The satisfaction of your workforce is a viable indicator of how long you’ll retain your employees. Employee retention benefits employers who save on the costs of hiring and training. A highly satisfied workforce means that your employees are more engaged and productive. So, employee satisfaction is a key building block in the success of your business. How can companies harness employee feedback to help with retention?
Net Promoter Score for Job Satisfaction
As a staffing provider, your goal is to create a high level of satisfaction in your three key customers: Your internal recruiting team; the candidates they source; and the client companies that hire your firm. Employee feedback is a valuable tool that can help with all three of these customers. It’s your employees that most frequently have their fingers on the pulse of the candidate and client relationships. If you can shift your approach, both philosophically and operationally based on the feedback of your employees, it will help you with all three relationships.
Employers need a way to gauge how their employees are feeling about the work and the company. A metric called the Net Promoterâ score, or NPSâ can accomplish this.
The NPS is a key performance indicator (KPI) that asks your customers (remember, those are your employees, candidates, and clients) how likely they are to recommend your staffing agency to a friend or a colleague. The survey responses are in a one to 10 format and divided into three categories:
- Promoters (9 to 10 score) are the most highly enthusiastic of all your customer groups. They are loyal, highly satisfied, and motivated to stay. You want all of your best employees in this category, along with your clients and the top talent you work with. Your company will reap the benefits of anyone in this category both through employee retention but also referrals to new company/clients as well as candidates.
- Passives (7 to 8 score) are happy, for now. They aren’t as engaged as you’d like them to be, but aren’t actively looking to cut ties with your organization. From an employee perspective, these are the workers that are most vulnerable to passive recruiting efforts by your competitors. If it’s a passive client, don’t anticipate they’ll stay loyal if a better deal comes along.
- Detractors (0-6) are the at-risk employees, candidates, and clients. You are actively at-risk of losing the staff member. The candidate could work with another recruiting firm at a moment’s notice. And, the client is ready to find a better staffing firm.
Your NPS score is figured out by subtracting the percentage of detractors from the percentage of promoters. The 2020 ClearlyRated & Career Builder’s annual Staffing Advantage Report showed staffing agencies averages an NPS score of just 28%. This is a huge red flag for staffing agencies; global NPS standards say a 50% rating is excellent and 70% is world-class.
Partner With the Best
Employees seeking ways to retain their best employees should look into a technology such as Exelare to help them better manage their relationships with their employees, candidates, and client companies. Find out how our firm can help your business better manage metrics such as NPS to improve relationships with your key customers.