As our exposure to Big Data progresses exponentially, analytics and BI are playing an increasing role in overall corporate strategy. Few departments are exempt from regularly analyzing and reporting metrics to the C-suite, and long-term tracking of this data is invaluable.
Comparing quarterly and year-over-year success is certainly insightful, but most organizations have the ability to take this one step further. Benchmarking enables companies to compare organizational metrics with their peers and competitors, confirming strengths and opportunities for improvement. It’s a strategic, dynamic tool that bolsters continuous improvement within the organization.
Many businesses already use benchmarking to analyze their learning and development (L&D) spending, recruiting, and organizational design, but far fewer are actively measuring and benchmarking their employee engagement scores. Considering talent is typically the most expensive line in the budget, this is a missed opportunity to potentially cut costs and increase productivity.
Today’s labor market is highly competitive, and there’s a heightened focus on employee satisfaction and engagement. Unfortunately, organizations often don’t realize they have a talent problem until they aggressively track talent metrics and compare them with their industry peers. A retail establishment with 40% turnover is about average, but for a professional services firm, this figure would be a major red flag.
But while retention and turnover statistics provide a solid understanding of who’s leaving your workforce, they don’t address the greater issue—why.
Enter sentiment analysis. By initiating regular, Natural Language Processing (NLP) powered employee surveys, business leaders can get into the heads and hearts of their employees to learn how they truly feel about work and flag potential problems before they negatively impact the workforce.
Of course, this data is even more insightful when weighed against industry benchmarks. We’re inundated with articles bemoaning America’s employee-engagement problem, but do business leaders know how to feel about 55% engagement? Does industry play a role? What about geographic location?
At Ultimate, we’ve partnered with Mercer | Sirota, one of the world’s preeminent talent consulting and analytics firms with more than 50 years of HCM and talent strategy expertise, to provide our customers with robust global benchmark data from nearly six million individual data points. This partnership allows our customers to gain invaluable insight into how their engagement and satisfaction scores compare with other world-class organizations, and provides additional guidance in terms of identifying the right actions to improve culture, retention, and performance.
Ultimate’s customers can select from more than 130 questions within UltiPro Perception® to compare their own employees’ ratings with Mercer | Sirota’s employee engagement and satisfaction benchmark data—all at no extra cost. Mercer | Sirota’s normative database represents more than five years of information, and organizations even have the ability to filter data by country or industry.
Developing leading-edge technology that empowers people has been Ultimate’s mission since our inception. This partnership with Mercer | Sirota further helps our customers accurately identify strategies that can improve their employee experience while establishing (and maintaining) a competitive advantage.