 10%
While the estimates on annual employee turnover cost may vary, the result is always the same: turnover costs businesses money. Forrester found that our customers were able to reduce turnover by 5% to 10% after using Peakon for three years.
In an organisation with a workforce of 10,000 people, this reduction means that our customers were saved from needing to hire and train hundreds of new employees — and saved an adjusted present value of $870,000.
Peakon customers saved $755,000 in employee absenteeism
By 2023, employee absenteeism is predicted to cost the UK economy £26 billion in lost productivity. Yet employee absence can impact your business in other less obvious ways, such as decreased productivity, and lower morale among employees.
In the TEI™ Study, Forrester found that our customers were able to reduce employee absenteeism by one day within the first year as a result of higher rates of employee engagement. By three years, absenteeism declined by two days in total, not only increasing employee productivity, but saving organisations an estimated $755,000 (risk-adjusted present value).
Here’s what one of our customers had to say:
“Absenteeism has gone down on average by a number of days — down from something like seven to about four.”Director, organisational development and early careers, defense technology
HR teams saved 7 days per year on post-survey analysis
One key pain point many of our customers shared prior to partnering with us is the amount of time it took to analyse and distribute the results of their latest annual survey.
“It took several months after the survey to get the high-level data, so it was hard for the business to engage and do anything meaningful with the output.”Director, organisational development and early careers, defense technology
Forrester found that on average, our customers’ HR teams saved 7 days a year on their post-survey analysis thanks to Peakon’s real-time data model, which delivers survey results directly to managers.
What Peakon can do for your organisation
As a result of using Peakon, our customers have achieved a 244% return on their investment, and have improved employee engagement, increased productivity, and reduced voluntary turnover. But there’s more — our customers also improved manager empowerment, increased employee response rates, and helped employees feel heard.
Click here to read the full study and find out how our customers have overcome their employee engagement challenges using our platform.