Engaged employees are happy employees. In fact, according to companies like EngagementMultiplier, employee engagement has a direct effect on productivity, efficiency, turnover, and profits.
With such a strong influence on so many vital aspects of a business, it becomes incredibly worthwhile to monitor and measure employee engagement KPIs. These metrics provide the foundational data that delivers insights into the health of your business today and in the future.
What isn’t so bright is the close relationship between a great employee onboarding/pre-boarding program and employee engagement. Continue reading to discover a few essential employee engagement KPIs you should be tracking and how they are crucial.
In addition to this, you will learn how an excellent pre-boarding program lays the groundwork for a blossoming organization.
Let’s pick each one of these individually and see how they affect an organization and it’s employees
While some KPI metrics can be enigmatic to determine the absence rate is as cut and dry as it gets. There is a simple formula that can be used; it is:
This number has a direct relationship with how engaged employees are. The truth of the matter is that engaged employees are employees that show up to work. They are excited about the job they are doing and have a sense of loyalty to an organization.
This will result in, not only, a more productive employee, but a more productive team. Problems caused by absent employees can become magnified when working in a team environment. The workload for the organization remains the same, despite the absent employee.
When a team has to figure out how to cover tasks assigned to the missing team member, it can lead to added stress and lower morale of the group.
Implementing a robust onboarding program is a great way to find candidates that want to be at work and fix an absence rate problem before it begins.
Identifying ideal candidates and fostering relationships before they get in the door is a great way to ensure that they keep coming through the door every day.
Similar to the absence rate, the turnover rate is also a high KPI to measure how engaged employees are within an organization. To determine this metric, it is necessary to define a period such as 30 days, a quarter, or a year and then use that period in the following equation:
This rate is a measure of how long your employees are staying and how quickly they are leaving. Engaged employees tend to have a longer length of employment because of their investment in the organization’s continued success.
Employees who are not engaged will be less connected to their job and will be more prone to consider offers from alternative employers.
Onboarding and pre-boarding processes can play a vital role in reducing turnover. A reason for this is tending to the needs of candidates, even before their first day, shows that a company wants to provide the support their team members need to succeed.
Knowing that the company you work for cares about you and tries to create an environment where you can do your best can create the peace of mind needed for a longer tenure.
This engagement metric is a little more challenging to get a definitive figure. It required a few parameters to be set up that are different from one company to the next.
A typical system is to poll employees by asking if they would recommend employment at the company. They are asked to rank how likely they are to make this recommendation on a scale of 1 to 10. Then the following equation is used:
In this case, employees who responded with 7 to 8 are not counted. This metric shows employee engagement by indirectly highlighting just how satisfied they are with a job.
Typically, if an employee is an engaged employee, they will be confident with their work and share how great an employer they have with anyone who will listen.
Onboarding and pre-boarding integrate seamlessly into this situation by taking care of the employee from day one. Pre-Boarding is a way to build a relationship with the employee and make sure their needs are met even before they step into their new role.
This will create a sense of pride in the candidate for their new employer that will shine through well beyond the day they start. Then the onboarding process will take over and further deliver on taking care of the employee until they are up to speed and ready to venture out on their own in their new job.
Anxiety levels of employees can heavily influence this metric during their day to day work. This effect is caused because the anxiety will only build over time if not addressed from the start leading to an eventual dread go going to work.
An employee is never going to recommend someone else work at a job they dread. The optimal way to fight this is to start being there for the candidate from the very first day they accept an offer.
This metric is one that does not have a direct glaring relationship to engagement, but if we dig a little into it, it is there. The calculation for this metric is pretty simple:
To see how this applies to engagement, we need to think about what a candidate is saying when they don’t accept an offer. When they turn down an offer, it could mean a few things.
They got a better offer from another company, and second, the offer and company were just not that exciting to them.
If the candidate is getting better off from another company, this exposes potential vulnerabilities to the entire workforce. For example, if employees in your organization are not actively engaged, offers from outside agencies become a lot more tempting.
This means that not only is the candidate lost to this better offer, but there is the potential for current unengaged employees to discover there are better options out there for them as well increasing the amount of turnover.
The second implication is also quite troubling. When you are interviewing and selling a job to a candidate, you are going to highlight all of the features and perks of the role that make it great.
If these amenities are not exciting to a candidate who is fresh and new, they certainly are not going to be exciting for current employees who are already in the system. When a job is not appealing, it can become challenging to foster an environment where employees are passionate about what they do and become engaged.
The way that onboarding and pre-boarding services like Beamfox can help with is by identifying when this metric becomes an issue. This metric can be overlooked and become an afterthought.
Still, by always keeping a close eye on it, you can figure out how to solve problems that could affect people trying to enter your organization, as well as those who are currently there.
There is no formula to calculate this metric quickly, but there are plenty of readily available tools. The primary method of collecting data for this metric is by performing surveys. A survey company such as Survey Monkey can provide tools to help build and administer a survey.
For an even more specialized surveying and metrics tool, you could look to Gallup to provide you with the tools you need.
No matter the tools you use to build your surveys and collect the data, the result is essential. Engaged employees are typically satisfied employees. Employees who are happy with the role they play within their company will offer leadership and guidance, be willing to grow, and take ownership of the tasks they do.
This is where onboarding and pre-boarding can provide a boost. According to a study by BambooHR, employees who had a well-managed onboarding process were 30 times more likely to be satisfied with that organization.
This considerable increase in satisfaction will pay dividends in the long term when it comes to having an actively engaged workforce.
Overall, employee engagement is a crucial measure of the health of an organization. It is also an excellent way to keep your finger on the pulse what the future holds for that Business. Forbes says that engaged employees lead to better business outcomes. Engaged employees put in the extra effort to provide higher levels of service for customers because they care about their work and what it means.
To wrap up, employee engagement can take a fair amount of work to measure and facilitate, but the result is enormous. The benefits of an organization with engaged employees are numerous. An effective way to get the best employees with the highest engagement levels is by providing them with a great onboarding experience.
To get the best of the best, you need to go the extra mile and provide them with a tremendous pre-boarding process. Trusting a service like Beamfox to handle your pre-boarding process and metrics is making sure that your candidates are taken care of from the very first moment they accept a role at your company.
This way, employee engagement is something that will happen organically and spread within your Business now and in the future.