Top 4 Metrics to Consider When Budgeting for EX in 2023

Top 4 Metrics to Consider When Budgeting for EX in 2023

Employee Experience (EX) is a key factor in the success of any organization. It’s important to measure employee satisfaction, productivity, wellness, net promoter score, and feedback. These metrics help you understand how employees feel about the Employee Experience. People teams can also use the data to advocate for larger EX budgets.

Employee satisfaction 😀

Employee satisfaction is a key indicator of employee experience. Measuring employee satisfaction improves understanding of how employees feel about their job. This allows you to identify changes that can be made in the company to make employees happier. There are many ways to measure employee satisfaction through surveys. Questions like “Do you feel valued as an employee here?”, “Do you feel connected to the company’s culture?”, “Do you feel connected to your colleagues?” are useful to see how satisfied employees are.

Employee productivity and wellness 🧠

Employee productivity is also an important factor in measuring employee experience. Employee productivity is higher when employees are more engaged. So, measuring productivity helps you understand the success of your EX strategy.

Employee wellness is also an important factor in measuring employee experience. How employees are feeling is an important measure so they don’t become burnt out. If employee wellness is low, it could be a sign that a higher EX budget is needed.

Questions like “When’s the last time you’ve had a meaningful break?” “On a scale from 1-5, how productive have you felt recently?” “What can we do to improve your wellness?” can make employees be willing to open up about how they’re really feeling.

Employee net promoter score 🗣

Employee net promoter score is also an important factor in measuring employee experience. Measuring eNPS can help improve the number of referrals to your company. If you have a high NPS, it’s a sign you’re’ employee experience initiatives are working. Calculating this starts with asking employees, “On a scale of zero to ten, how likely are you to recommend your company as a place to work?”, followed by “What do you like/dislike about working at your organization?”

Employee feedback 🖐

Employee feedback is also an important factor in measuring employee experience. You need to collect and study feedback for each employee event you host. This allows for data-driven decisions that will tell you what events employees like. This allows you to refine your employee experience. 

Questions you can ask include: “On a scale of zero to ten, how enjoyable did you find this event?”, “Would you show up to an event like this again?”, “What are 2 things you enjoyed about the event, and 2 things you’d like to see improved?”. These questions are important because they ensure that the employee can give their honest opinion about the event, to improve future ones.

Additionally, you can use the data to argue for a bigger Employee Experience budget. The data shows management the importance of events. It also helps you figure out how to best use the EX budget to its full potential.

What is Epoch? 😊

Epoch is an employee engagement platform used by people teams at Reddit, Asana, and more. Epoch supports any internal event that needs email, Slack announcements and reminders, calendaring, and reporting. On top of impactful engagement and feedback analytics, Epoch provides a simple way to communicate and promote events to your workforce, helping events reach employees where they prefer to receive messages.

Teams using Epoch have seen positive impacts in event engagement while reducing time spent managing and promoting events by over 70%. Udemy used Epoch to scale its inclusive culture, driving 89% participation, and Modus Create successfully scaled a global events program across 15 timezones.

Increase productivity and connection among employees through company culture with Epoch. Curious to learn more? Book a demo today!

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