FINANCE CASE STUDIES

Ensuring employee happiness is crucial for the success of any business. However, accurately gauging employee satisfaction can be a challenging task for companies. One of my clients is a mid-sized portfolio management platform that specializes in assisting financial advisors in their daily operations. With a dedicated team of over 300 individuals, they work tirelessly to develop cutting-edge technology that enhances the services provided by financial advisors. The founder and CEO placed a high priority on ensuring that each team member finds fulfillment in their role, reflecting the same level of dedication they exhibit in supporting financial advisors. As the company’s success is built on a foundation of innovation and service excellence, it is imperative that employees remain engaged to uphold the company’s esteemed reputation.

The client had been conducting quarterly surveys to measure employee satisfaction. However, with only a 60% response rate, the HR team recognized the need for improvement. The quarterly surveys were not providing a comprehensive view of employee engagement. A low score could be the result of a single bad day rather than reflecting the overall employee experience. Management was concerned that they were not capturing all the necessary information. In order to enhance the employee experience and increase the number of company promoters, it was essential to identify the key indicators of employee engagement. The challenge lay in collecting this data consistently and unobtrusively. It became clear that a more frequent and proactive approach was needed to gather meaningful insights and drive positive change within the organization. By implementing a more robust feedback system, they could better understand employee sentiment and take targeted actions to improve overall satisfaction and loyalty. Consequently, the necessity for a direct feedback channel between employees and senior leadership became evident leading to the inception of a daily survey.

As a company dedicated to fostering innovation, I recognized the importance of implementing a strategic delivery method for the daily survey. Traditional methods such as email or external links were deemed ineffective as they could easily be overlooked or ignored by staff. It was imperative that the chosen method be appealing to the younger workforce. After a brief trial period, we decided to implement an employee survey channel. A pop-up alert positioned in the bottom right-hand corner of the screen proved to be an efficient and effective tool for gathering valuable data for management decision-making. While initially used to pose a single daily question, the survey tool boasts a flexible design that allows for virtually unlimited questions and a variety of question types. This adaptability ensures that HR can gather comprehensive feedback from employees to drive continuous improvement within the organization. Each employee from entry-level to executive is surveyed regularly. Surveys are distributed at consistent times each day but are staggered across various shifts to ensure comprehensive feedback. The surveys are not anonymous allowing for data to be directly linked to individual employees. Collected data is compiled and analyzed on a monthly basis with a summary report provided to management. This report offers managers a detailed overview of the results for all of their direct reports providing valuable insights into their teams and the overall performance of the company.

Now, on average, over 95% of employees consistently participate in the daily survey. This extensive dataset allows the HR team to effectively pinpoint trends such as periods of heightened stress within the organization or variations in employee satisfaction across different departments. The tool has proven to be instrumental in helping management address and improve negative indicators of employee satisfaction. It has been a valuable learning experience for the company overall. Each individual has their own definition of what constitutes a good day but this tool has provided the ability to identify staff members who may be at risk and intervene before it’s too late. By providing actionable data, they have been able to coach managers on how to effectively support employees in need. One of the most crucial aspects of the daily initiative is its role in fostering open dialogue within the organization. This initiative has served as a catalyst for meaningful conversations encouraging managers to engage with their staff and discuss their experiences. This proactive approach has been essential for promoting a healthy and positive work culture in the long-term.