5 Types of Data Insights for a High Performing Team
aka: 5 Types of Data Insights to Help You Create a High Performing Team
Are you getting the most out of your professional team?
Most companies put a lot of time and effort into measuring things like the return on investment for their chosen marketing materials or the revenue they get from each product. It’s easy to overlook another essential element necessary to measure employee performance.
Measuring employee output tells you whether you’re building the most effective, lucrative, and productive team available or not. Since people are your most crucial asset, it’s worth seeing how well they’re paying off.
Fortunately, access to big data makes it much easier for today’s business owners to assess their teams’ efforts.
Here are some of the data insights that might help you pinpoint opportunities and problems in your workforce.
1. Employee Engagement
When you’re looking for insights into employee performance, there are few things more important than engagement.
Employee engagement dictates whether your company is in an excellent position to grow. If your team members aren’t committed and motivated at work, they will fail to deliver the best results. Employee engagement also boosts loyalty, so you’re less likely to worry about turnover.
To get a better view of this indicator, look at:
- Internal promotion rates: How often do you need to hire high-level employees from external environments, and how frequently do you promote from within? If your team members are regularly growing to take on new roles, this is a good sign that they’re engaged.
- Attendance and interaction: How often do your employees come to optional work events and meetings? When they’re part of a group, do they speak up and offer suggestions? How frequently do your team members share ideas?
- Competition: Is there any friendly competition in your office that motivates everyone to try their best? A little gamification can push people into having more fun at work and getting more done.
Encourage proactivity in your team, and your engagement and performance levels are sure to improve.
2. Staff Performance
Once you know how engaged your team members are, you can begin to examine how that engagement translates into performance. Are your team members consistently hitting their sales targets and getting great reviews from customers?
One great KPI to track for performance purposes is attendance. If your employees frequently take time off whenever they can, they’re not doing their best work.
Another KPI to consider is customer feedback. How do your clients talk about your employees and the level of service you give? Do they often praise specific employees, but complain about others?
Employer initiative is another interesting KPI that often gets overlooked in measuring team member performance. In other words, how often do your employees need to ask for help or get an extra nudge before they start making progress? Do you have employees in your workforce who know how to jump in and take action?
If you discover that your employees are afraid to do things without constant managers’ approval, it might be time to change up your workplace processes.
3. Client Satisfaction
Client satisfaction or customer experience is one of the most important indicators that your team is doing its best work. If your customers regularly gush about your excellent service, whether they’re asking for help or looking for guidance about a product, you know you’ve got a great team.
The best ways to gather information about customer satisfaction is by:
- Using surveys: Surveys allow you to ask customers specific questions about your employees and their performance. You can keep things simple by asking your clients to rate your customer service on a scale of one to five.
- Checking customer loyalty: How much of your business comes from repeat customers? Do you have advocates who are willing to refer other people to your company, or do you generally get only one-time purchases? Repeat clients are a clear sign of customer satisfaction.
- Customer lifetime value: How much do your clients spend with your business over time? Do the people you and your team nurture more generally spend more too?
If you notice that your customers aren’t as satisfied as they should be, use the feedback you’ve gathered to train your employees on giving better experiences. Surveys and reviews are often a great source of insight into what you need to do better.
4. Employee Happiness
Employee engagement shows that your team is motivated at work; however, that doesn’t always mean that employees are happy too. To ensure that your team members are truly satisfied with their careers, measure their happiness levels. Some common KPIs that indicate happiness include:
- Team bonding: Do your employees work well together or do you often find yourself breaking up fights between employees? How often do your staff members chat when they’re not talking about work?
- Turnover rate: How quickly do you lose your hires and have to replace them with new talents? Some industries have higher turnover rates than others. Consider your industry average to get your benchmark.
- NPS scores: Net Promoter Scores usually assess customer satisfaction, but they can also gather useful information from employees. Ask your team members how likely they’d be to advise someone else to work at your company, on a scale of 0 to 10.
Use employee satisfaction and engagement questionnaires alongside regular one-on-one meetings to determine if your team members are getting the most out of their career. If your staff aren’t happy at work, they won’t give it their all.
Consider using innovative tools like sentiment analysis AI systems to examine team members’ attitudes in calls. Modern AI tools that are emerging from Industry 4.0 are providing all businesses with more access to in-depth data about employee performance.
5. Business Outcomes
Finally, one of the easiest ways to measure employee performance is to track the impact on your company’s bottom line. At the end of each month, do you achieve the revenue and sales targets that you set for your team?
If not, is it because you have unrealistic expectations, or because your team members aren’t performing at their best?
Look at the following KPIs to track employee performance and its impact on business outcomes:
- The total cost of the workforce: How much does it cost to run your team, and how much do you earn in return? If running your team is very expensive, thanks to a lot of training and high-level equipment, are you getting your investment back?
- Revenue per employee: How much revenue can each employee reasonably earn on average? You can calculate this by dividing your revenue by your total number of employees. This can help to evaluate what each team is contributing to your organization.
- Targets achieved: How frequently do you achieve your business targets and goals? Are you constantly going back on your predictions?
Building a More Successful Team
Building the most effective team in today’s landscape means taking a careful look at your current team, and how well they’re performing.
Looking at things like employee satisfaction, customer experience, and even business outcomes will help you see where you need to invest the most time and effort to generate valuable improvements.
This allows you to create a team that excels at what they do and gain a significant edge over the competition.
Michelle Laurey works as a VA for small businesses. She loves talking business, and productivity, and share her experience with others. Outside her keyboard, she spends time with her Kindle library or binge-watching Billions. Her superpower? Vinyasa flow! Talk to her on Twitter @michelle_laurey.