HR professionals in the industry use many terms. But after two years of remote work and the dreaded “Great Resignation,” we are all reevaluating what ‘job satisfaction” means. In fact, there have been many investments in the wellbeing of employees – including statutory flexibility working and mental health first aiders.
What is it about an organization that makes people want to work there, and what keeps them there? In our report, The Top 10 HR Stats to Bring to the Board, we explore the principles for measuring employee satisfaction.
Attracting the best colleagues
Before the employee is hired, it’s important to ensure that they are happy. Job descriptions can have a significant impact on the quality of applicants, so it is important to communicate the incentives from the start.
It could range from being completely transparent about your salaries to showcasing the culture of your company (with real action, not just platitudes). The word “competitive” can be off-putting for those who are taking the time to apply.
If you want to measure the effectiveness of your recruitment process, study dropout rates, time average to productivity, or the point of different sources, such as hiring agencies or internally.
Reward
Salary isn’t the only thing that impacts recruitment and retention, but it is a major factor. In 2022, the economic instability affected 25% of employees who asked for a raise. Organizations should benchmark against the industry averages when recruiting. To retain employees, schedule regular reviews with a mix of remuneration and other benefits.
Employee Benefits
Other factors are becoming more influential for long-term retention and job search. From the beginning, it is important to make clear employee benefits like flexible working hours or childcare.
Learning and Development
Employees also want to be able to grow and learn. Make sure you promote this in your job descriptions. But also, keep to your promises to existing employees.
Learning and development can help to fill the skills gap and reduce recruitment costs. L&D is not free. You should measure the return on your investment against the skills you are serving.
How to measure job satisfaction
In 2023, a well-rounded package of competitive salaries and employee benefits combined with training opportunities will be the key to retaining your staff. How can you make sure your employees are taking advantage of the benefits offered?
You can use two metrics to measure job satisfaction: the employee satisfaction index and the employee net promoter scores (NPS).
The ESI poses three main questions:
How satisfied are YOU with your workplace?
What is your opinion of your workplace?
What is the distance between your current job and your ideal role?
A net promoter score is used to measure the popularity of a product. Employees are asked to rate their level of satisfaction using a 1-10 scale. Scores of 9 or 10 indicate promoters. Scores of 6 or less are considered detractors. Anyone scoring 7 or 8 will be regarded as passive and not included in the equation.
Subtracting the percentage of detractors from the promoters gives a final score. The higher the score, the happier employees are.
You can use anonymous or public surveys to conduct employee satisfaction surveys. It’s crucial that you listen to the feedback and then invest it back in your employees.