Data is king. With the vast majority of companies leveraging data in order to gain a competitive advantage- it is important to gather and analyze the right points in an efficient manner. An innovative method used to track satisfaction and advocacy is the Net Promoter Score.
In an age of instant gratification, it can be of great value to all parties if questions are asked in a crisp, concise format. The Net Promoter Score is usually conducted through a single question survey, “How likely is it that you would recommend [brand] to a friend or colleague?”. The user answers on a scale of 1-10. Users who have scored 9 or 10 are considered ‘promoters’ while users who scored 0-6 are considered ‘detractors’; the Net Promoter Score is calculated by subtracting these two percentages. This is an important number to gather because high NPS scorers tend to have higher growth rates.1
Another version of the Net Promoter Score is the Employee Net Promoter Score (eNPS). Similar to the Net Promoter Score, employees of the company are asked, “On a scale of zero to ten, how likely is it that you would recommend this company as a place to work?”. Throughout the years, companies have realized that the eNPS is a key driver of NPS (this is reflected in the picture below). It is of no surprise that notable companies who have high Net Promoter Scores such as Apple (89), Southwest Airlines (62), and Costco (79) also made the list of top 50 places to work in 2016. 3,4
Employers who offer PayActiv financial services as an employee benefit are reaping these results. They have noticed a significant drop in turnover amongst employees who use PayActiv, versus those who do not. The average employee net promoter score amongst PayActiv users is 73, which means 8 out of 10 employees responded that they would recommend their place of work to others. [Update: eNPS among PayActiv users improved to 84 in 2018 surveys.]
The employee net promoter score is more than just a number, it is a reflection of how employers are doing their job. With PayActiv, we have made that job easy for employers. Our service of instant access to earned, but unpaid wages is a boon to employees who don’t have enough savings to handle unexpected expenses or are regularly paying late fees and overdrafts fees. Employees love PayActiv because unlike other financial wellness benefits, PayActiv provides a solution and not just advise for their problems, and it is not a loan.
Learn more about how PayActiv can reduce business costs associated with financial stress and help improve your eNPS.