Defined as showing constant support to an institution, company loyalty is a hard concept to measure. Humans are complex creatures who have sporadic feelings of loyalty – we’ve all be there, one day you’re in a great mood and love your company. The next day is another story.
Paired with the zero hour contracts and the every-growing gig economy means it is difficult to implement loyalty schemes, let alone measure them. But that doesn’t mean loyalty schemes aren’t important, they have just changed shape. Plus, measuring loyalty can help you minimise employee turnover and improve productivity. So, it begs the question, how do you measure employee loyalty?
Can’t afford a third party surveyor and don’t have the time to do it yourself? No problem! There is an abundance of awards that help you measure loyalty. Admittedly, you will have to write the award submission but the questions will help you think about you employee loyalty schemes and measures.
Some awards will even conduct surveys for you! Earlier this year we applied for the Great Place to Work award. A part of that award is the Trust Index, a survey that the Great Place to Work undertakes on your behalf. It consists of 58 statements which assess employees’ experience. They also provide benchmarking which helps compare your organisation’s culture against a range of profiles. Fundamentally, the surveys help you understand your employees a bit better.
If a third party surveyor cannot be used, the company must reassure participants their responses will remain confidential and anonymous. Without this employees won’t have confidence in the survey and is likely to negatively affect loyalty.
Ranging from -100 to +100, your net promoter score measures the willingness of employees to recommend your organisation. You ask employees how likely they would recommend you to a friend or colleague on an 11-point scale. Your results will show you whether your employees are promoters, passives, or detractors. Net Promoter note:
While NPS doesn’t predict loyal behaviours, it can give you a good guess on how loyal your employees are. Plus, it is only one question so finding your NPS is cheap!
Another quick, and therefore not 100% effective, can be to look at office engagement. Does everyone go to the pub together on a Friday afternoon? If the answer is no you can use this as a quick measure of loyalty. Not getting involved in even the smallest office shenanigans can be a big red flag. Getting everyone involved can help build loyalty.
Ultimately, after conducting surveys and schemes you need to take notice of the data. Work with it rather than against it. Use your newfound knowledge to alter your culture of loyalty schemes. It doesn’t have to be extreme changes, just small ones enough to stimulate commitment.
Then, after a year, use the surveys and NPS again to recalibrate employee loyalty. The process is ongoing and will need you to be engaged at all times. It might sound difficult but employee retention is easier than employee attraction.