In a bold move, KPMG, a global professional services firm, has opted to dump its annual employee engagement surveys for good—relying on the theory that annual employee surveys are passe and real-time data is the new way of measuring the true engagement level. According to Robert Bolton of KPMG, “This term ‘engagement’ is abused, it’s misunderstood, it’s not evidence based, and it’s a minefield.”
David Godden of Thymometrics advises that when it comes to using real-time data to make business decisions that impact employee engagement, “It’s all about reaction times. If you only get data on a regular basis then any analysis, and any subsequent action, must wait until the next delivery of data, which could be some time away. But receiving data on a continual, or even continuous, basis allows you to react immediately to any changes discovered.”
It’s time to get real about employee engagement, by using the right tool for the job.
3 Reasons to go with real time data solutions
#1 – It’s more efficient. When it comes to managing employee engagement, spotting trends, and reporting to the executive team, real time engagement data outpaces annual surveys. Annual surveys are cumbersome to work with because they take weeks to collect and compile.
#2 – Real time data is more accurate. In terms of getting the most value from your engagement surveys, the closer you can get to the present time period, the better. Annual surveys generally only measure the last few months and employees may focus on negatives that stand out in their memories. This is not an accurate way to gather feedback on engagement levels.
#3 – Surveys conducted regularly get more participation. Employees can smell a 360-degree survey a mile away and tend to look at them as beneficial to the company, but not to them personally. When engagement surveys are gathered as a regular part of check-ins with employees, they tend to participate more because they are being heard by leadership.
Real time data has become the go-to way that businesses manage processes—from compensation to engagement. Take heed and work with vendors that understand the importance of providing fresh data.
Want to learn how real-time data can support your business goals of a better compensated and engaged workforce? Request a demo of PayScale’s real time salary data solutions today.