When companies are evaluating any new HR technology, often the very first question that comes to mind is ‘What will the return on investment (ROI) be for my business?’ This is a very natural and reasonable expectation, because a business mind has to think in terms of profitability. People analytics have come a long way in being able to measure such aspects of HR functions.
While human resource practitioners are geared towards the human aspect of things, we must think this way if we have any hope of gaining approval from upper management on any new technology investment that can help us do our jobs better. Then, there is the results factor – what can we show in the first few months of using a new HR technology to prove its worth.
If you are on the fence about the ROI of investing in employee engagement technology, here are some things that you can expect in the first 30-60-90 days, based on the experience of our customers.
During the first 30 days:
This is the ‘honeymoon’ phase of a new product use. It’s crucial for HR and employees to get everyone accustomed to the purpose and value of the always-on survey and feedback channel from day one, to ensure they know that this option is available for them and to get them to start using it straightaway. This instantly puts the employee in the mindset that their views and thoughts will be respected and listened to by the leadership team, no matter how junior their position may be.
To get the maximum ROI during this time period, HR and leadership is encouraged to:
- Ask a lot of questions
- Make use of support systems
- Get familiar with FAQs
- Educate employees on the product
- Provide information about the company’s expectations, culture, and more
During the first 60 days:
The 30 to 60 day period, things are settling in and people are getting used to the product and its benefits. This is a time for deeper involvement in the business, customers and the product or services the company provides. Certain features, such as reporting and communication, are gaining traction and becoming a part of the process. At this point, it’s vital to get the new employees’ manager involved to provide initial feedback on capability, engagement, areas for improvement or further training and guidance. This can be achieved through the Thymometrics Peer-to-Peer feedback solution.
What HR can do to make the most of this time:
- Work closely with the Thymometrics’ team
- Share early findings
- Get support to overcome any obstacles
- Continue to provide feedback and company information
- Keep asking questions, learning, and sharing
During the first 90 days:
By this time, most of the company is using the employee engagement product, engaging with each other and running reports. This is a good time to demonstrate ROI to upper management, looking back over progress and process improvement that’s happened since the introduction of real-time engagement software. Visually appealing reports aide in this process, as does feedback from employees. This is also a good time to review performance of employees.
What HR can do to increase ROI:
- Keep educating and promoting the product use with employees
- Consider using Pulse Surveys to get insights in particualr aspects of the business
- Field questions and feedback to make improvements
- Make the reporting a regular part of quarterly reviews
- Use the communication channel for corporate updates
What kind of ROI can any organization expect from employee engagement monitoring?
Understanding the ROI of employee engagement comes down to seeing a real difference in the organization. Success can be measured by improved productivity, increased retention, and happier employees who are actively engaged in their jobs. Over time, greater innovation, an improved corporate culture, and better relationships with clients impact the bottom line of the business. Employee engagement calculators and reports can provide greater insight into the benefits of keeping track of employee engagement. Feedback from employees can be powerful ways to measure and reinforce the ROI of engagement too.
The small investment in Thymometrics real-time employee engagement platform pays off in big dividends for any company. It proves that the company cares about its workforce and this creates an outstanding company indeed.
Want to find your return on investment using Thymometrics’ always-on employee engagement platform? Email [email protected], call +1 646 760 9323 (US) or +44 (0) 1223 750 251 (Europe) or visit thymometrics.com to find out more.
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